Yo Staples, what should Walgreens peons expect with the Sycamore Partners buyout? What jobs were cut after the deal was sealed? Corporate office? Stores? We are like family now so please be honest. Thanks.
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If you have stock that you'll end up benefitting from with the buyout, hold on until the they have to pay you out, then run like he-l.
If you're in management, they may dangle some fancy "stay and you'll reap lots of $$" incentives in front of you, tied to you being on board their plan to improve profits by slashing/burning everything. I got one of those, then got laid off 2 weeks later as part of said slash/burn.
They have zero interest in making you profitable or investing in you. They want to sell your organs.
Get ready to learn BCG, buddy
First thing they will do is sell off all the buildings owned by Walgreens to recoup acquisition cost. After that it will be layoffs every 3 - 6 months. They will not invest in Walgreens growth. Walgreens will slowly die on the wine just like Staples.
Get ready. They will gut you like fish. First, they will layoff the talented sales and leaders. Second, they will hire back yes men to do their bidding.
Store closings, complete lack of respect for any experienced tenured associates, SP will su-k every bit of profit out of the country for themselves.
Don’t forget, our Corp. office and its beautiful land/campus was sold off first and leased back. Then later the Staples name on the stadium was sold off. Then multiple layoffs required double work and no additional money. Then the furniture division was gone, among other things. They are in the business of liquidation. At least they were honest about that up front.
We had a layoffs before Sycamore as well, but the Sycamore layoffs said to the previous layoffs 'hold my beer.'
We’ve had a lot of layoffs at Walgreens already.
Sycamore is a liquidation firm. Layoffs are high. They bought Staples and Quill in 2019. There have been a few mass layoffs, typically November right before the holidays. Then again early/midsummer. Once Sycamore sees where cuts can be made, the large scale layoffs etc will start. Get your resume ready.
Get ready to hear the phrase
“do what is best for the business”
Bonus points if it included in an email to the whole company the same day as waves of people are shown the door before the holidays.
It's not good. There have been several layoffs including two in the last two Novembers that were rather large. Morale isn't great. Things have not improved as a company. I'm not sure if it is all Sycamore, but I don't think their style has helped.