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News Blast: Explaining What’s Happening At Saks

December 16, 2009

Saks Fifth Avenue is an icon of American luxury retailing and is finding itself a victim of today’s harsh economic realities. The company has managed to thrive over the course of almost one century of business (with stores in approximately half of every U.S. state), but today finds itself facing the end of what has been a historic run.

Luxist, a great blog we follow and enjoy, has published a short history of the company, which is important reading for anyone discussing or covering the Saks story.

According to the Associated Press, Saks said Monday its board moved up the expiration of a “poison pill” to Dec. 14, getting rid of a defensive measure it took last year against Mexican billionaire mogul Carlos Slim. The poison pill was put in place to stop Slim’s hostile takeover of the company. Saks now feels comfortable removing this measure, and as a result of this move, share prices are up over 3.5% in the last two trading days.

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