November 23, 2005 — Eight senior executives of embattled retailer Saks Inc., including the chief executive and two directors, have dumped more than $37 million of the company’s stock in recent days, according to regulatory filings. The insider sales by a broad swath of Saks’ management team, coming days after the company reported lukewarm quarterly earnings and while the stock is off its high, presented a troubling sign to analysts.
“This group aligned their credit card program with embattled lender Household International, now part of HSBC. They lack intelligent direction, but this latest move by upper management is very troubling” said Household - HSBC Watch consumer advocates.
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