➡ Saks Fifth Avenue, a 123-year-old company, is struggling financially and may close, which could lead to a domino effect of other store closures. This is due to the company’s inability to make bond payments and pay suppliers on time. Other stores like Forever 21, Kohl’s, and Big Lots are also facing financial difficulties and closures. This trend is concerning as it indicates a larger issue of a credit crunch affecting many retailers, which could lead to fewer physical stores and more reliance on online shopping.
➡ The article discusses various economic issues, including a sale, an email list with upcoming announcements, and the financial struggles of Molson Coors and Ford. It also mentions the potential for gas prices to drop below $3 a gallon and a student loan debt forgiveness program. The article ends with a discussion about the potential bankruptcy of Beyond Meat and the bankruptcy of Primalend Partners, a subprime auto lender, which could have a cascading effect on the economy.

Hey, it’s Dan. Welcome back to I Allegedly. I’ve got a good one for you today and your favorite store is about to close. Nothing you can do about it. Please hit the like button. Please subscribe to the channel and let’s get right into it. 123 year old company, Saks Fifth Avenue. Saks Fifth Avenue we’ve talked about in the past about how there could be grumblings, there could be problems with them. Well now they are not making their bond payments right now. They are behind and this is a huge problem. Now think about this.

It is very customary and this bad economy for retailers not to pay their suppliers on time. And I was floored. When I learned this I was like, wait a second, everybody’s doing this? The average retailer pays a supplier 10 to 12 days late. Just a standard thing. You get 30 days, we pay it in, you know, 42 days, 40 days. It’s really common. So what we’re seeing with Saks is Saks is doing 20, 30 days late, asking for extensions. And it’s just a problem because these mall anchors, there’s no such thing as a mall anchor store anymore.

That’s gonna make it so that while we’re gonna go there. Now some of us don’t live in, you know, super nice areas. I’m just gonna pull out a city like Scottsdale. Scottsdale is a city that you go to the malls and you have stores like Louis Vuitton and you have places that are absolutely unbelievable. That people go and wait in line to go to some of these stores. And I’ve seen it. I filmed this three years ago. I was filming how the Louis Vuitton store had people waiting in line to, you know, go to the store.

So crazy, okay. But Saks is done. Saks could have a cascading effect where if they do file for full-blown chapter 11, you’re gonna see people get beat out of hundreds of millions of dollars. Now again, this is not the time of the year to have financial difficulties. There is a administrator with a UK bank. They’re saying, Dan, what does that have to do with this? Well, he’s saying, wait a second. We need to look at the current bankruptcy situation that we’re seeing with these retailers and with the car companies, tri-color and first brands that just went out of business.

Now it’s hitting retailers. So you’re seeing stores that are inevitably going to go out of business. And this is not the time of the year for this. Now you can sit there and if you watch this channel, people write me constantly. I get emails every day from people talking about how difficult things are and how they’re having a very tough time in this economic climate. But, you know, you haven’t seen anything yet because you’re gonna see five more stores that are gonna completely go out of business. Forever 21 was a youth apparel company, but I would buy shirts there.

I would buy clothes there. They had a men’s department because it was a Korean store. I had to buy double XL and things like that for them to fit, but it was crazy because that place went down for the count and it couldn’t stay open being a discount retailer with six and twelve dollar jeans. Coles. The traditional department store is closing 27 underperforming stores right now. Is it near you? Are these stores going down? Yeah, guys, this is not the time of the year. We just had school start and you should have these companies flourishing right now.

And at home, I visited that two months ago. Place went out of business. They had the liquidation sale. We’re closing forever. Terrible guys. It’s awful. It’s sad. But when I went through that stuff, it was a lot of Chachki type stuff that seemed kind of expensive. Once they had the liquidation, wow, things were at a good price. I bought stuff for my house there. I bought rugs and I bought different things to decorate the house and brought, you know, every girl with good taste that I could find. Hey, let’s go over there and see if there’s anything you think would look good in the house.

It was great. Claire’s. Claire’s is the Chachki place where you can buy the, you know, the bracelets and things like that. Like my daughter said, how many times we go to the movies and we need to go to Claire’s and find me something? All the time. Done. You know what dad’s saying? No, no, I don’t have any money. We’re not pissing it away on earrings right now. Big Lots. We’ve had nothing to problems with Big Lots. And now you’re seeing that Big Lots is going to be transformed into a new company.

Will it? Will it? You know, is it gonna make it? You know, the, you know, Bed Bath and Beyond, you know, at home. You know what I mean? It’s ridiculous. They’re trying to revamp some of these stores that are not going to work. So, it’ll be interesting, you know. So, let me know what you think about this. You know, the at-risk retailers that have already gone down, you know, Joanne, I talked about Big Lots. And you’re just gonna see, you know, Macy’s. Macy’s is hanging on by a thread. JCPenney’s, again, some of the best hate mail I’ve ever gotten was people that, I just, how dare you insult JCPenney’s? It’s ridiculous how the stores made it all this time.

