Mexican Business Mogul Ups Stake in Saks
New York City Mexican billionaire mogul Carlos Slim Helu upped his stake in Saks Inc. in November, buying nearly 7.6 million shares of the company over a four-day period, according to filings with the Securities and Exchange Commission (SEC), and becoming the struggling luxury retailer’s largest shareholder, the Associated Press reported.
According to Form 4 filings with the SEC, between Tuesday and Friday, Inmobiliaria Carso SA de CV, a Mexican holding company controlled by members of the Slim family, bought 7.59 million shares of Saks for $2.74 to $3.78 apiece.
The purchases bring Helu’s stake to 25 million shares of stock. As of Nov. 1, the company had about 137.7 million shares outstanding, according to its most recent quarterly report, filed on Tuesday.
The move comes as Saks shares have declined 83% since the beginning of the year. Last week, the New York company reported a larger-than-expected loss for the third quarter and said it expects deteriorating profit margins in the fourth quarter as it marks down goods to clear out merchandise.
Fisher resigns from Godinger
NEW YORK Mark Fisher has resigned as president and chief marketing officer of Godinger. He will become a partner at International Industrial Development Associates.
Fisher was with Godinger for 15 years, his tasks will be assumed internally.
Charming Shoppes posts better-than-expected 3Q loss
BENSALEM, Pa. Charming Shoppes reported a loss form continuing operations of $23.7 million of 21 cents per diluted share on a non-GAAP basis. The company had projected a diluted loss per share in the range of 35 cents to 37 cents.
Net sales from continuing operations for the thirteen weeks ended Nov. 1 decreased 8% to $553.1 million, compared to net sales from continuing operations of $599.7 million for the thirteen weeks ended Nov. 3, 2007.
Net sales for the company’s retail stores segment were $528.5 million during the quarter, a decrease of 10% compared to $588.1 million during the same period last year. Consolidated comparable-store sales for the company’s retail stores segment decreased 9% during the quarter. The decrease in consolidated comparable-store sales compares favorably to the company’s previous projection for sales declines in the low double digits.