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Fortune
Fortune
Phil Wahba

Saks Global's near bankruptcy is the result of risky dealmaking—and a neglect of business basics

Saks Global Saks Richard Baker United States Fortune Lord Taylor HBC Neiman Marcus
(Credit: Neville Elder/Corbis via Getty Images)
  • In today’s CEO Daily: Fortune‘s Phil Wahba chronicles the risky dealmaking behind Saks Global’s woes.
  • The big story: How will the U.S. get Venezuelan oil?
  • The markets: Down globally.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. The current travails of Saks Global, the one-year-old holding company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, are a reminder that the key to success in business is often quite simple: focus on your core business, not on financial engineering.

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