On Monday, Saks Inc. announced that it had fired its chief accounting officer and other top executives following an internal investigation. The company was investigating improper collections of markdown allowances and found that $20 million (GBP 10.7 million) had been taken from vendors between 1999 and 2003, The Associated Press reported. Saks, which is also subject to an informal inquiry by the Securities and Exchange Commission and the US Attorney’s Office in New York, said that no inappropriate collections had taken place last year. It said that it would reimburse the vendors accordingly.
The review resulted in Saks asking its Chief Accounting Officer Donald Wright and Saks Fifth Avenue Chief Administrative Officer Donald Watros to resign. Brian Martin, the former general counsel for the company, was also asked to resign. Saks added that other employees “directly involved in the over-collection” would also be asked to resign and those that had failed to “adequately supervise” those involved would receive disciplinary actions, including termination.
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