Must be tough time ahead for stx. Time has changed. Feel bad to see a tech company struggling to adapt.
https://www.bizjournals.com/denver/news/2022/11/10/seagate-data-storage-campus-sale-denver-metro-area.html
13 replies (most recent on top)
The Singapore Shugart Building is looking for sale and lease back as of today November 28th 2022🤪🤪
Lol. This layoff post is epic. It forced the company to issue an official statement on its home portal confirming the same. There are also rumors that this Q came up during an sales all hands and the sales EVP claimed this is normal and not because of a cash crunch!! Total BS!! EVP sales thinks his people are fools (sorry u can’t hold so many ba--s in ur hand, EVP)… Only made a fool of himself by providing such a lame response!! 😆
Oh how the mighty kingdom as fallen. Time for a new CEO. Get lay off guy and clean up the place. Lot of bad decisions and wasted money.
Bad timing for any property sale.
Shareholders need to demand CFO be replaced. This is incompetence and inexperience on display.
How strapped for cash? Borrowing to pay dividend and buying back stock for the last 10 years. The company's equity is negative!
I thought it was being leased back since it was built.
They're not looking to get rid of the facility, just sell it and lease back, which implies generating immediate cash. How can stx be that strapped for cash? They've been doing hard core stock buy backs for a decade, harvesting capital, and tilting the capital structure toward debt and away from stock. This current crop of c-suite folks appear not to have a viable long term plan. Gianlucca needs to go, he's definately not worth the 10MM a year he's getting.
Open in Safari and click 'reader mode' - paywall removed.
Data storage giant eyes sale of 40.5-acre Colorado campus
The company is looking to unload a property it bought in 1999.
Greg Avery Nov 10, 2022
Data storage manufacturer Seagate is exploring the sale of its 40.5-acre property and product-development facility in the northern Denver metro area to raise tens of millions of dollars for the company.
Seagate Technology Holdings (Nasdaq: STX) said it hopes to sell the Longmont property it has owned since 1999 — where hundreds of employees are based — but it doesn’t plan to move away.
“As part of our ongoing efforts to optimize our capital assets and opportunities for reinvestment, Seagate is exploring selling the Longmont site with a long-term lease back; the site will continue to be a center of excellence for R&D, innovation, and multiple business functions,” Seagate said in a statement provided by spokesman Greg Belloni.
The facility is a 528,000-square-foot building at 389 Disc Drive in southwest Longmont. The site is about 25 miles north of downtown Denver, with some undeveloped land around the building.
Seagate, founded in Cupertino, California but now based in Ireland, develops hard drive and computer server products in Longmont. The company has some administrative and operational offices in the building too.
The company has not yet listed the property for sale.
Seagate aims for a similar lease-back deal with its product development campus in Fremont, California. The company is expected to list its property there with a $300 million asking price, according to the San Francisco Business Times, a sister publication to the Denver Business Journal.
It’s not clear how much Seagate aims to raise in a sale of the Longmont property.
Selling and then leasing back for 7 years. Like the company will be around that long. Just build houses on the land and it will make a return, design hard drives and no return.
Who would want the entire company? Did someone buy Blockbuster Video out of bankruptcy?
How about just selling the entire company?
Thanks for the useless paywall link.