What's Happening with Saks?

A series of scary information has lead us to consider that Saks may be headed into some especially difficult times. Recently, it came out that Saks ha
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A series of scary information has lead us to consider that Saks may be headed into some especially difficult times. Recently, it came out that Saks ha
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A series of scary information has lead us to consider that Saks may be headed into some especially difficult times. Recently, it came out that Saks has cancelled several planned store renovations, and they announced that they're "not opposed" to closing certain locations if shoppers continue to prove unwilling to spend money on premier designer booties. The next day, Moody's (the credit ratings agency you might remember from a couple weeks ago) announced they'd have to "review" Saks' credit-grade rating - and we all know what can come from that. Since then, Saks has mounted the biggest sale we've seen so far this holiday season, and introduced a new Major Purchase Account option for frequent shoppers (which is really just fancy speak for layaway, something Walmart brought back this holiday season, as well.) And yesterday? We were told (albeit, randomly) that the Saks in Philadelphia may be closing very soon, which (obviously) no one can (read: will) confirm. It's no secret high-end department stores like Saks have been feeling shoppers' money problems more so than other types of retailers, but could the words "bankrupt" or just "closing" be on the horizon for one of the country's most iconic stores? Stay tuned.