Saks Cuts Staff, Inventory

This should come as a surprise to exactly no one who has been to a Saks in the past few months. We’ve heard the store compared to a Loehmann’s dressing room. Among those laid off is Michael Fink, the store’s fashion director. We guess the only fashion any of the customers are worried about nowadays is the colour of the tag.

NY Post:  Saks said it will slash 9 per cent of its workforce – or about 1,100 jobs – as it looks to cut costs amid dwindling demand for luxury goods.

…Fink, a veteran of Bergdorf Goodman, had been a key architect of Saks’ efforts to improve its assortment of upscale brands in recent seasons, according to the company.

…Saks also said yesterday it will cut inventory this year 20 per cent, as it expects business in 2009 to remain “extremely challenging.”

For those of you with any money left this may be the time to shop, before Saks starts carrying the same items one could find at Costco.


See Also: Chanel Cutting 200 Jobs

Neiman Marcus Firing 375 People

French Luxury Retailers Philosophize About Downturn

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