Saks to cut 116 jobs at flagship store: report

By IBTimes Staff Reporter | December 16 2009 7:00 AM

Saks Inc has informed about 116 workers at its flagship Fifth Avenue store that they would lose their jobs by the end of January, the New York Post reported, citing sources.

Sponsorship Link

The job cuts, which are in the cosmetics and fragrance department of the Manhattan store, are part of Saks' move to let brands like Chanel, Lancome and Clinique fully staff the counters themselves, the Post said.

In January this year, Saks said it would cut 9 percent of its workforce as demand for luxury goods declined in a tough U.S. economy.

Saks could not be immediately reached for comment by Reuters outside regular U.S. business hours.

(Reporting by A.Ananthalakshmi in Bangalore; editing by Simon Jessop)

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