Christmas comes early for Saks shareholders

Sharing a big cash surplus left from the sale of its credit card business, retailer Saks Inc. said it's paying a special $2 a share cash dividend to stockholders.

The payout is expected to total about $284 million, based on the current level of 142 million shares outstanding.

After Saks sold its credit business to Household International, it paid down about $1.1 billion in liabilities, and still had about $300 million in cash left over, which it's now doling out to shareholders. The special dividend will be paid on May 17 to shareholders of record as of April 30.

Home & Textiles Today Staff | News & Commentary

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