I’m truly sorry for everyone who was laid off, it’s heartbreaking to see. But I can’t shake the feeling this may not be the end of it. I think it’s wise to stay alert and keep an eye out for other opportunities, just in case.
13 replies (most recent on top)
@ja The one you see posted isn’t still applicable
That one is still applicable.
Looks like the severance package info on my HR was last updated in 2021 so I doubt that one is still applicable with all the changes unless someone found a more up to date one?
The severance pay policy is posted on the HR Portal and tells you exactly what you’d get if you get laid off.
Keep your heads held high. I know its tough. As a former field leader, I was let go in one of the field restructurings about two years ago. BEST thing that could have happened to me. Job was making me cynical and I was tired of spewing the corporate Kool Aid. Tired of dealing with flavor of the week fire drills and tired of doing tasks that were beyond my scope. Fast forward to today, my work/life balance is AMAZING and I have a great job. While I do have fond memories of WAG and some of the people, I don't miss the job or the politics at all.
Do you all think there will more layoffs this month? Or more likely the next big one is January? Judging from prior layoffs, seems to be either in October or January.
There will be more rounds of layoffs to come, as Sycamore Partners has a history of it. Ask ChatGPT about your layoff chances with Sycamore Partners. It goes through the patterns of the past.
From ChatGPT on SP: “Private equity firms like Sycamore often look to reduce overhead quickly to improve margins, particularly by targeting corporate, administrative or redundant roles. Functions like human resources, finance, legal, procurement, strategy, and other centralized support are typically among the first targeted because the acquirer often deems them “duplicative” or too costly.”
Most will happen the first year of the buyout to reduce labor costs. Then they will change company policies. It’s better to be laid off before September 2026.
We will likely have more before the OPO official closure as that was a “quiet layoff strategy” that corporations do. Idk how soon the next one is but the original rumor was 10% in October and 30% in January. Seems evidently true so far.
Back to the ChatGPT: My assessment was a medium risk layoff for my role. Be specific in your role description and whether or not your skills/department produce revenue. Most of the buyout was debt related so SP wants a return on their investment pretty fast.
This is just the beginning. If you are not looking for another job currently either you are tone death or just plain d-mb. I’m applying for jobs as we speak. Even if I have to take a slight pay cut I’m out of the private equity dump. Just waiting on my bonus and then taking the first offer I get…. See you never Walgreens
There will absolutely be more layoffs in the near future. They are just getting started! Walgreens corporate staff will be taken down to bare bones. Only the most essential executives and teams will be spared. Redundant jobs will be eliminated too. If you and another person on your team do nearly the same thing, one will be laid off.
PE firms are all about cutting costs to make money and salaries are a HUGE cost!
It's going to be brutal. Greed rules everything in the corporate world sadly.
Was there actual severance pay offered?
@a9 can you tell us about the package/payout?
Happy i got a package and finally about to move on. Nothing to be sad about
Very unlikely that this is the end of the layoffs. Sad that 80 people are losing their jobs but I would expect more to follow given that we're now owned by private equity.