"Staples now will face pressure to close hundreds of more stores and to consider a sale to a private-equity firm, one institutional investor with a stake in the company said following the ruling. But "I am not sure even private equity is going to want to step into a retail story like this," the investor added"
File this under "No sh-- Sherlock"
Ha! I heard about that showcase retail center they were opening. Something about its so incredible even the bathrooms make you think wow this place is so incredible with its cutting edge technology and how things will be in the future. I know one thing about bathrooms and the future. People will always need a place to take a crap. I would think it's going to be used mostly by the people who are working in that big modern empty place.
How about that showcase center opening with the bathrooms that are leading us to the new cutting room technology while taking a dump or pee? "Check out the big brain on Ron" You too Vinnie. Yo.
Just one more comment: How's that staples.com doing heheheh :-) Not feeling so good ahhhh tooo bad sooo sad.
Lack of Vision is NOT a defense. Particularly when the companies General Managers, Assistant Managers and Department Supervisors saw the problems as far back as 2008 many spoke up and proposed solid merchandising solutions, ALL COMPLETELY IGNORED. Back when corporate was expanding the DUH "World Domination" plan and the 30 billion company mantra CPC managers, Tech Supervisors, and most managers in the US saw gigantic gaps in where the merchandise was and where it needed to be. Digital Cameras, Photo Printing, Sh#t furniture that never sold, Martha "felon" Stewart crap, and all the other missed or added stuff that not a single OS associate would have approved... c'mon As most took their pictures with better performing cell phone cameras we watched as you EXPANDED the digital camera space. How many buyers in home office got expanded checking accounts as the vendors sent them checks under the radar for that "special" deal that was made. Yes, everyone knew what was going on and it STILL does .... Theft at the buyers level, upper management level and senior management level is rampant. The are all feeding on the dead carcass of what could still be a vibrant company ..... will any agency investigate SEC, FINRA anyone? Doubt it, cause no really cares that you lost your job, lost your retirement, etc.etc. etc. But they should GO TO JAIL!
They have always planned to close more stores... nothing new. They want a showcase environment by 2020. Approx. 250 - 500 locations.
Private equity firms have turned some companies around. Not bashing capitalism, but Wall Street is a swamp. The machinations force companies to focus to much on the short term.
The next fours years are going to be very rough, and I honestly think the current management team works against themselves.
I absolutely understand there were to many brick and mortar stores... Who's fault was that? - Ron's.
Closures and layoffs? If it's needed (and they are, and hey, everyone's doing it). But Ron, Otis and Shira have poisoned the well. Rather than being honorable and facing the issue, they played games with those affected by their business decisions.
Lay off delivery drivers, ask them to come back because 3rd party can't handle volume?
Then require them to assist the very people that were replacing them?
Drive out good, dedicated, managers through harassment and replace them with clowns from mobile carrier stores? I had one SM (from Verizon) that sold 2 more phones in the 6 months before he got fired, for theft, than the 10 yr veteran SM they drove out for not selling enough phones. The veteran had us at a consistent 8% esp and $3k tech a week, but that was not enough for Vinnie.... it was all about phones...so he had to go. The Verizon guy had no clue about tech, and the numbers dived.
Not only did he cost me lost sales, but about $7k in shrink.
Bonuses and raises? Not for you.... You beat S&M by 10%? Nailed Csat? sorry, we didn't beat EPS, here's 5 days off instead of your $15k bonus ... But Ron got his... one way or the other.