When you do the math, we were sold for next to nothing. So much money was spent on the useless new downtown office including fancy spaces for GLT. They knew the deal was happening and they will be gone. GVR even made comments that he wont enjoy his million dollar office because he would be relocating to NYC.
When we are all remote and our HR heavily promotes "ways of working", why spent close to $million on a luxurious office building??
Saks is owned by HBC - Canadian “Macy's”type retail stores and a real estate company .They dissolved Barney’s and lord and Taylor. Now have Neiman Marcus and BG. How sad.
They are looking at locations where they own the buildings . Expect some Neimans stores and Saks stores to close. No need to pay outrageous rent when you have both customers online and brick and mortar . Plus with Amazon on as investor they are looking at automation
He's proven time and time again his biggest concern was himself and how he's viewed. Don't forget in his mind he brought relationship selling to Neiman Marcus. And he built the online business from nothing.
Don't think for a minute that he or any of the others care about job losses. He got his money. He failed but got paid. Such is life
Really sad that many people that really care about this company will probably loose their jobs.
Friend or no friend of the CEO, Tiffin was the best. She could take a anything and make it look good. Placement, partnerships and the ability to put a shine on a sad story made everyone look better than reality. It only lasts so long but kudos to her. Reality eventually wins out. Imagine if she actually had something good to work with. and if the CEO was more brand centric and less ego driven. How many times did she have to redo his bio? We can all dream. Will miss her expertise.
Reminder: what happens when you hire your friends
https://nypost.com/2024/02/12/business/neiman-marcus-ceo-snubs-the-typical-straight-us-male-in-hires-report/
BG is a mess. Queen D never made anything happen. She and CEO had almost 7 years to do something. Never did.
They got way, way more than they deserved. After bankruptcy they had the opportunity to really do something but never achieved anything of significance. He can sing and dance all he wants but he and his team failed to achieve greatness. Saks sees the potential that the team never reached. We weren't proactively sold as he likes to say. We were given up on by the owners.
GLT probably got close to $100mil is payouts. Lets hope Saks leadership can fix this sh-t. There are few more leaders that need to go. Cheryl Han was worthless. Hope they let her go as well.