Layoffs and store staffing reductions? Store closures? Senior management jumping ship? Or do you suspect most big changes will happen after this full academic year, over the summer? Does Follett wait to see if more campuses reopen in the spring?
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There are a few companies that would be interested in Follett. Companies would like to get the leadership prowess of the B&T leadership. They are always profitable and run a lean business. B&N would want Follett stores only from the perspective of eliminating competition for school contracts.
So, lay off managers and hire temps. Good plan. So now nobody will know how to do anything.
For replacements, Use that same temp agency you contracted with, they did a great job for rush.
I think the strategy for fall rush is a good indication of the plans moving forward. Keep pushing people out the door. Hire in a store manger at a lower salary and use temps as much as possible. Geniuses at work. Cutting payroll is not a strategy, it’s a result of no strategy. It is clear that leadership does not know how to grow any of our business units.
Why would any company want to buy Follett and the terrible campus contracts.
Once Follett files for bankruptcy, Scholastic will buy out Follett for pennies on the dollar.
When do you guys expect we'll hear anything? End of this month?
Well, those plans were made months ago. HR insider says stores will get hit first. Management cuts, most staff gone (some contractual obligations at play). Home office can expect additional outsourcing. Store closings are also dependant on contractual obligations. Large campuses see us as providing service as long as campus is open, many CC and smaller school's will close stores temp.
Make sure the family gets their dividends and then....... file for bankruptcy.