EP 33 | A Tale of Two Michaels, Kawhi's Frozen Trade & The Big Game Credit Story

Every retailer in America named Michael is either printing money or closing stores. Jason Sanjana and Kevin Eckhardt start with a tale of two Michaels (04:59). Michael Kors, the brand not the man, has quietly closed 139 stores in three years while sales dropped more than $860 million, caught in the collapsing middle where near luxury goes to die. Then the resurrection. Apollo bought Michaels, the craft chain, for $3.3 billion, watched the bonds trade at 34 cents, then refinanced the whole thing at par (11:33) after Joann and Party City conveniently burned down next door. There is a bankrupt balloon factory in here too. From there (19:15), the bankruptcy boys return to the Kawhi Leonard beat. A $28 million endorsement for a green bank that went bust, a creditor list nobody was supposed to read, a 14 year federal sentence, and a frozen trade to Toronto. There is also a scrapped ad campaign so strange it deserves its own segment (27:43). The show closes with a World Cup edition of Culture Corner (38:39). The final lands at MetLife on Sunday, and the American run was secretly a credit investing story. One text, one very large check, one Griffin (35:52). Producer Tanya road trips through AC refrigerant safety on the way out. ----more---- Hosted by Jason Sanjana and Kevin Eckhardt Produced and Edited by Tanya Hubbard A Production of The Octus Podcast Network