I don’t know. I don’t know. The 99 cent only stores, the container store. Oh my god, you want to get a $25 container? Jeez, that’s the place to go. It was so expensive to buy anything from the container store. I was always blown away by the prices there. And, you know, they’re having difficulties. So, this matters, guys, because you want stores to be open. You don’t want everything just to be Amazon driven and buy things online. There’s value in grabbing something. There’s value in saying, oh, the container store, let’s go there.

Oh, whoa, whoa, that’s, that’s way too big, honey. That’s, you know, we don’t want to buy that. We want to get the right size. It blows me away that women can buy shoes online and then send them back like it’s no big deal. And I’m like, you know, you have hundreds of dollars sitting out there in La La Land until those get returned and they put it back in your car. I don’t care. Just the convenience of it. Some people do that. I think it’s crazy. Or if you could go to a shoe store, try them on, go, oh my god, these are perfect.

That blue is great. People don’t want to see that. You’re going to see a year when you have a company like Saks going down. And again, this is a high end store. It is designed for people that are wealthier than you and I. And with that, you know, it’s the domino effect. You’re going to see craft stores go out of business. You’re going to see the smaller retailers. Who’s open right now that you guys, oh, I love this store. It’s got such great value. Okay. I mean, we’re just named all these stores that are just having difficulty.

The bigger picture is the credit crunch that you’re experiencing, these stores are experiencing, Saks Fifth Avenue is experiencing. They’re having difficulty right now going out and maintaining suppliers. The greatest story ever that I learned was from Mervyn’s, which was a department store where the CEO of Mervyn said, listen, if you guys don’t ship our school line right now, we’re going to go bankrupt. And they’re like, no, no, you’re going to pay us $700,000 because you guys have the money and we know it. So all of these suppliers got together and squeezed Mervyn’s.

And you know what they got? They got squeezed into nothing. They got a bankruptcy. So it was great. I mean, I that one I loved because I thought, wow, these people really called this guy’s bluff and he shut them down and told them, I told you I would do this. I am telling you guys, it is the middle of October 2025. You’re going to see retailers that will not make it through the Christmas season, which is the glory time, which Black Friday was invented to have you go black. In other words, you’re making money and that’s when people turn a profit.

That’s, you know, that’s why that’s, uh, that name came out. And you know what? There’s people that won’t even make it to Black Friday this year. And again, when you can go out right now and you can buy Black Friday specials in the middle of October, there is no excitement. There is no need to it. I just bought a television for my house and I told the story. I don’t know if I told you the whole thing. They delivered the TV and the first one was broken. I got the TV for $500 off the regular price, not because it was broken, but because of the sale price.

Hey, listen, you guys have anything coming up that I should know about that? I’m going to return the TV on. Oh, wait a second. You like this brand? How about this one right here? You know, that’s going to go on sale for $400, $499 off the price. Really? Yeah. Okay. When’s that? Well, I can give it to you now. If you purchase it today, if you take it. Yeah. So I took it guys. Understand. Ask. Don’t be afraid not to ask. Do not forget that we have an email list guys and you don’t want to miss it because it’s going out this week.

We have a huge announcement and a bunch of cool stuff and we are going to give stuff away between now and the end of the year. And you know, it’s really going to be great, but I appreciate each and every one of you and there’s very, very cool stuff coming out. But again, you know, consumer debt, savings debt, people are having problems right now. Okay, there’s a lot more to cover in this video. Now there’s a lot more to cover in the economy, but it points to the same direction.

Listen to this. Molson Coors, one of the largest beer companies in the United States is going to cut 9% of its staff. 400 people are going to lose their jobs immediately. And Molson Coors, Coors Light, the silver bullet, those people are talking about how they’re not making money. Their profits are going to drop 15%. Well, what scandal did they do? Okay, the inexpensive beer nobody wants. That’s it, guys. People don’t have the extra money right now. Kids, 20s, 20 to 35, they don’t drink nearly as much as we did.

And these companies are suffering. They used to just stay open. I read an article when I was a kid about a cigarette company in Fortune magazine, and the cigarette company said, this is the easiest company in the world to run, because it just sells itself. People just want these things month after month. This was the 80s, guys, please understand this wasn’t, you know, health kick, you know, late 90s, 2000s, anything like that. And I just thought, wow, that’s terrible that this guy’s talking this way. And that they’ve got, you know, just a customer base that comes back to hurt themselves more and more in smoke.

