Saks Fifth Avenue 2010 Annual Report Download - page 85

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SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
NOTE 13—CONDENSED CONSOLIDATING FINANCIAL INFORMATION
The following tables present condensed consolidating financial information for 2010, 2009, and 2008 for:
(1) Saks Incorporated and (2) on a combined basis, the guarantors of Saks Incorporated’s senior notes (which are
all of the wholly owned subsidiaries of Saks Incorporated).
The condensed consolidating financial statements presented as of and for the years ended January 29,
2011, January 30, 2010, and January 31, 2009 reflect the legal entity compositions at the respective dates.
Separate financial statements of the guarantor subsidiaries are not presented because the guarantors are
jointly, severally, fully and unconditionally liable under the guarantees. Borrowings and the related interest
expense under the Company’s revolving credit agreement are allocated to Saks Incorporated and the guarantor
subsidiaries under an intercompany revolving credit arrangement. There is also a management fee arrangement
among Saks Incorporated and its subsidiaries. At January 29, 2011, Saks Incorporated was the sole obligor for
the majority of the Company’s long-term debt and employed a small group of corporate employees.
F-35