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Saks Opens Saudi Store, Cuts Workforce

(Filed Under Fashion News). Saks Incorporated recently opened a store in Jeddah, Saudi Arabia.

This marks their second store in Saudi Arabia and their fifth in the Middle East. The three-level, 44,900-square-foot store is being operated by the Fashion Village Trading Company, which also operates Saks' other Saudi store, in Riyadh.

"We are very pleased to bring Saks Fifth Avenue to Jeddah, which is an extraordinary tourist and shopping destination," the chairman and chief executive officer of Saks Incorporated, Stephen I. Sadove, noted.

In other recent news, Sadove announced a cost-reduction plan in response to the "deteriorating economic climate." By a projected date of January 30th, Saks will eliminate approximately 1,100 corporate and store employees (about 9 percent of their total workforce), and suspend 401(K) matching benefits contributions for at least one year. They will also suspend future benefit accruals for the "limited number of associates remaining in the company's pension plan," and will eliminate 2009 merit-based wage increases for the entire workforce.

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Published 01-26-2009 by Amanda Torres Price

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