Saks to cut 1100 jobs

Luxury retailer Saks will be reducing its workforce by 9%, equating to 1100 jobs. After announcements earlier this week from rival Neiman Marcus, it’s clear that many retailers continue to feel the economic crunch. Along with the job cuts, Saks is taking other actions to reduce costs by $50 to $60 million in 2009.

Chairmain and Chief Executive Steve Sadove said in a statement that “Our financial performance is increasingly being challenged by some of the most difficult economic conditions our company has faced in its 84-year history. It is our expectation that the economic environment will remain extremely challenging through 2009, if not beyond.” You can read the full article from the Herald Tribune here.