Saks Inc.

On Friday March 5th, 2005, Saks Inc. announced that the U.S. Securities and Exchange Commission has opened an informal inquiry into the alleged improper collection of vendor markdown allowances. The company's own internal investigation found that between the 1999 and 2003 fiscal years, about $21.5 million was improperly collected from vendors. Saks does not believe that there were any improper collections during 2004. Saks intends to reimburse or otherwise compensate the affected vendors.

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