Saks Plans to Repay $48 Million to Vendors

Saks Inc., owner of retail chain Saks Fifth Avenue, said it planned to repay $34.2 million that it improperly collected from vendors, plus $14 million in interest.

Birmingham, Ala.-based Saks said it had determined that one of six Saks Fifth Avenue merchandising divisions collected $26 million in improper markdown allowances from fiscal 1999 to fiscal 2003 and $8.2 million from 1996 to 1998.