Well, is beer the same way? Are people getting fed up with it? Or do they just not have the disposable income? Well, the Coors company thinks it’s the latter, they think that people just don’t have extra money to spend to go out to go sit at a restaurant to go entertain themselves. And to do that, you’re just my buddy, Dave, just sent me a great story about the electric playhouse in Caesar’s Palace, which is a big arcade there. And I’ve seen it I’ve been there. This arcade is going bankrupt.

They owe the contractor $4 million. They are done guys, because Vegas is dead. I have so many people that are constantly writing me about how Vegas is expensive. You can’t have, you know, $25 slices of pizza. And that’s the other thing is you people that wrote me said there are no pizza places that are $50 for a pizza. Here’s a deal for you guys for $35 for a pizza. Okay, cheese, pizza or pepperoni, a couple of meatballs. And I think they threw in a couple drinks in there for $35.

Is that nuts? So it’s there. So people cannot afford this right now, guys, that’s what we’re experiencing right now is that people don’t have the extra money. So, you know, Ford is recalling another 1.4 million cars. Okay, now if you’re keeping track of Ford, this is for the backup cameras again, and it clearly they’re getting into accidents, clearly they’re having difficulties. And again, just so you can hear it, the total right now gets to a whopping 1.8 million cars for Ford. Ford, bring it back to the dealership now.

I mean, come on, found on the road dead. I mean, come on, all the stuff you guys have sent me is great. Okay. But another 1.4 million cars for one place. Isn’t that nuts, guys? It’s too much. Now, some good news for you a couple of things. Gas may go under $3 a gallon again. That’s good news. The Trump administration says that they’re going to get rid of tens of millions of dollars for the student loan debt for people. So check the program, look at the link below and see if you qualify for that is God knows the rest of us would like free money that didn’t go and wasted in college and having careers that didn’t make us any money.

Anyways, I don’t know how else to put it. Congratulations, but I’d like free money too. Is that okay to say? Because I know there’s a lot of people out there that are dead broke that would like Oh, gosh, I’d like $65,000 forgiven. You know what I mean? Come on. We have a private channel called iAllegedly live. Sign up for that. It’s all the stuff that’s too controversial for here. Check it out today. And again, sign up that iAllegedly.tv is where you sign up for that. I love doing that content.

It’s great. And there’s something on the right now that we just put up. It’s insane right now. But you know, I told you, you’re seeing a couple things we’re going to end with. You know, I talked last week about beyond meat and how beyond meat is hanging by a thread and they’re going to most likely file bankruptcy. And Walmart agreed just to distribute them. So I don’t know if Walmart put an investment in there, but their stock price one up almost 90% in one day, because of the distribution of they’re going to be in every Walmart.

So whether you like that fake, fake, fake non meat, people will buy it if it’s in enough places. Will they make money? Who knows? But the stock went from 67 cents to almost $4 a share in a day. That was crazy that I that I witnessed that. So you know, final final thing. Two things AI news programs want people to pay for the AI that they’re using for their news. So people that use AI and news, the AI companies just in wait a second, these news agencies are ripping us off and not paying for the news.

I’m telling you, it’s really weird, guys, you, you know, you, you want to be able to get information, I have to pay for all these news sites, guys, I have over 50 that I have right now, that I am signed up for from everything from newsletters to, you know, things I pay for, it’s crazy. And you have to get that because you want the content, you want to be able to compare stories, you want to get things like this last story, which is primal and primal and partners just filed for bankruptcy, another, you know, subprime lender for autos talking about the difficulties that they’re having with their customers, and that these people cannot afford to pay their bills right now.

They are doomed. And the problem you have with this is that’s going to have a cascading effect on the economy, you’re going to see stores go out of business, you’re going to see people in the auto industry go out of business, this is going to affect everybody, guys, from landlords to tenants to people that fix cars, everything. But you know, Bank of England, I just told you this earlier, Andrew Bailey told the House of Lords that he is totally concerned about this, about the last two bankruptcies, first brand and good old tri color.

Now primal end is done. This guy’s going to be freaking out by the end of this video. Okay, so good old Andrew Bailey. He’s a character. Hit the like button, subscribe to the channel. Again, what what is your favorite story that’s going to go out of business before the end of the year? Let me know what you think. I have so many, you know, great people out there that provide me with content. And I’m so grateful for this. But man, oh man, nothing is better than boots in the ground.

Nothing’s better than Dr. Marvin in Florida, and Aaron Smiles in New York real estate, and Lauren Connecticut, you know, come on, guys, it’s crazy, the stuff that we’re learning, but people think they’re on an island. Oh, my city is doing great. If your city is doing great, let us know about it. We’d like subscribe, make good choices, and I’ll see you soon. [tr:trw].

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