Jun 3, 2005 — NEW YORK (Reuters) - Saks Inc. said on Friday it is looking further into inventory markdowns and vendor markdown allowances at its Saks Fifth Avenue unit and at whether vendors were improperly charged fees for failing to comply with the retailer’s policies. Saks, based in Birmingham, Alabama, said it is proceeding with its restatement of results for fiscal 1999 through the third quarter of fiscal 2004. It said its audit committee must complete the supplemental inquiry before it can file its 2004 annual report with U.S. regulators.
“This is no surprise from a CEO (Brad Martin) that once said Household International is one of the most respected finance companies in the industry” said Household - HSBC Watch. “At issue is whether Household, HSBC, and credit card operations are treated as vendors, thus opening the door for mail fraud and RICO” said the group.
Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.

Thinking of making a debt settlement offer? See common
settlement scams and rip-offs first
Related Posts
Related Searches: saks fifth avenue, mail fraud, saks inc, supplemental inquiry, household international
Send Us Your Report.
This entry was posted
on Friday, June 3rd, 2005 at 9:28 am and is filed under Racketeering, Sarbanes-Oxley, 05 Private Label, 05 All Articles, 05 Research.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.