October 10, 1990 |
In another sign that the weakening economy is affecting consumer spending, glitzy fashion retailer Saks Fifth Avenue said today it is cutting its staff by 7% to streamline operations. Saks, which was bought in July by Investcorp International, an Arab financial syndicate, said it will eliminate 700 positions. The upscale store's performance in the first half of the year fell short of its own projections, with profits at $26.
March 3, 2000 |
Carlos Slim Helu and other members of one of Mexico's wealthiest families acquired a 7% stake in Saks Inc., the owner of Saks Fifth Avenue and other department stores. The investors reported holding more than 10 million Saks shares, worth more than $120 million at current prices, according to documents filed with the Securities and Exchange Commission.
September 5, 1997 |
New York-based Saks Holdings Inc., owner of upscale retailer Saks Fifth Avenue, announced that its president, Rose Marie Bravo, had resigned to head London-based Burberrys Worldwide. Philip Miller, Saks chairman and chief executive officer, will assume her responsibilities for merchandising and marketing activities. Bravo has been president since 1992. Industry analysts said her departure will let Saks shake up its executive ranks and look for new ways to boost sales and profit.
October 21, 1988
How tacky of Mrs. Taki to introduce a line of clothing for children 7 to early teens that has an average price tag of $150 per outfit when children in other parts of the world are dying daily from starvation ("Mrs. Taki Takes Kids' Togs a Tad Beyond Most Lines," by Betty Goodwin, Oct. 14). The target customers are not the children, but the parents who would foot the bill to have their child display a designer label from Saks Fifth Avenue. I wonder if the money spent for a child's $800 Tibetan lamb fur coat couldn't be turned into a more triumphant lesson for a parent to teach a child by contributing to a cause that will reach out and help someone less fortunate or in need of food, clothing or shelter?
February 26, 2009 |
Saks Inc. reported a loss for its fiscal fourth quarter as the luxury retailer was forced to slash prices to hold on to affluent shoppers who have cut their spending in the recession. The company also issued a downbeat sales forecast. But its shares surged 13% after company officials said Saks had sufficient liquidity to pull through 2009. The New York company's chief executive dispelled rumors of a possible bankruptcy filing. Saks is "very much focused on improving our operations, ensuring we are free-cash-flow positive in 2009 and on positioning us for the future," CEO Steve Sadove said.
October 1, 2013 |
Saks Fifth Avenue is teaming up with the hot ABC show "Scandal" for a collaboration kicking off Wednesday that celebrates the style of Kerry Washington's character Olivia Pope. Among other things, the retailer's flagships in NYC, Beverly Hill and Chevy Chase, Md., will have window displays focused on designers who have dressed the character. [THR] Lancome announced in a news release on Tuesday that actress Lily Collins is its latest celebrity brand ambassador. Hedi Slimane put on a subversive show at Saint Laurent on Monday during Paris Fashion Week, Los Angeles Times Fashion Critic Booth Moore reports.
May 23, 1996 |
Shares in Saks Fifth Avenue's holding company rose 39% in their first day of trading Wednesday as investors sought to cash in on the booming market for luxury goods. Saks Holdings Inc. stock rose $9.625 to close at $34.625 in New York Stock Exchange trading of 11.6 million shares, making it the second-most active issue in U.S. markets. Saks sold 16 million shares, a 26% stake, at $25 each to raise $400 million. "We knew it was going to go up, but not like this.
June 8, 1989 |
When it comes to Beverly Hills, Barneys New York figures bigger is better. The upscale Manhattan clothier will open a 7,500-square-foot boutique in Costa Mesa's South Coast Plaza early next year as part of a joint venture with Japanese retailer Isetan for 30 small stores across the country by 1994. But when the retailer swoops into fashionable Beverly Hills in 1993, it will be in quarters more than 10 times as large. Robert L. Pressman, executive vice president of Barneys New York and a grandson of the man who founded the store in 1923, said Wednesday that the company plans a 100,000-square-foot store at 9570-84 Wilshire Boulevard, a block west of Rodeo Drive and across the street from Saks Fifth Avenue.
February 27, 1992 |
Saks Fifth Avenue said Wednesday that it will spend $250 million over the next five years to build a handful of new stores as well as spiff up and expand existing outlets. The retailer said the plan will be backed by $300 million in new equity from Investcorp, the group that helped take Saks private in 1990. The money will be used to "support the growth strategy and prepay debt," the company said.
CALIFORNIA | LOCAL
September 30, 1995
Part of South Coast Plaza was shut down Friday night and 200 people were evacuated after a transformer atop Bullock's exploded, igniting a fire and causing a widespread power outage. The explosion in the self-contained transformer occurred about 9 p.m., just before the mall's scheduled close. It started a second-alarm fire, but the extent of damage was not immediately known. Firefighters from Costa Mesa, Huntington Beach and Santa Ana responded, extinguishing the fire in less than an hour.