Saks to Close 11 Stores, 700 Jobs Cut
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Retailer Saks Inc. (SKS.N: Quote, Profile, Research) on Friday said it will close eight of its luxury Saks Fifth Avenue stores and three of its lower-price Off 5th stores, resulting in a loss of 700 jobs at those stores.
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Saks Inc. SKS.N on Tuesday posted a  wider quarterly loss as poor sales at its lower-priced  department stores outweighed a strong performance at its Saks  Fifth Avenue luxury chain.
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Struggling clothing retailer Wet Seal Inc. said it will close about 150 underperforming stores as part of a major restructuring plan and lay off about 2,000 employees.
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Sprint Nextel, suffering from a steady erosion of customers, said yesterday it is cutting about 7 percent of its workforce and closing 125 retail stores. The company's stock fell sharply, losing a quarter of its value.
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Sprint Corp., the telecommunications giant, said yesterday it will cut 700 jobs in its business solutions division as it stops selling business long distance services outside of package deals.
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Business & money: Troubled supermarket chain will close around 90 of its stores.
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Department store operator Saks Inc. plans to close 11 locations, including the 42-year-old Saks Fifth Avenue in Garden City, the company said Friday.
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Apparel retailer Talbots Inc   said on Friday it will exit its Talbots Kids and Mens lines,  and close 78 U.S. stores by September.
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The Blue Bell, Pa.-based company said it will close some of its facilities and reduce its employee head count.
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CHICAGO, Jan. 29  â The Sara Lee Corporation said on Monday that it planned to cut nearly 1,700 jobs, or about 3 percent of its work force, in its latest effort to reduce costs.
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Circuit City Stores Inc.  said on Thursday it is closing about 70 stores, most of them in Canada, and Chief Merchandising Officer Douglas Moore has left as the company responds to increased pressure in the electronics retail market.
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Upscale department store operator  Saks Inc.  on Tuesday said its board of directors  declared a special cash dividend of $4 per share.
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U.S. retailer Macy's Inc said on Friday it would close nine underperforming stores in Indiana, Ohio, Louisiana, Oklahoma, Utah and Texas.
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AT&T Corp. T.N will cut about  7,000 jobs and reduce the value of its assets by $11.4 billion  due to its retreat from traditional consumer telephone  services, the company said on Thursday.
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Travel company Thomas Cook, which recently merged with rival MyTravel, will close 150 stores and six offices.
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Retailer Macy's Inc plans to cut 271 jobs in the Chicago, Detroit and Minneapolis areas, closing most of its in-store wine shops and several food operations, the Chicago Tribune reported Saturday.
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The flailing specialty apparel retailer will close 150 stores.