Saks chairman cuts his own stake by 85 per cent | Vogue=
says:
WHAT'S GOING DOWN AT SAKS?
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
says:
WHAT'S GOING DOWN AT SAKS?
Dolly Jones