Heads Roll After Saks Investigation
May 16, 2005-- Home Textiles Today,
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 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.