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Saks center to cut 191 jobs at distribution center in Aberdeen
Nearly 200 people will lose their jobs after the New Year at a Saks Inc. distribution center in Aberdeen, according to a notice filed Wednesday with the state Department of Labor, Licensing and Regulation.
Hudson’s Bay buying Saks for about $2.4 billion
NEW YORK — Don’t let the global economy fool you: Luxury is hardly dead. Saks Inc. agreed to sell itself to Hudson’s Bay Co., the Canadian parent of upscale retailer Lord & Taylor, for about $2.4 billion in a deal that will bring luxury to more North American locales. The acquisition combines three department-store brands […]
Holiday discounts crimp retailers’ profits
NEW YORK — Many retailers delivered solid sales gains for December, but heavy discounts needed to get shoppers to buy exacted a high price, clouding the holiday shopping season. Merchants had to mark down coats and other gifts to get shoppers to buy in a challenging economy. A mild start to winter also didn’t help, […]
Retailers report solid sales gains in October
NEW YORK — Shoppers who continue to be weighed down by the weak economy slowed their spending in October, according to monthly revenue results reported by retailers on Thursday. That’s a bad sign for merchants as they head into the winter holiday shopping season. Eleven retailers missed expectations for revenue at stores open at least […]
Upscale retailers are recovering more quickly
Third-quarter earnings reports from Wal-Mart Stores Inc. and Saks Fifth Avenue show the far different streets their customers are living on. Wal-Mart’s third-quarter sales in the U.S. got squeezed as its financially strapped customers dealt with dire economic straits. Saks’ affluent clientele, encouraged by a rallying stock market, is starting to spend again, albeit cautiously, [&helli[...]
