Heads Roll After Saks Investigation
May 16, 2005,
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.
The investigation found approximately $20 million was improperly collected from vendors which SAFE will “reimburse or otherwise compensate,” the company stated.
SAFE now expects to file its Form 10-K — originally due on April 14 — on or before Sept. 1.