This sale to a equity firm is just paving the way for the company to go out of business eventually.
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Retail in stores with stores in general is going away no matter company you are, unless you are clothing where people like to actually come in and look at what they are buying. Staples will down size a lot, they are going to squeeze what they can out of the people who stick around through BTS and use them and praise them because they don't want you to jump ship now, they need everyone they got, but once BTS is over its back to telling employees they are not doing enough you are replaceable etc...I have to say I have been in 3 companies in my life, and this is the worst run company ever.
Having taken over a few operating business concerns, and having witnessed a few, I can tell you on day ONE we always say "You folks are doing a great job, we don't expect any major changes but of course we will have a few suggestions soon." ONE WEEK LATER THE S#lT HITS THE FAN!
If Shira is saying Sycamore will be hands off
Yeah, Sycamore is gonna pump lots of money into Staples and just HOPE that things turn around.
HAHAHAHAHAHAHA!!!
What a cahoot.
If Shira is saying Sycamore will be hands off then she's out of touch with reality. What equity firm is going to pay that much money for a failing business and then be "hands off?" Ridiculous. That's not how this works. Sycamore will be running the core of the business and Staples will be paying management fees to them.
Back in 05 there's was hope. Once staples bought corporate express that started it all. Throwing money away on use less departments. Upper management stealing money right in front of everyone, everyone saw this and let it happen.
Shira telling people Sycamore is hands off, and at a minimum it's business as usual until Jan.
Sycamore needs to be hands on...Staples management is what brought the company down. Blame the downturn in retail, and all that but it was poor decisions by Sargent and Shira and others that hurt more.
It was headed out of business anyway. Management incompetence is what got us in this situation then they celebrate like its a good thing.
It's so nauseating - but the promising part is based on comments here a lot of people aren't buying the BS