Fossil has already been selling sub par product that falls apart and breaks too quickly but, now they have gone as far as laying off hundreds of employees just to get their margins looking good on paper. IT is next. Outsourcing to India. How American!
This is all to get the company looking good on paper to sell to a private firm.
Kosta Kartsotis will most likely be let go by the company's board of directors.
stock price two years ago when this scathing and 100% true thread was lay commented on... approx $80.
price today... $12
amazing how long an ineffective CEO can stay on when he doesn't take a salary and has filled the board of directors with his buddies.
I bought a Fossil watch this Christmas. My nephew opened it up Christmas morning and one of the sub dial hands was broken and just flopping around loose in the case. I was just told they won't take it back but I can surely take it to the Depot and PAY for it to get fixed!! See, this is what's wrong with the company. One way after another, they prove they don't care about the consumer nor the employee. Just look at how they canned their entire IT department and hired an Indian company to outsource it all. Needless to say, our systems suck worse than they ever did. Kosta is running this company right into the ground because all they care about are their stockholders, as usual.
Well this sucks if it's true. Rumors are still rumors until proven though. I could see someone starting a rumor like this just to spite someone or a company. Changes the way you see a person though.
Layoff the purse designers! There stuff has sucked for yrs and no one wants to pay that much for them, but they keep getting second chances, third chances, season after season. But no instead lets get rid of all the people who work to keep systems running. Many of them are already underpaid, but India can do it cheaper still. Want good service? You'll get what you pay for sirs.
Fossil used to have an all American feel to it. But good job ruining that. When I see my friends loose their jobs next week I plan to start looking for a new job too, because I don't want to work for a company that treats it's people like that. And then I'll never buy another fossil product again. And word of mouth is a powerful thing. We are all pretty social media savvy too. #badidea
This is so sad. While I've left the company awhile back I remember what a great company Fossil was to be part of. I do find it amazing that the leaders didn't recognize that bringing in so much executive overhead wasn't going to affect the bottom line. One could support the decision if these guys actually produced results to match their pay! Meanwhile the people that actually did all the work are now out pounding the pavement! It was only a matter of time before the JC Penny leftovers ran a great company down to the ground.
Well just enjoy your Recharge Wednesday's while you can...you know Ice Cream Socials, Selfie Stations and Possible Shenanigans. Just whatever you do, pay no heed to the men behind the curtains or what they are doing. You jobs will be gone by summer - but at least you get some ice cream and a selfie out of it!
Everyone still there needs to run! Start looking for another job now. Many more layoffs, so jump ship before you sink!
This is so true, great post