Saks Inc.
Headquarters:
12 East 49th St.
New York, NY 10017
Employees: 12,320
CEO: Stephen Sandove
Stock Symbol: SKS
Website:
http://www.saksincorporated.com
Career Site
Saks operates a chain of luxury department stores known as Saks Fifth Avenue. The company's flagship Saks Fifth Avenue store is in Manhattan at 611 Fifth Avenue.
There are a total of 53 Saks Fifth Avenue stores and 51 Saks Off 5th outlet stores.
Saks earns about 20% of revenue from New York stores. The flagship Saks Fifth Ave. in Manhattan unveiled a new women's shoe section in 2007 with its own zip code: 10022-SHOE.
Due to a steep drop in sales because of the weak economy, the company announced the following actions in January:
These actions include:
* reductions of approximately 1,100 corporate support and store positions, equating to approximately 9% of the total Company workforce,
* elimination of 2009 merit-based wage increases for the entire workforce,
* suspension of 401(k) Plan Company matching contributions for a minimum of one year, and
* suspension of future benefit accruals for the limited number of associates remaining in the Company's pension plan.
The company shut down its Club Libby Lu chain for girls in 2008.
History
Saks Fifth Avenue was the brainchild of
Horace Saks and Bernard Gimbel, who operated independent retail
stores on New York's 34th Street at Herald Square in the early
1900s. Their dream was to construct a unique specialty store
that would become synonymous with fashionable, gracious living.
The combined financial input of these great
merchant families led to the purchase of a site between 49th
and 50th Streets on upper Fifth Avenue, then jointly occupied
by the Democratic Club and the Buckingham Hotel. With the opening
of its founders' "dream store" on September 15, 1924,
Saks Fifth Avenue became the first large retail operation to
locate in what was then primarily a residential district. By
offering the finest quality men's and women's fashions, as well
as an extraordinary program of customer services, Saks Fifth
Avenue has become the byword for taste and elegance.
In 2005, Saks sold the Proffitt's/McRae's
business to Belk, Inc.
The company sold its Northern Department
Stores Group to BonTon in 2006 for $1.1 billion. This group included
31 Carson Pirie Scott stores, 14 Bergner's stores, 10 Boston
Store stores, 40 Herberger's stores, and 47 Younkers stores.
The company moved its headquarters from
Birmingham, AL to NYC in 2007.
Benefits
- Medical and Pharmacy Insurance
- Dental PPO Plan
- Vision Plan
- 401(k) plan
- Employee Stock Purchase Plan through which Company stock can
be purchased for a discount
- Life Insurance
- Long Term Disability Insurance
- Long Term Care Insurance
- 529 College Savings Plan
- Paid sick benefits
- Vacation benefits
- Generous Associate Discount at Saks Incorporated stores
Updated January 22, 2009
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