Cash-strapped Saks Inc. launches secondary offering - Elizabeth Harrow

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Cash-strapped Saks Inc. launches secondary offering
Sep 30, 2009 05:20 PM UTC

Elizabeth Harrow

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Via BloggingStocks:

Filed under: SEC filings, Options

Late Tuesday, Saks Inc. (NYSE: SKS) announced plans to offer up to $100 million in common stock. In a filing with the Securities and Exchange Commission (SEC), the upscale retailer said it will use proceeds from the offering to pay down its debt, and for general corporate purposes. Saks has approximately 138.3 million shares of common stock outstanding as of Sept. 28, and its long-term debt and lease obligations amounted to $662.9 million as of Aug. 1.

Saks has endured a rough year, thanks to a dramatic slowdown in consumer spending amid the recession. The high-end chain has swallowed quarterly losses in each of the previous four reporting periods, and analysts are expecting a loss of 14 cents per share for the current quarter.

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Cash-strapped Saks Inc. launches secondary offering originally appeared on BloggingStocks on Wed, 30 Sep 2009 12:20:00 EST. Please see our terms for use of feeds.

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