Digital Media Center
Bryant-Denny Stadium, Gate 61
920 Paul Bryant Drive
Tuscaloosa, AL 35487-0370
(800) 654-4262

© 2024 Alabama Public Radio
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Saks Under Formal Inquiry

By Alabama Public Radio

Birmingham, AL – A Birmingham-based company has delayed its annual report and meeting because of an expanding investigation into its payment and accounting practices. That caused Saks Incorporated's shares to drop ten percent Friday. The company also says some employees had been put on leave. Last month, the company announced it was investigating vendor payments known as markdown money. Those are funds that vendors pay department stores to compensate for merchandise that doesn't sell. That triggered an informal Securities and Exchange Commission inquiry which has now become a formal inquiry.

News from Alabama Public Radio is a public service in association with the University of Alabama. We depend on your help to keep our programming on the air and online. Please consider supporting the news you rely on with a donation today. Every contribution, no matter the size, propels our vital coverage. Thank you.