Heads roll following Saks investigation
May 10, 2005-- Home Textiles Today,
BIRMINGHAM, Ala. — Saks Incorporated has asked a number of its senior executives to resign after the company completed its internal investigation into improper vendor markdown allowances which took place from 1999-2003.
Specifically, Donald Watros, chief administrative officer of Saks Fifth Avenue (SAFE); Brian Martin, general counsel at the time of the 2002 investigation and currently a senior vice president with responsibility for real estate matters; and Donald Wright, chief accounting officer, have all been asked to resign.
The investigation found approximately $20 million was improperly collected from vendors, whom SAFE has said it will "reimburse or otherwise compensate."