Saks Seeks to Sell Parisian
New York City, The shedding of brands at Saks Inc. may soon include a sale of the 40-unit Parisian division, which the company put up for sale on Monday. Saks Inc. in July sold Proffitt’s/McRae’s to Belk Inc. for $623 million. Saks also hopes to close soon on a $1.85 billion bid to sell its Northern Department Stores Group, which includes Carson Pirie Scott & Co. and Berngner’s, to Bon-Ton Stores.
Parisian is on pace to a record $700 million in sales this year. If it is sold, Saks would be left with 55 Saks Fifth Avenue stores, 50 Saks Off 5th outlet stores and saks.com. The chain also operates 58 Club Libby Liu stores.
As part of the plan to restructure, Saks named Stephen Sadove, vice chairman and COO, to the position of chief executive of the company. He replaces 16-year veteran R. Brad Martin, who will hold on to his chairman post until the end of the 2006 fiscal year.
Wal-Mart Settles With Overcharged Customers
Bentonville, Ark., As settlement with Wisconsin customers overcharged for bulk items such as grapes and grind-it-yourself coffee, Wal-Mart has agreed to pay $25,117.
State weight inspectors discovered that Wal-Mart was adding the weight of the bag when calculating charges by weight for the bulk products. For commodities sold by weight, the declared weight must be exclusive of the packaging.
Read All About It: Shrink Mitigation
New York City, Of all the problems faced by retailers, one of the biggest is shrink. Business process are at the heart of limiting the damage, according to Cisco executives Dean Sivara and Ed Jimenez. Their article “Cutting Shrink Down to Size,” describes how integration and mobility reduce shrink-related losses and boost profitability. For the complete article, click on the “Guest Commentaries” tab at the top of the page.