Saks (SKS) Up After Addressing Bankruptcy Concerns, May Be Open To A Slim Deal

Despite reporting a large loss this morning, shares of Saks Inc. (NYSE: SKS) are 9% higher in mid-day action after the CEO addressed bankruptcy speculation on the company's conference call.

CEO Stephen Sadove said, "Bankruptcy would destroy shareholder value. We are seeking to enhance shareholder value."

Sadove said the company will always listed to anything and could choose not to exercise its poison pill. These comments suggest the company may be open to a takeover from billionaire investor Carlos Slim. Slim currently holds about 25.6 million shares of the embattled luxury retailer.

Saks has seen its stock drop nearly 90% over the last year as it struggles to sell high-price apparel at a profit in the current economic climate.

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