On the call today, if you were paying attention, the company stated they STILL had 20 to 25 million dollars set aside this year for severance etc. for the layoffs that are coming by the end of the 2023 fiscal year. Just because you were safe this time doesn’t mean you will be later this year. But remember Ed said he would never layoff people again, just proves his word means nothing.
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Waiting for the next round of layoffs. Hope many people left because of how badly this was handled last time and how management lied.
Was only a few months ago they were saying there was no danger of layoffs coming in Tech. They lie.
I'm in tech. Someone asked this exact question to our director today and they said that figure was referring to generic one-time expenses, specifically the closing of stores near newly opening HoS locations, and that there were "no more layoffs coming," at least not in tech. I don't really believe them, but that's what they've been told at least.
Ed also said we would never be open on thanksgiving. Well when everyone else did we jumped right on board like lemmings off a cliff. Then sales went wild post Covid and all of the sudden back to closed on thanksgiving.
Ed has not kept a single word he proclaims he is not a shadow of who he used to be.
They will make more cuts before the holidays sadly. The call stated it was going to be in 2023 for the additional 25-50 million in severance cost.
They will come after holiday. C Leadership sees the writing on the wall. The landscape has changed and the high from people buying pandemic gear is over. Inflation and supply chain along with completion from manufacturers selling direct to consumers.
The funny part is Nike handed them their inept tech leadership.
Di-k’s has hit the iceberg.
I bet they come for store side LP next even though theft is the alleged problem. That’s probably why they are rebranding remaining DLPMs as opps and safety managers.
I noticed that during the earnings call too. And 25-50M is a LOT, so there’s no way that would include just the stores side. My guess is it’ll be after holiday. I don’t really have a warm and fuzzy about any of this.
I noticed the exact same wording! This isn’t over they are just deciding between 25m-50m in more cuts