what will happen to saks??....

  1. Saks chairman cuts his own stake by 85 per cent | Vogue=

    says:

    WHAT'S GOING DOWN AT Saks?[​IMG]BRAD MARTIN, chairman of Saks, sold 2.2 million of his shares last week, shrinking his stake in the company from 2 per cent to 0.3 per cent. Formerly the company's largest individual shareholder, Martin slashed his shares by 85 per cent following his decision to hand over the role of chief executive to Stephen Sadove in January. He sold two million shares for $15.20 (£8) each on August 16 and a further 219,000 shares for $15.51 (£8.18) each the following day. He still owns a total of 385,402 shares. On August 15, Saks posted a second-quarter loss of $51.9 million (£27.4 million), which constitutes its biggest quarterly loss in five years. Sales also dropped 37 per cent to $760.7 million (£401.6 million), from $1.21 billion (£639 million), the year before. "It's never a good sign when your largest shareholder dumps his shares," Rusty Robinson of Robinson Investment told the International Herald Tribune. "Usually it tells you the management sees a significant slowdown in their markets, which would fly in the face of all the work they've done in the last 36 months." (August 22 2006, AM)

    Dolly Jones


    :shrugs: :shrugs:
     
  2. Yeah..they've already closed a couple down here that I know of. Unfortunately, the one that IS open is SO boring compared to Neiman Marcus. They have NO purse departments, their shoe department is sparse and their clothing selection is just mediocre. I used to love Saks but it really went downhill in the last couple years.
     
  3. ^Rebecca, That Sounds Like Saks In Boston....
     
  4. that also sounds like the Saks in Minnesota
     
  5. oh my....
     
  6. Our Saks was replaced by Off Fifth. So, we get the crappy old stuff instead. Well, not always... but it's certainly not "new" and the deals aren't that great (except when they give out coupons for your next purchase)
     
  7. Sounds like the Houston Galleria... lol.
     
  8. Lol..apparently the cruddy Saks issue is pretty rampant..
    It's odd though because the one in South Coast Plaza is so much more amazing than mine down here. They have an LV counter in there..we used to but when Saks changed malls (from Mission Valley to Fashion Valley), it was taken out and the quality of the store plummeted.
     
  9. ^ Yes, I'm actually surprised to hear that it is not just in Minnesota.. :huh: Plus, the service there is lacking (compared to the Neimans or Nordstroms here).
     
  10. We used to have a Saks right here in my current neighborhood many many years ago. Like the 80s/90s, but they realized that even though people around here have money, they aren't spending it at Saks. Now we have to travel to the Southern MD or VA to shop at Saks or NM.
     
  11. Oh I know! I used to have this really nice SA who'd call me and put aside my size in the new colors of Juicy Couture outfits when they'd come in. Then she left and I've never found anyone I've liked since then..I mean, some are nice but there's just no connection. I've been interested in the Primp that my Saks carries but they didn't even bother to call when the new stuff came in..I just happened to come across it when I went in the other day. :rolleyes:
     
  12. wow, really?? my husband and i live in houston and we shop saks galleria all the time. we always find fabulous things!
     
  13. ^^^^ Really?!?!!? That's awesome. I find more and more people that live in Houston everyday!!! lol.

    I tend to like Neiman Marcus more... IMO: I feel like all of the men's stuff at Saks is just shoved to a corner with limited selections... :sad:
     
  14. I think luxury sales in general are down ... there is more competition (less "exclusives"), clientile is not increasing, buying habits are changing. The retail world is not as predictable as it used to be.
     
  15. My Saks is really nice , they are actually expanding right now and putting a huge LV boutique in . We already have a LV boutique , but apparently it needs to be bigger . There only competition is Nordstroms though , who does not carry LV , Chanel , Prada , ect .

    I think Chloe is their best purse line ? Not sure . They do have great clothes though . The Fur Salon at the Saks where I live cannot be beat .

    Although service may be better at Nordies . I had a Chanel trench on hold 2 years ago for 24 hrs. Apparently the SA didn't think i was serious . I went home , thought about it and got there about 6 hours later ... she sold it ! I was furious ! I eventually decided I didn't need a 5 thousand dollar trench coat and was kinda happy she sold it in the long run , but I was ready to buy it . Idiot .