Saks looking further into chargebacks
June 3, 2005,
BIRMINGHAM, Ala. — Saks Incorporated’s audit committee is re-examining previously disclosed improper vendor chargebacks.
Saks has already reduced its net income for the first fiscal quarter of 2005 by $1.2 million because of the chargebacks issue. The company also stated that between 1999 and 2003 it improperly collected $20 million in chargebacks.
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