Saks Inc. (SKS:NYSE) currently operates Saks Fifth Avenue, which consists of 53 Saks Fifth Avenue stores, 48 Saks Off 5th stores, and Saks.com. The company also operates Club Libby Lu speciality stores.
Saks, like most other retailers, has run into difficulties in the current economic downturn. The company’s recent monthly sales figures are down. The downturn in fortunes for the company has pushed Saks’ stock down quite a bit. The 52-week high was just above $23 a share. The stock has just recently touched its new 52-week low around 5 1/2 per share.
One major investor seems to have confidence in Saks’ future. On October 7, 2008, billionaire Mexican investor Carlos Slim disclosed that he had recently added to his position in Saks. Mr. Slim purchased an additional 458,000 shares of Saks on October 6th and another 690,000 on October 7th. This brings his total stake in Saks to 17 million shares.
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