Jessica Stam and Scott Harrison.
Photo By Courtesy Photo
ALL FOR CHARITY: Jessica Stam dashed from the Tommy Hilfiger show on Thursday to shoot an ad campaign for Saks Fifth Avenue. Stam did the shoot without pay, as it was for charity: water, an organization that provides safe drinking water to people in developing nations. Saks supports the charity and will sell an exclusive T-shirt, which Stam models in the campaign, to raise money for the organization.
— A.W.
NO DIVIDEND FOR THE TIMES: Just a few months after the New York Times Co.’s board reduced its fourth-quarter dividend, the board voted on Thursday to suspend its quarterly dividend on Class A and Class B common stock. “Today’s decision provides the company with additional financial flexibility given the current economic environment and the uncertain business outlook,” said chairman Arthur Sulzberger Jr. “We have taken decisive steps to reduce capital spending, lower operating costs and reevaluate our assets.” Sulzberger said that by suspending the dividend, he hopes to decrease debt and improve liquidity.
— A.W.
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