Thread regarding Walgreens layoffs

Call them bloodsuckers. Not leadership.

Heard leadership was already being let go this afternoon

@dm Working conditions at Walgreens will probably get worse under Sycamore but since the company is already a he-l-hole it may not be so noticeable aside from layoffs.

@d9 highly doubt they’ll want a turn around. Its all about making money for investors. PE world is also in a bubble. They’ll be lots of pressure from investors for a Hugh return. Ppl say it can’t get worse than current environment?

@cf Great video. I've yet to hear anything positive about private equity. The debt that Walgreens will be saddled with will likely hinder any real turnaround.

You submitted to the vultures that no nothing about the business. You had no answers MR. CEO. You are a disgrace. The board you had no answers. You are a disgrace. Look at the CEO's you brought in, a joke. Let the titanic truly begin, and all the I told you so's begin.. What a way to live and work in life.

https://youtu.be/6pzLhWCxH_g?si=7fDMNkfJItAqShyy

TW was brought in for a sale. But he lied to us all along about a turnaround.

Employees at a company purchased by a private equity (PE) firm can expect changes to begin almost immediately. While major, long-term shifts take time, PE firms are known for following a "First 100 Days" playbook to quickly set the stage for value creation.

Within the first 30 days
Initial meetings and communication: New ownership will quickly meet with the executive and leadership teams to set priorities and expectations. The communication to the rest of the company will often be limited but will signal the shift in culture.
Assessment of management: PE firms will rapidly assess the existing leadership. High-level changes, including the departure of the CEO or other C-suite members, can happen within weeks.
New reporting requirements: Financial teams will be immediately tasked with providing more frequent and detailed reports. This is a top priority to establish new budgets and controls.

Within the first 100 days
Cost-cutting announcements: PE firms often identify "quick wins" for profitability. Aggressive cost-cutting measures, including workforce reductions in redundant roles (especially administrative and support staff), are commonly announced within this timeframe.
Shift in company culture: Employees will notice a dramatic shift toward a metrics-driven culture focused on short-term financial performance. This often affects morale and can increase voluntary attrition.
Review of benefits and compensation: Compensation structures, bonuses, and benefits will be reviewed and possibly changed to align with the new strategic goals and control costs. In some cases, employees are replaced with new hires at lower compensation.
Operational changes: New initiatives focused on improving margins and streamlining operations are put in motion. Decision-making will become faster and more urgent.

Over the first year
Restructuring and consolidation: More substantial changes, like integrating the company with other businesses in the PE firm's portfolio, are likely. This can result in further layoffs as integration unfolds.
Heightened attrition: Employee attrition rates, particularly among higher-paid and support functions, tend to increase significantly during the first year. This is a result of both involuntary job cuts and voluntary departures driven by the changes.
Intense focus on KPIs: The expectation to meet key performance indicators (KPIs) and financial targets will be constant. Missing these targets can lead to more aggressive cost controls and further pressure on employees.

I wonder how long TW stays on with Sycamore. Maybe 3 to 6 months? Was the plan all along to bring Wentworth in to put some lipstick on the pig and find a buyer? Surely, TW had to know how unlikely a turnaround was before he took the job.

Welcome your new masters. Sycamore. Every prescription sold and every product sold. Money will go to paying Sycamore investors. You don’t serve patients or customers any longer. You serve Sycamore.

@a3 at this point nobody knows. Only guesses at this point.

Yikes. Anyone know when layoffs will begin again? Im hearing Nov but also hearing October.