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THERE’S been some tentative nibbling at the shares of Saks Inc. lately, and if you’ve been reading the press coverage of this long-troubled department store chain, you’ll know the main reason seems to be the departure of R. Brad Martin, the company’s chairman and CEO, a Tennessee statehouse politician-turned real estate developer. In fact, the resignation and early retirement of Martin, 53, who has been a fixture on the retailing scene in one form or another for the past 22 years, is only part of the reason for improved outlook.
Other analysts say further improvement would come from undoing damage done by Martin, including severing the relationship between Saks and predatory lender Household International, now operating under the HSBC logo as HSBC Finance Corporation.
This article, HSBC Troubled Retailer Saks Without R. Brad Martin, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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