I'm a reporter at The Wall Street Journal. I'm trying to learn more about Staples. If you're willing to chat, please email me at khadeeja.safdar@wsj.com or call me at 718-404-4736. I am available at the same number on Signal, too. Thanks so much. Here's my bio: https://www.wsj.com/news/author/8435
12 replies (most recent on top)
This was a good article, but failed to mention many things. Even with Hi/low pricing Staples was over-priced. In this day and age a simple google search will find you a better price. It also did not mention the spin management put on its continual downward spiral. Bonuses were paid to management $30 million to Sargent after the Corporate Express purchase. (disaster). $1 million dollar bonus for hitting 100,000 items on Staples dotcom, regardless of what the items were, (including garter belts) whether we had sales or not, which we didn't. Can you imagine a goal like that to get a million dollar bonus. PS was the guy who drove that bus. Had Friday afternoon drinking parties in dotcom. Remember to goal was number of items on the site regardless of what they were. Totally screwed up search results amongst other things.
Sure, right The Rupert Murdoch paper is going to write about the Staples/Sycamore company. Rupert Murdoch, the king of taking advantage of carried interest which allows managers of private equity funds to have their management fees taxed not as personal income, but as long-term capital gains, which have a maximum individual rate of 15%. I think I'm going to puke now.
Bingo WFA!!!
They lost their way when they became enamored by their success. Rubbing elbows with the liberal elite made Ron lose his mind. While that was happening the retail world was in turmoil but no one in the executive offices at Staples was noticing. That's the story. The only story.
Sorry can"t assist you as I was forced by medical circumstances to sign a nine page non-disclosure agreement in regard to my "resignation" (termination) . Never question the leadership even if they
happen to be lemmings...just shut-up and follow......with a smile.
Khadeeja:
Here's a great start to your research that will bring you up the point at which Sycamore took over in 8/2017:
HOW STAPLES LOST ITS WAY
By John S. Strong
Estimated reading time: 17 minutes
http://www.babson.edu/executive-education/thought-leadership/strategy-innovation/Pages/how-staples-lost-its-way.aspx
(Full disclosure: I'm a former Staples EE who moved on right after the Office Depot acquisition fell through as the only viable path for Staples at that point was finding a buyer for the business.)
Strong's piece is pretty much right on the mark from the outside observer perspective but he misses on that mark because he had no insight into the internal dysfunction of the organization that lead to Staples "Losing It's Way".
Beginning in the late 90's the culture really shifted to being centered around arrogance, greed, blame, and bullying/harassment within management and it came to a head under the last 5 years of Ron Sargent's tenure. EE's thought nothing of stealing work from others, promoting it as their own, throwing their peers under the bus...whatever it took to get ahead and get the promotion. Almost like a "Wall Street", "Bonfire of the Vanities", "Bright Lights Big City" mash-up of all the worst cultural traits a company could represent.
Shira Goodman did nothing to change this behavior and resorted to the only behavior she knew, the selling, slashing, and burning coupled with the "everything is fine" lies that she learned within Bain Capital.
It appears now that Sycamore realizes they have been sold a faulty bill of goods and is doing whatever it can to mitigate its losses before their investors come calling for their money, which would most likely bankrupt Sycamore. That actually might be your story. How would a Staples failure impact Sycamore's other investments? Follow the money and you'll most like have the truth.
Good Luck.
I was laid off - at almost 50 years old - in the January "batch" of about 750 people across the country. Having a terrible time finding work...
Also working on the SBA side, work life here is terrible and many of us are pursuing the opportunity to abandon ship. However, keeping under the radar is important when working for pure toxicity and the poster below has a point. People may feel more comfortable contacting you once an opportunity arises and they are no longer worried about the repercussions.
“The Sycamore / Staples Management are terrified of this site”
This is absolutely true. I know of at least two occasions where a corporate employee posted non sense and then responded to her own post with the accusation of trolling. This is done to discredit the valid information on this site.
Post ID: @RV6y6tg-1ksm Go back to your cube and pretend you are doing something... which you are not.
The Sycamore / Staples Management are terrified of this site.
I would look elsewhere if you are interested in facts. Posters here will say anything to get a rise out of current employees at Staples. It's really quite sick the lengths that some here will go to try to inflict pain on others.
Still at Staples as a manager on the SBA side. For how long not sure, signs are everywhere where top sales people in one line of business are starting to leave and taking some of their support staff with them. Their concern is stability long tern. I beleive the voluntary attrition of employees is hitting quicker or as a surprise as sales manager panic to determine how to make budgets. I would speak to you but then again I don't trust anyone and for all I know you are a mole that may work for The Journal but are linked closely with SP.
Sorry maybe someone that has already left and not trying to drawl the last bits out before SP drawls it out of me would be willing to talk. Waiting for my bonus and small severance then on to another pasture.