Layoff Totals for US Companies Message Board

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From: peppe51	1/16/2009 9:01:04 AM
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1100...Saks (SKS) Slashes 1,100 Jobs 1/16/2009 8:41 AM Keywords: SKS Saks Inc. (SKS: sentiment, chart, options) announced late Thursday that it will cut 1,100 corporate support and store positions, about 9% of its total workforce, as part of its effort to weather the deteriorating economic environment. The company plans to inform the affected workers soon with most job cuts effective by Jan. 30. Saks estimates cash severance charges of around $9 million, mostly in the fourth quarter. It also plans to eliminate merit-based wage increases for 2009 for all staff, and suspend the company's matching contributions to 401(k) plans for 1 year. Sentiment toward the trendy retailer is relatively negative at the moment. The Schaeffer's put/call open interest ratio for SKS stands at 1.54, as put open interest outweighs call open interest among near-term options. This reading is also higher than 89% of all those taken during the past year. In other words, options players have been more skeptical toward the shares just 11% of the time, indicating extreme levels of pessimism. schaeffersresearch.com

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