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.
"You start one way as a baby, but why shouldn't you be able to choose your own path as opposed to culturally people telling you which way to go?" - Thom Browne at his men's spring 2018 show, where he celebrated gender fluidity. #pfw #wwdmens (📷: @delphineachard)
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)