The crazy part is a ‘Canadian’ company that runs out of winter wear in November. Many problems with the business, but the whole Saks thing was a complete bust. Trying to do luxury when they aren’t even doing ecommerce and retail basics for the year 2000 is obviously a going out of business strategy. Situation is that hedge funds have no idea how to run businesses, they just extract value if it goes well or juice the husk and discard if it doesn’t and move on. Their path of destruction through the US and Canada destroys livelihoods and our economic capabilities. For some people, this is extremely profitable. Amazon comes to mind.
That’s the point of a bunch of these hedge funds, they are strip miners they aren’t in it to run the business and never were, it’s an expected outcome that the remainder fails and someone else (the suppliers/lenders) are left holding the bag.
