Yikes

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Saks has just fired more than a thousand employees. "Steve Sadove, chairman and chief executive officer, stated, 'Our financial performance is increasingly being challenged by some of the most difficult economic conditions our company has faced in its 84-year history. It is our expectation that the economic environment will remain extremely challenging through 2009, if not beyond. The sustained downturn in the economy and the decline in luxury consumer demand necessitates that we take appropriate and decisive measures to position the company for this new operating environment.'" [WWD, sub req; Previously]