SAKS CUTS 9% OF STAFF, TRIMS INVENTORY

By JAMES COVERT

Last updated: 1:15 am
January 16, 2009
Posted: 12:43 am
January 16, 2009

Saks said it will slash 9 percent of its workforce - or about 1,100 jobs - as it looks to cut costs amid dwindling demand for luxury goods.

Among the laid-off workers is Michael Fink, the retailer's women's fashion director, sources said. Fink, a veteran of Bergdorf Goodman, had been a key architect of Saks' efforts to improve its assortment of upscale brands in recent seasons, according to the company.

Fink "was the voice of fashion for the store," according to one source close to the company. "He worked very well with buyers and had great vendor connections."

Saks also said yesterday it will cut inventory this year 20 percent, as it expects business in 2009 to remain "extremely challenging."