By  on January 15, 2009

Faced with steep declines and affluent consumers losing wealth in a deteriorating economy, Saks Inc. pulled the trigger on a sweeping round of cutbacks on Thursday, saying it would eliminate 1,100 corporate and store positions, or 9 percent of the workforce.

Saks is also eliminating 2009 merit-based wage increases for all employees, and is suspending its 401(k) matching contributions for a minimum of one year, and future benefit accruals for associates remaining in the company’s pension plan. Inventories, benefits and capital expenditures are being curtailed as well.

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