NEW YORK (
really knows how to wish its employees a Merry Christmas ... by cutting 116 jobs from its New York Fifth Avenue store immediately after the holidays.
According to the
New York Post
, the high-end department store will eliminate employees from its cosmetics and fragrance department by the end of January, right after the holiday rush.
While other luxury retailers are starting to see a slight sales rebound, Saks continues to suffer. In November, its same-store sales tanked 26.1%. By comparison, rival
posted a 2.2% increase.
-- Reported by Jeanine Poggi from New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.