Saks Eliminates Folio Catalog
Saks Inc. said that it would eliminate its Folio catalog as part of a companywide restructuring after the retailer reported a double-digit year-to-date sales plummet. The retailer's online presence, Saks.com, also will be folded back into the flagship Saks Fifth Avenue stores group.About 50 jobs will be cut as part of the restructuring between June and February, and additional cuts in Saks' fulfillment and call center operations are expected by the end of first-quarter 2002.
Merchandise in the Folio catalog did not reflect the retail lineup of the Saks Fifth Avenues stores, and the catalog became too expensive and complicated to continue as an independent unit, the company said.
