Epicor is laying off 10-20% of its global workforce. They are also reducing US salaries by 20%.
Reportedly they're using shady methods to lay off people and avoid paying full severance in several countries.
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JULY 17, 2020. ANYBODY KNOWS? AM I THE ONLY ONE?
https://in.reuters.com/article/us-epicor-softwar-loantlb/kkr-backed-epicor-revives-dividend-deals-ahead-of-a-potential-sale-idINKCN24H2RH
KKR planning $2.75B dividend recapitalisation for EPICOR SOFTWARE, revives dividend deals ahead of potential sale. KKR purchased EPICOR in 2016, determined to sell off.
The delayering has begun, more fall guys will be sacrificed for incompetent managers.
Un Navire Qui Coule - It's Never Too Late To Mend
Good leadership team, BUT the next line VP destroy team morale and playing the blame game. The leadership surely cannot be blind to all these. As a long time former employee who has invested a good 15 years of my life, I am disappointed and sad.
I decided enough was enough and quit the past month, firstly to preserve my sanity and secondly to salvage the deteriorating relationship with my tolerant family. I quit without a job. Who in the right mind would throw in the towel in such unstable and challenging times.
There is great unhappiness in Asia region and a number of good people have gone already. To maintain his position, the regional VP got rid of loyal, dependable, dedicated and trustworthy managers. He continues to shield poor performers and those in his inner circle and sacrifice those who want to move the company forward and take it to the next level. The results are very clear, numbers don’t lie. Leadership team should be alert more good people are ready to leave without jobs. I want to point out what is really going on internally and the optimistic me hope for a positive ending. Talented employees have lots of options. People don’t leave jobs, they leave poor managers.
Understand that epicor cloud not making any traction in the far east. Several enterprise customers decided to switch from cloud back to on prem, and the official excuse given for sales lead not attending the town hall was last minute vacation ( Really? Vacation during this global pandemic? That's hilarious, isn't it?)
It's a one trick pony, at least that's what I have been told of how the business is controlled by a tight fisted manager on the other side of the globe.
What happened to their cloud ERP? I worked for a partner who resells Epicor (and a few other packages.) It came on really strong about 5 years ago, but that team seems to have shut down. Too bad, as it was a great offering for most of our mid-sized clients.
I worked for the company for the better part of 5 years in a fairly senior role. I'm afraid to say that if you didn't see this coming you weren't paying attention to the preceding 5 years. Look at the shift of resources away from Irvine and Dublin (US) and Minni. The 'great purge of 2017' Even moving the HQ to Texas to mitigate tax and salary expenses... Then look where we put those replacements. Notice that they aren't in the US?
Of course, the staggering debt laid on by the PE owners hasn't helped much. And across the product portfolio, we were too 'drunk on every dollar of revenue' to optimize the product portfolio. Do you think we were excited about the cardboard box manufacturing space to the point we had multiple solutions? Of course not. It's just that the gross margins were like crack.
Look We had a good run for several decades. This atrophy is part of the natural lifecycle of Software companies. There are some great products that were bornin that company. And there are probably a few great employees still hanging around. But the future is not going to be defined by Epicor.
This past Wednesday, the CFO told the company revenue was flat year over year. The second quarter took a minor hit but with cost saving moves made, everything looked good moving forward. On Thursday all salaried people had to take a 20 percent pay cut. Today, big layoff. All new employees exited. Only the c level suite in Austin knew this was going to happen. Upper and middle level managers did not know which of their team members were being thrown overboard. The only time I got to speak to the new CMO. He laid me off. He's a total stranger. What a stooge. And an incredibly sleazy senior management.