First week of February announcement of RVP and DPR position being eliminated. New role “Senior Operations Manager” to replace RVP/DPR. DM role will have average of 25 stores that reports to new SOM.
Front end and Pharmacy will be separated for DM and HCS.
Good luck to SM that will have two bosses!
@19m Don't remember hearing many financial specifics in Mr. Motz's New Year's message. Basket size is up and I believe photo was up as well. The opaqueness of private equity tends to obscure the actual numbers.
Whatever happened to ROI? I’m all for EBITDA, but with these changes let’s remember ROI. What does these roles really bring to the table?
@OP good bye! All the people out of the store have no clue what goes into running a store with the little budget they give us. There is NO support from “Support Center” just more things to add and squeeze from those trying to get by. Shame on them!
Hope those laid off aren’t coded as rehirable because they wouldn’t be able to survive in a store!
@10k lol Canada. the fifth leading cause of death in Canada is MAiD. medical assistance in dying.
@10x
AP is safe if not expanding… more focus on compliance and holding accountable.
Hr is a joke in the field. Biggest waste of money along with the HCS. No true value to the company. Sit at home telling everyone to open a ticket for ER consult.
It is clear… sycamore wants execution and accountability. Those that have part of that will be eliminated.
What about the other roles? Loss prevention and HR?
@10k Now that we've been assured that Mr. Motz knows what he's doing, we can all rest easy in the knowledge that Walgreens will be saved!
@ys the CEO ran Canada's largest pharmacy chain for 20+ years. He knows what he's doing
@ze I don't doubt Sycamore would unload Walgreens in a heart beat if they could make a quick buck but it didn't seem like anyone was interested when Sycamore made their offer to buy Walgreens in the first place. Wasn't there a period of about a month before the deal closed where the bidding was still open but in the end, Sycamore was the only one interested in acquiring Walgreens? Maybe after shedding some of the less desirable pieces, Village MD, etc. what's leftover may be more attractive now.
@zd I guarantee Walgreens is being shopped around. I could see someone like a dr-g company, or large insurance company swallowing them up. Maybe even Amazon or Walmart. Word is they are gonna sell off all of the standalone companies and take boots public on its own. Get rid of a lot of that debt to make it more attractive. They still make $150 billion in revenue but the debt load is bad.
@ys
Absolutely accurate.
Anyone that has a minimal understanding of money knows the leveraged buyout was finalized with 70% debt.
This is a pump and dump option only.
A dangerous game to play with a lot of people's lives and health on the line.
@wf Walgreens reputation is indeed diminished and it would take a herculean effort to restore it. Sycamore is probably in over their heads having to deal with the intricacies of pharmacy when their past experience is retail only. Time will tell if there's even a turnaround happening or if the company is being kept on life support until it can be sold for scrap and the enormous debt required for the PE acquisition gets dumped off on someone else.
Cypress Hill said it best in 93. When the Sh-t goes down, You better be ready......
Long time tier 5 MGR here...
The talent pipeline and sentiment for the Walgreens brand are exceptionally low.
All researchable news about private equity and Walgreens is negative.
The last remaining talented individuals are discussing with each other the lack of environmental awareness that Sycamore is demonstrating.
A few examples?
The pivot on the RPH holiday pay policy after announcement...what an embarrassment.
The 75/25 company multiplier bonus without any transparency of FYTD company progress (even if they showed us it "looked good" would we believe they would follow through?)
To clarify, all I get talked to about is personal accountability and my store's results... however, 75% of the bonus isn't based on my results. 🤔
The strongest managers (the ones they need to maneuver a turnaround) are also the smartest. Obviously, only the fools would buy into this current scenario.
No real incentive to stay, no RSU or retention $, the bonus is too easy of a piece to manipulate.
Once the last few dedicated and intelligent managers are gone, so is the IPO value.
Looks like the increasing inventory of delayed IPO PE owned business will continue to rise lol
I heard from a good source that one box is over—thank goodness. Communication will be a lot more streamlined now, with fewer chiefs, which is great. It will be very similar to the Shoppers Dr-g Mart model. Change can be good sometimes!
No way HCS will be in charge of anything. They do nothing!!!
They should keep the DPRs and get rid of the HCS.