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.
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