Saks Posts Loss, Plans to Pay Special Dividend

Saks Inc. posted a fourth-quarter loss caused by expenses to close stores and said profit at its luxury chain plunged 87%.

Saks plans to pay investors a $4-a-share special dividend after the sale of five chains to Bon-Ton Stores Inc.

The net loss was $2.42 million, or 2 cents a share, contrasted with net income of $96.6 million, or 68 cents, a year earlier. Revenue dropped 14% to $1.77 billion, Birmingham, Ala.-based Saks said.