anyone know what this call is about?
What’s happening with our furlough management?
Are paycuts going to happen at store level also?
it’s quite at stores no communication with district leaders.
Feeling unappreciated since we are the ones out here working.
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Transform to Grow, Modern Vintage, oxymoron folks. Who ever heard of growing while shrinking. Their lease obligations are massive over several years, so they have to close stores. Apparently now they are not sitting well with retail partners which can’t bode well for store in stores. They can’t put cash to work in order to keep the debt ratio and credit rating stable which was downgraded recently to junk. With cap ex being reduced this means there is no reinvestment which is how you grow. No pricing power because the watch market has little barriers to entry evidenced by micro brands everywhere. Products are on permanent sale now and net margins are down. This is a drawn out decline within the crosshairs of crowded sector and secular decline in retail. Investing in the proper creatives was a successful venture. Unloading creative and engineering is the white towel.
I feel so bad for everyone still working for Fossil. I was part of the layoffs in 2015, the best thing that ever happened to me. I went back to school and changed career paths.
Don't worry about what you hear. Worry about what you see and don't hear. Fossil needs to hibernate through this crisis and plan for a new business model outside of watches. Watches are what built Fossil and watches are what is taking it down. Reinvent! Be the Phoenix that rises from the ashes.
If you believe anything you heard is going to turn the business around I’ve got a company (Misfit) and a strategy (New World Fossil) to sell you for the low low price of....,
American collegies, what did they tell you on that call? Anything new or all the same stuff we have been hearing for several years now?
Darren’s dumb idea that he thinks will make all employees happy again. It was a huge waste of space and time. No one believes a word Kosta or any leader say.
There are no words.
A smaller, leaner company? Not as long as the Nepotism continues. I know five people who are surprisingly still employed, people who don’t work their hours and speak negatively about the company. Way to go Fossil. You’re leaner and way less productive.
When I hear someone saying they are the ones working there, don’t be mistaken everyone is working with very difficult and challenging conditions, our days has extended from an 8 to 9 hours day to a 24/7 when even days off are non existent, so you can complain all you want but be mindful that we took a pay cut so you can stay.
I imagine it will be a bit of a pep talk after layoffs and pay cuts, and a bit of our usual huddle since we haven't had one this year. If you look at the boardroom calendar for central station, last week they had a meeting to "confirm huddle outline"
A lot of stores will be closing. Pay cuts are for those working at corporate.
Maybe another “way forward” pep talk. They stop with those little talks. It doesn’t help.