They are the worst business has had to offer. That last CEO who shall not even be named..HAS NO SHAME.
15 replies (most recent on top)
@b0 at least PE is honest. Tim & Neal pure bullsh-t. Watch them talk about failing fast...moments of flawsome. Why i came out of retirement etc...pure lies. Lined their pockets and sell the same cr-p in the next place...neal anyway.
@et Roz did not sell the company to Sycamore. Tim did. He made a few millions more and went back to retirement.
The board owns all of this - they put Roz into place and blew billions on pet projects that went nowhere while ignoring stores, and sat by and watched it happen. Tim was a result, not a cause, and Sycamore saw an opportunity and took it. Can hardly blame them for that. If it weren’t for them, the board would have run it into the ground and continued blowing billions on consultants, and everyone would be out of a job. The board ki-led an iconic brand, and they got paid to move on to their next host. Sycamore gets the blame now, but Sycamore exists because of poor leadership, not the other way around. Nobody on the board even acknowledged all the bad investments and decisions that were made over the years that led to this.
@b3 how incompetent does one need to be to sabotage a national iconic pharmaceutical company such as walgreens??
@b3 Sycamore can kiss my a-s! I don't give a damn about Walgreens' future! I care about paying my mortgage and feeding my family!!!
Mike Motz is rich as a king. PE firms are evil, money su-king vultures. They destroy people's lives for their own financial gain.
I am disgusted with the way I have seen employees treated during my brief time at this company. I will definitely be spreading the word about how Walgreens is behind the scenes. CVS stores are much nicer and cleaner - glad I can go back to using them again!
Walgreens is a sinking ship. Glad I'm getting off!
Wake up all. The current situation su-ks, but be real. The company was in serious financial trouble and although not ideal for those laid off, it's to save the iconic brand and serve the customers and remain for the TMs that still remain. It's not about PE, old CEOs, etc. This is what needed to be done for Walgreens to remain. You can thank Sycamore for stepping in, otherwise it would have been a slow and stead burn to the bottom.
As for the CEO scheme. Take a look at this movie, you'll see some parallels in the plot to devalue the Walgreens stock price. Take a look at the 10K and 10Q filings. You'll see how management, in premeditated fashion, crafted an image of a sinking ship just to spook Wallstreet and investors to sell, sell, sell. So, Sycamore could buy at a discount. I know Walgreens was struggling, but their handling of the debt payments made it worse. They were showing losses. But the losses were all attributed to accelerated debt payments and write-offs. These transactions could have been staggered to show a net profit. The Hudsucker Proxy (1994)
@at right Im willing to bet that 90% of walgreens workforce would rather work at a different place.
Seems like its a pointless loop of firing then eventually rehiring..
We can blame Mike Motz and team all we want, but the real blame should go to those who put Walgreens in the hands of Sycamore. Very well knowing what PE does to companies they buy.
Tim, Neal and team sold us out. They told us they will turn Walgreens around but quietly sold the conpany. They were here for a short period of time and should have made millions in that time. They threw the rest of us and our families to be eaten alive by the PE vultures.
I WILL NEVER WORK FOR A COMPANY AGAIN THAT MAKES ME FEEL LIKE I HAVE TO CHECK THIS SITE MULTIPLE TIMES A DAY! WALGREENS IS A HORRIBLE PLACE TO WORK AND I AM GLAD I'M GETTING LAID OFF TOMORROW!!
I WILL BE TELLING ALL MY FAMILY AND FRIENDS ABOUT HOW I WAS TREATED HERE AND I WILL URGE THEM ALL TO GO TO CVS! MY PARENTS AND SIBLINGS HAVE ALREADY TRANSFERRED THEIR PRESCRIPTIONS THERE. MIKE MOTZ AND HIS TEAM HAVE NO SOUL!!! SHAME ON THEM!!!!
@aq Isn't turnover already high? No matter how many leave on their own, there will most likely be more bodies to take their place. Walgreens isn't too concerned about quality employees. Just what they can get for the lowest possible cost. Now, let's put some lipstick on this pig so Sycamore can sell us and make a quick buck!
Walgreens better be careful, turn over can explode and the work force goes to 0!!
I was laid off today. I am relieved not handling stress vauge requirements, drama. Miss the team, but everyone is falling apart. It's good not to be here. This is a sinking ship. Very flat organization. Not sure how it works and don't care. My only fear is people who keep getting birnt.
Why don't you ask for volunteers next time around Walgreens??? Dare ya...
Private equity was never going to be kind lol. I got laid off today and I'm just glad that it happened while severance is still being offered. If you think any CEO cares about the worker drones, I've got bad news for you. The role if a CEO is to make the company profitable and the ROI of making employees happy was determined to be not worth pursuing long ago. It's all about squeezing as much productivity as possible out if people before throwing them away.