State collapse is inevitable when a society’s leaders are insulated from the negative consequences of their bad decisions.
Mike Shelby
Well, who the Hell shops at Saks Fifth Avenue? I get my clothes at COSTCO or on-line. Meh. Another New Yawk retailer bites the bullet. “Let it fall down, let it fall down, let it all fall down.” – H/T to James Taylor.
How frigging big is an interest payment if missing one means the end? Sounds like another “acquire and rape” business acquisition that left some with full bank accounts and an otherwise good company saddled with massive debt.
My wife worked for Saks in Boca Raton selling ridiculously overpriced purses to the rich ladies from 2000 to 2015. Big commission checks, and yearly bonuses back then. Saks was sold several times since, I think, 2010. Corporate raiders each time. In ’17 they forced out all the older staff, stopped sales commissions, and went to hourly pay only. That was the beginning of the end for that company.
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