Today is the long awaited day friends. Good luck and hope everyone fairs well. If they respected you, they would have told you first and not your business contacts. Let’s hope the next ‘leaders’ are actually that.
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They pocketed all the bonus money that wasn't paid. They pocketed the difference between having a professional team running the organization hiring inexperienced underpaid workers. They pocketed the difference between replacing equipment when its service life is over and slapping some duct tape on it and hope for another year. They pocketed whatever cost future liability held.
Add it up.
Agreed, I find the $1B statement very hard to believe. The 5th generation has never told the truth to date so why would this be any different?
*He and his family will now live well (for generations) on the money they just pocketed. *
So, how much did they pocket?
Nobody is going to pay a Billion for a failing business.
TL learned that with Baker & Taylor. Buy at $200 million and sell for $50 million!
They may just be looking to divest themselves of the money pit.
MISSION ACCOMPLISHED!
TL boasts, "Our family-owned company has celebrated alongside our customers and is extremely proud of the successes we have achieved together."
He and his family will now live well (for generations) on the money they just pocketed. That money is the product of employees sweat and tears. In a short time they transitioned a good company into an abusive shell of itself.
Few million dollars goes a long way, some even tens of millions ; )! So, it may not be up to your standards, but feel free to post your family business and what you… Oh wait.
May the Jefferson family be your new scape goat for many years to come. As for JH, you all have the power collectively to ensure the new group knows your feelings. If you are not afraid to lose your job, stand up and voice your concerns when they do the tour of stores that they will do. Maybe this group values transparency.
PS- This is a PE, look up what that means.
How they could let JH continue to run things is absurd. Same s**t, different day.
Nothing will happen with the stores anytime soon. Months down the line? Maybe unprofitable stores will be cut loose. But otherwise, don't expect to see many changes in the near future.
What will happen to the stores?
https://follett.com/news?articleid=18438
“And to those that said the family is d-mb, and business failing, $1B+.”
$1B for a debt laden business that had sales of $1.8B just recently while PE guys are paying multiples for other businesses. $1B is a total failure. Like the $50M they got for B&T which TL paid $200M for 5 years ago is a total failure. Only someone on the 9th floor or a family member would try to put lipstick on this pig.
Jefferson River Capital
What is the name of the group that bought Follett?
Not sure how JH continues to survive these events and always seems to get a promotion out of it
Easy, just like BF got to be the CEO (CEO - HA HA!) of Content.
They look out for themselves. Shove everyone else down the stairs!
RMcF was most likely bind sided.
TL is really rich (as is his whole family). No worries - they won't be struggling to make ends meet.
Just remember this all began with AOH and MLS - focus of the company, make Follett Stock worth more. MLS, YOU FAILED!
Very optimistic about the potential for good, positive changes. Current leadership has wreaked havoc on this company and has refused to adjust to new market demands. Hopefully our new leaders will continue to cut out the rot and bring some good changes.
NEVER FORGET - they don't own the company anymore. If you want to keep traumatizing yourself over an ex, move on!
NEVER FORGET - they told some of your campuses before they ever told you. If that doesn’t show that their focus isn’t their people, I don’t know what will. SO GLAD the leadership is changing. Hoping great things for the new team!
There is excitement about new leadership. Yes, there will be change and it will be hard but at least someone is coming into the company that sees value in what we do. I just wish the remainder of the leadership, GVPs and up, would have been washed out. We need fresh ideas and keeping the old guard doesn’t help. I’m thinking we will see more leadership change in the next few months as the new leaders realize the issue is morale and it’s the remaining “leaders” that are the problem.
All true, but it is about digital and courseware, not the physical book or rental. Sales show that new is the top performer but digital is just behind it.
For all those saying it's time to move on from textbooks, they are the reason the stores exist in the first place.
The GM dept? Hopefully they'll overhaul the horrendous clothing.
Good luck and God Speed to all with the new PE group. And to those that said the family is d-mb, and business failing, $1B+.
Sold to an investment group. TL, RM, CW gone. New owners to speak on call later.
Some names are gone from the Quad…
If true, thank God. This company needs to get away from unprofitable textbooks and focus on GM.
This announcement is about an acquisition in the general merchandise field where the company is going to begin a subtle shift in focus.
All true. Company was sold for a bunch of COVID testing kits and toilet paper.
The market is flush with cash and successful businesses are buying dead businesses left and right today. If you can buy a junk car for $100
and take it apart and sell the three good parts for $115 you do it. The rest goes to a scrap yard. I’m hoping I’m working in the useful parts part as opposed to the dry rotted tire (book) part.
But if we're being sold, maybe the situation isn't as bad as people claim? Who would buy a failed business?
We can wait for the call for confirmation but I can assure you that it is today that we will learn that after 100 years in business TL managed to ki-l the golden goose in less than two years as CEO. That is an impressive legacy. I bet his wife and kiddos must be so proud.
Has anyone gotten more concrete info yet? Or everyone just waiting for the meeting?
A sale or just a change of leadership? Does anyone have actual information yet?
I was told one of the new leaders is the 14th down in the left column of the below link. RP from Verba
https://www.verbasoftware.com/team/
Who was the buyer?
Any change is better than current. Current leadership doesn’t communicate with one another, the org chart is a disaster, and the one person who was supposed to advocate for stores when she moved to the HO has made things so incredibly difficult and it’s all due to her lack of experience and desire to self serve. The family made a bad choice in 2013 and it’s continued to deliver bad results year over year. The sad thing is the family members in the company are actually fantastic people and seemed to truly want to improve things. Hopefully the new owners have experience in this field and don’t keep around any of the current higher ups - from GVPs to COO.
Anyone think this could be a change for the better?
Stores will find out tomorrow. Other leadership today. I agree, not everything on this here site is true, but this one is unfortunately and fortunately.
Why would anyone want to buy FHEG? For the millions in unproductive inventory sitting in stores' back rooms. I just don't see it.
It's definitely people just trolling. Every single time there is any sort of upcoming news, we always hear from the people whose "campus contact told them Follett was being sold." Every time.
The more I read this, the more I think that my original position of this being true is incorrect. It’s probably just the usual stuff that they talk about after rush. I feel some people on here are just trolling or being dramatic and this is coming from a dramatic person.
Nothing is happening today.