text: Saks to Close 11 Stores,  700 Jobs Cut  NEW YORK (Reuters) - Retailer Saks Inc. &lt;A HREF="http://www.investor.reuters.com/FullQuote.aspx?ticker=SKS.N target=/stocks/quickinfo/fullquote"&gt;SKS.N&lt;/A&gt; on Friday  said it will close eight of its luxury Saks Fifth Avenue stores  and three of its lower-price Off 5th stores, resulting in a  loss of 700 jobs at those stores.