Thursday, July 23, 2009

Be careful, Carlos! (SKS)

AlphaNinja - Rumors flying around that Carlos Slim, the (occasional) World's Second Richest man, may offer to buy Saks (SKS).

Saks has had a rough go of it, with profits decimated from previous years' levels

Significant debt is maturing in 2010 and 2011. Fortunately for Saks, the debt covenants are very lenient.

Best of luck to Carlos, and I hope things turn out better than they did with one of his other retail experiences, Circuit City -->> he offered to buy the company for $1.6billion in 2003. That didn't happen, yet he still rode shares down to zero.

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