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Saks Sacks 1,100 Employees
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by Terri Potratz | January 16, 2009 at 11:32 am
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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.
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at 08:06 on January 26th, 2009
This photo was taken on 4/9/2008. Copyright © Kenny Lombardi 2008. All rights reserved.
Kenny Lombardi has contributed a photo to this story.