Sacking Saks
No one pulls off a smash-and-grab like a privateer
This Week In Blunders – Dec. 28-Jan. 3
“I stopped believing in Santa Claus when I was six. Mother took me to see him in a department store and he asked for my autograph.” – Shirley Temple
Did anybody really think Saks Global would save America’s most iconic luxury department stores by loading them with debt, selling off their real estate and telling their suppliers they’d get paid in 90 days instead of 60?
This was the strategy that retail real estate magnate Richard Baker deployed after acquiring Neiman Marcus in December 2024 for $2.7 billion.
