Roosevelt China Investment Corporation announced that it has terminated its sublicense agreement with I.T. Ltd.
"While we have terminated the arrangement with IT, we continue to seek an alliance with local market experts and remain committed to opening a licensed Saks Fifth Avenue store in Shanghai in 2009," said Tweed Roosevelt, Chairman of Roosevelt.
Current plans are for the licensed Saks Fifth Avenue store to be situated in the former Jardine-Matheson headquarters on the Bund in Shanghai. Plans call for the building to be fully renovated to its original grandeur with a flagship presence in the newly renovated Bund area. Saks Fifth Avenue is a part of Saks Incorporated.
Roosevelt said, "We are committed to bringing Saks Fifth Avenue, one of the worldâ€™s finest luxury department stores, to the burgeoning Chinese retail market.â€
Fang Hua Wang, president and party secretary of Shanghai New Huang Pu Group Company said, "We remain excited to work with our partner, Roosevelt China Investments, and we intend to continue our already significant progress toward bringing Saks Fifth Avenue to the Bund in Shanghai. Our company is wholly committed to successfully completing the Saks project, and we will continue to put forth our collective best efforts to bring it to fruition. "
Roosevelt China Investments plans to open additional licensed Saks Fifth Avenue outlets in Beijing, Macao and other cities in China. Roosevelt said, "We love our location on the Bund, but our goal is to bring Saks Fifth Avenue to all the major cities in China."