Layoffs at Saks Fifth Avenue: In another...
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From Times Staff and Wire Reports
Layoffs at Saks Fifth Avenue: In another sign that the weakening economy is affecting consumer spending, the glitzy fashion retailer said it is cutting its staff 7% to streamline operations. Saks, which was bought in July by Investcorp International, an Arab financial syndicate, said it will eliminate 700 positions. The retailer’s performance in the first half of the year fell short of its own projections.
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