Saks Sacks 1,100 Employees
Saks is cutting 1,100 employees by the end of January, or about 9% of its total workforce, in an effort to reduce company costs as the unstable economy continues to wreak havoc upon the retail industry. The company is also putting a freeze on wage increases in addition to other cost-cutting moves, hoping to save between $50 and $60 million in 2009 as a result.
Saks said the job cuts are spread through corporate support and store positions, and amount to about 9 per cent of the company's total workforce. The job cuts follow the retailer's announcement in November that it was discontinuing its Club Libby Lu business, which employed about 1,700 associates.