Over 70 people, all mid to upper management, were let go to cut payroll. Meanwhile, the latest in a string of CEOs is being shuttled back and forth from his home via private jet. Tough commute, huh?
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You know, it's about time someone at the home office said, 'why do we have these people with no business skills running the most important positions in the company?' It's nice that we have tenured people at the top, but they were all salespeople who, over time, kept getting promoted into positions beyond their skill sets and giving them 20+ years of high raises. You need people with business degrees running high-value positions such as logistics, marketing, labor, merchandising, etc., not high school dropout musicians with long tenure.
Under Pratt, corporate staffing increased by $100mm. Webb just cut $100mm in corporate staffing to get the company back to pre-Pratt profitability. He increased the sizes of the districts and regions to those of real retailers. He consolidated jobs into more streamlined positions with more responsibilities and is putting qualified into place to perform the duties.
The haters are going to say that it's Gtr Ctr falling into the toilet, but it's quite the opposite. Again, they will emerge on top - better and stronger than before. Every year something happens and the industry starts crying wolf, but it's just GC getting their shit together.
Not all mid to upper management. A lot of the rank and file at the Support Center as well. With no notice and horrible severance packages.
Not all mid to upper management. A lot of the rank and file at the Support Center as well. With no notice and horrible severance packages.
And private equity
That's what debt does to companies
Ouch