Why Saks Is In Trouble — and How PE Is To Blame
Social Currency with Sammi Cohen · Social Currency
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Show Notes
Today Sammi digs into the retail scandal that ties together private equity, power plays, broken promises, and a $2.65 billion luxury merger that's now unraveling in public. Also known as: the story of Saks.
Sammi follows the money trail to the center of Saks’ downfall: the mastermind behind the merger that would lead to the financial and reputational mess the brand is in now. This isn't a story about just one department store. It's a case study in how private equity can gut a brand, how debt can disguise dysfunction, and how small businesses are often the ones that are left holding the bag.
Today Sammi Covers:
00:00 How Saks Got Here
00:33 Richard Baker: the Mastermind
01:30 The Saks and Neiman Marcus Merger
02:00 Richard Baker's Wild Real Estate Strategy
04:31 Saks' Financial Decline
08:01 Vendor Fallout
10:13 What’s Next For Saks
12:50 How to Show Social Currency Some Love
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