Who's to blame? Ten years ago, the idea of something like this happening to Saks would be laughed at. It takes especially incompetent leadership to bring us to this point. We're losing our jobs because of them. This makes me both so sad and angry. This could and should have been avoided.
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@OP Private Equity, Greed, short term memory and Inexperienced management.
Look up Robert Campeau, a Canadian, experienced in real estate from the greedy 1980s. You’ll want to know why dept stores lost there way? He’s the original thief that accelerated the demise, the mass consolidation of the dept store.
Eddie Lampert is another crook in private equity, real estate that merged. Kmart into Sears.
Retail has been as--ulted since banks, private equity and real estate companies get there hands push out merchants, change of CEOs for pure short sighted profit over the livelihood of merchants, visual and salespeople.