Department-Store Sector: Dismal (Updated)

On Wednesday, Saks' shareholders voted to push the company to put directors up for election annually and to eliminate a staggered board with three-year terms, in an effort to make the board more accountable.

They also passed a proposal that would require directors to receive a majority of votes to be elected, rather than a plurality, which can allow a director to be elected with less than 50% of the vote.

Nordstrom also said that it comps tanked 13.1%, off from the 12.7% decrease forecast by analysts. These disheartening numbers came despite the company's half-yearly sale, which in typical times helps boost sales.

But these, it's worth noting, are not typical times.