The board of Saks Inc., Birmingham, AL, has approved a spin off of Saks Fifth Avenue department stores, Saks Off 5th chain and Saks Direct Internet and catalog division as a separate company, reports said. Saks’ stock has lost more than half its value this year.
Each shareholder would receive one share of the new company. The tax-free transaction is to be completed in November.
Kurtz Named List Leader of The Year Brian Kurtz, vice president of marketing at Boardroom Inc., Greenwich, CT, has been named List Leader of the Year by the Direct Marketing Association List Council, sources said.
He will be presented with the award at a dinner Aug. 16.
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