Cengage is doomed after todays email. We’re toast.
18 replies (most recent on top)
They should have named it Project Su-ks to be a Peon.
Start updating your LinkedIn profiles and resumes. Some of you SAY you want to be laid off, but you really don’t. This is a VERY VERY tough job market. Expect to be looking for a while. Enjoy your severance for a week and then fight like he-l to find your next job.
And when Cengage calls you back in three months to work under a different job title or for a different manager, give yourself the gift of saying no.
Managing the decline ? It’s been 16 years of abject failure. One bankruptcy wasn’t enough. # 2 is coming up.
But don’t worry. The choades at APAX will figure out how to turn a Buck.
Where is Robin Hood when you need him?
KC loves the Coca Cola like the true Wall Street fuccboi that he is.
What trendy SOHO restaurant will MH be dining at this weekend?
Clearly they know the back to school numbers are a disaster and are trying to get in front of it. There is nothing left to do but cut and continue to cut.
Cengage was mostly able to prop up their balance sheet for a decade with low borrowing costs. That's no longer an option, so APAX has 3 choices:
- Increase revenue (Hahahahaha)
- Infuse cash into the business and retire debt (HAHAHAHAHAHAHAHAHAHAHA!)
- Take an axe to the company's cost structure
IPS was right as always. A lot of people are going to be realizing the dream of becoming their own CEO.
That is a lot of people. It feels like this is the start of private equity tearing the company down and selling off the parts for a final payday.
Staggering layoffs is probably the best course of action. If everyone were to go in one round, the amount of institutional knowledge lost would be pretty crippling.
That said, I'm happy I got decommissioned yesterday. My blood pressure is already too high, so waiting for the bell to toll for me over the next few months sounds awful. Plus, I won't have to continually roll my eyes at the thought of all the consultants getting paid to suggest courses of action that basically any PA could probably advise just as proficiently.
I can’t imagine how awful it must be to work there every day. I’m truly sorry. Gheez.
How awful. They can't even do layoffs right. Everyone is going to be strung out for the next 6 months and nothing will get done. At least hit everyone at once and be done with it.
4 rounds of layoffs - a small one this week then big ones in october, january and april targeting 15% of the total cost base. may the odds be ever in your favor..........
@nrq+1om3Fptg Cengage has three initiatives.
- Service massive debt
- Keep the doors open
- Pay APAX massive management fees
That is all, carry on.
How many were cut?
Never been so relieved to be laid off.
You just now figured that out?
Oh no. What are they doing now?
Honestly, I welcome it. I’m so done with the stress, inefficiency, and nonsensical ways of doing things. I realize this initiative is supposed to fix that, but it won’t. Just like all the past ones. I’d rather be the one laid off than the one left behind.