Saks aligned with HSBC, posts a loss
Saks, which now has a contract with Household Retail Services, the predatory lending subsidiary of HSBC, posted a loss for the second quarter of 2004.
Although sales were up, Saks stock is down. Saks rating was changed to “sell.” Seems the public got the idea before Birmingham Alabama based Saks did. Bad idea to align your customers with a predatory lender that is going to credit your payment a day late.
Saks owns these stores:
Parisian, Proffitt’s, McRae’s, Younkers, Herberger’s, Carson Pirie Scott, Bergner’s, and Boston Store department store chains as well as the Club Libby Lu specialty stores, Saks Fifth Avenue and Saks Off 5th outlet stores.
The retailer said on 8/17/2004 its loss for the quarter ended July 31 totaled $28.9 million, or 20 cents a share.
Is there an underlying tone here for Household’s merchants? Saks posts a loss, Best Buy is sued in at least two states, H&R Block now has RICO charges, Sears wants to sell their credit card business, Bose gets bad publicity, Pergament is bankrupt, K-Mart (bankrupt) is now in the mix….what else will we see?
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May 15, 2006 OVERVIEW: Saks has been shedding regional department store chains over the past year. The high-end retailer completed the sale of its Proffitt’s and McRae’s business in July 2005 and its Northern Department Store Group business in March 2006.
Saks’ main business is Saks Fifth Avenue Enterprises (SFAE), the crown jewel comprising the flagship Saks Fifth Avenue chain and outlet stores. It also operates 38 Parisian stores and 60 Club Libby Lu specialty stores, but Saks said in January it was exploring strategic options for Parisian.