Thank you all for the spirited and no doubt well informed opinions, but are there any real rumors of layoffs or the sale of company assets?
18 replies (most recent on top)
“Since we’re all fabricating tall tales… I’m THE OPS director of a certain state and I’ve been tasked to hire all diverse personnel regardless of ability to do the job.”
Tall tales are supposed to seen unrealistic and exaggerated. This statement seems right up Crown’s alley…
Lol. Hiring freeze and attrition. They've been saying that for ten years. In a month will come yet another restructure which everyone will holler they must hire for. Its an endless cycle.
@5zbq+1sdPyJIZ, you should have pushed a date further out. That way you won’t be exposed as a liar so soon.
I actually am a director with oversight over a fiber and SC regional team and have not been asked for a list.
No layoffs hiring freeze and attrition. When the fiber review a.k.a sale is final all bets off.
No, I am a director with oversight over a fiber and SC regional team. I have been asked for a list for layoff in the 10% range, as have my peers. Scheduled for Friday.
@4zyo+1sdPyJIZ You must be in a region that has shown nominal activity and growth.
Since we’re all fabricating tall tales… I’m THE OPS director of a certain state and I’ve been tasked to hire all diverse personnel regardless of ability to do the job.
I am the regional manager of the west and I’ve been asked to put together a plan to hire 44% more people.
Can anyone actually confirm this? I am about to quit but can wait for a severance if there's a chance of a layoff.
I am a director with oversight over a fiber and SC regional team. I have been asked for a list for layoff in the 35% range, as have my peers. Scheduled for early June.
Don't underestimate this EMTs ability to F things up. They did it several years ago when they cut so deep they had to admit it later and they will do it again. The likes of CL will blow millions on the purple playground and own Karen will be happy to cut heads to pay the cost of their poor decisions. Fewer heads makes a purchase more attractive. They will be relentless and decimate the opex teams. Polish those resumes up, your memorial day weekend is getting and early start and a long extension this year. If CL and KR are not on the new CEOs replacement list the bad business moves will continue.
The last post makes sense. If CC splits the business regionally or some other way it could take longer. Slowing Capex and focusing on utilizing installed fiber is smart whether they retain or sell.
There will almost certainly be an asset sale of all or part of the Fiber reporting segment. However people fail to understand that a transaction of this size takes significant time to go from soup to nuts. Even if a sale is announced tomorrow, it will likely take the rest of the year to iron out the details and formally close the transaction. Following the close of the transaction there will also likely be a Transition Service Agreement where Crown will still manage the business on behalf of the purchaser while everything gets “loaded” in essence into the purchaser’s company. The purchaser will also need to evaluate their staffing needs and determine who, if any, will be offered employment at that company. Depending on who purchases it there may also be regulatory approvals that need to be secured. While all of that is happening we still need to maintain the assets and all of our contractual obligations (meaning we can’t fire everyone at the drop of a hat). I would be shocked if a sale wasn’t announced before the end of Q3, however it’s entirely possible that the purported mass layoffs that this site loves talking about won’t happen until the end of 2024 or early 2025. This will no means be a quick process where a sale is announced one day and everyone is out of a job the next.
The RIF will happen in June and the sale will be in Q3. First they need to get all the new board in place. Then they gut network in June and announce the sale in Q3. It will be a wholesale gutting too. You heard on the call they had a consultant look at the operation. So they will just nuke entire titles and departments. No one will be safe. Then they can really sell it and announce the sale in q3 which will
Make up for the earnings short fall since no new work will have happen.
Let's be honest here. If you listened to the earnings call our leadership hinted that all or some of our "fiber solutions" would be for sale. Layoffs will most likely happen a few weeks before the coming earnings call this year, and those affected will mostly be in the fiber solutions side. Whether that's the Q2 or Q3 earnings call depends on whether they've finalized the sale, but it's happening for sure. It'll be the first big decision our new CEO makes, and he wasn't going to do that within a week of being on board.
Sale of fiber assets is really happening. Different companies will end up owning some portion. No company is interested in buying the whole thing.
Yeah let’s throw out more random rumors. I’ll go first layoffs on happen next Tuesday.