Saks ups total of improper markdowns
August 25, 2005,
BIRMINGHAM, Ala. – Saks Incorporated has finished its internal investigation of improper vendor markdown allowances first discovered by independent auditors and found that the amounts collected were larger and spanned a longer period of time than first thought.
“These amounts are attributable to over-collections that resulted from falsification, by merchants in the one SFAE division, of information delivered to vendors,” the company stated.
The company is advising the affected vendors that it intends to reimburse them for the charges, with interest of 7.25 percent per year totaling approximately $14 million.
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