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I am LOVING trousers right now...the roll up styling is so on this spring:)
I am loving the longer length (even though they say this comes with the bad economy...), the larger jacket with the belt makes it so the look isn't too BIG...
I AM LOVING the color of the skirt so much! Lavender hues are going to be soo strong this spring:)
So sophisticated! I love this...once again, alonger length! But, a great suiting style. TO: All Associates
FROM: Steve Sadove, Chairman and CEO
DATE: January 15, 2009
We are currently facing some of the most difficult economic conditions we have faced in our 84-year history. It is likely that this environment will persist through 2009 and perhaps beyond. We are taking a series of necessary actions related to expenses, capital spending, and inventory receipts in response to the deteriorating environment and to better position the Company for the future.
We have an exceptional brand, valuable real estate, a loyal customer base, solid vendor relationships, and most importantly, an outstanding and talented team. Unfortunately, even all of our strengths and nimbleness can't completely insulate Saks from the very severe and broad-based challenges of this economic downturn. We will succeed if we have a collective commitment to adapt, to innovate, and to make some very difficult choices. While we are staying the course with our long-term strategies, we are making prudent adjustments to our organization and our operations that are needed in this environment.
We will reduce our expenses by approximately $50 to $60 million in 2009 which will create a more efficient organization and more closely align our cost structure to the size of the current business. Some of these measures will result in job eliminations while others will affect our compensation and employee benefit plans. Additionally, we have identified several other non-payroll and benefit-related cost reductions, primarily in the areas of procurement, information technology, distribution and logistics, travel, and marketing.
We will immediately begin a company-wide reduction in our workforce of approximately 1,100 positions, or 9% of our associate base. In addition, we are eliminating 2009 merit-based wage increases for all associates and suspending the 401(k) Plan Company match for a minimum of one year, beginning January 1, 2009. Associates will still be able to contribute to the 401(k) Plan to take advantage of tax-deferred savings for their future. We are also suspending the Employee Stock Purchase Plan for 2009 effective January 1, eliminating the Tuition Reimbursement and Employee Referral programs effective January 16, and suspending future benefit accruals for the limited number of associates remaining in the Company's pension plan effective March 13.
Specific details of the changes and how they affect you and your group will be communicated by a member of your management team as quickly as possible. We realize that these changes are very difficult, and we are committed to treating our affected associates with care and respect. Eligible associates will be given appropriate severance packages.
Members of Saks' leadership team have worked tirelessly, responsibly, thoughtfully, and carefully to make these hard decisions and to create a more efficient, focused, and right-sized organization. This process has not been an easy one, but the changes we are making are critical to our future.
We are also lowering our 2009 capital expenditures to approximately $60 million, a decrease of over 50% from 2008 spending, and our 2009 inventory receipts by approximately 20% from 2008 levels.
We operate today in a state of constant evolution and continuous change. The true measure of an organization is how it deals with change and overcomes challenges. I know that we are up to the task and that together we will overcome the difficulties facing us and go on to even greater achievements.
Saying goodbye to friends and co-workers is never easy, particularly when many of us have worked so hard and so long together. For those of you that will be leaving Saks, we are very grateful for your many contributions to our organization. We thank you, and we wish you the best in the future.




















Tassel's are literally EVERYWHERE this season...I LOVE tassel's and I want to literally create my own designs:)
I LOVE this...a great option for cover-up. I would add a belt to create some edge with this look.
This is a classic find that will be timeless in your wardrobe.
I usually don't like these type of colors---but, this is too cute to pass up...
Love the color! And love the combo of a girly dress with the wooden sandals that edge.
LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE-LOVE