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.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"