You know, the last time a lease company had that many credit holds they had to restructure to keep from bring down their big box stores. Is Follett about to file bankruptcy?
This is a really good question. The way things have been developing, I wouldn't be surprised if we declared bankruptcy within the next 12 months.
The Department of Education is shutting down.
The DoE issues Pell Grants.
Roughly 40% of college students use Pell Grants to buy their books.
Do that math
Just because Follett is owned by billionaires doesn't make the billionaires stupid... They're just here to sell an already sinking ship for scrap.
For the Fall semester, Follet left students and colleges with no books because none of their vendors would extend them credit. At least one vendor sued.
Major budget cuts, restructuring, portions of the company being sold off, people being fired, full time positions replaced with part time (no benefits), colleges being pushed into inclusive access and equitable access programs, hours getting cut, stores moving toward being replaced with online-only digital storefronts...
The writing is on the wall.
Follett has not paid our invoices since 2023. We have no choice but send these invoices to Collection Agency. They stopped paying their bills. They will ruin all small businesses that extended credit to them.
If you're not paying attention to the number of vendors that have us on credit hold, you should be...
Isn't there another Town Hall coming up?
The new AR process Follett implemented has kept colleges and universities from getting commissions. My institution is likely owed somewhere around $170k right now. Keeping funds like this seems suspect. Made me wonder about a possible bankruptcy and or major business shift.
It must be a nice view up there on your high horse.
And you stayed because you needed the job? You just did not trust yourself to find another job, probably paying more and less stressful. Who did you impress by staying?
Bankruptcy? No lol. Follett is owned by billionaires. Maybe sell but not bankruptcy
Hindsight is a wonderful thing.
Before they implemented Slack, how many were aware of the widespread credit holds. Lately, it seems like every other post has some other company putting us on credit hold.
I guess we'll find out when they want us to know.
Also to the poster who said:
" So what? You had your chances to leave, maybe even with severance, but you stayed and suffered increasing demands from the suits in the Ivory Tower"
Not everyone had the luxury to give up their job. People stayed because they had to, not because they believed everything would work out.
Any news from he BigMeeting?
Big meeting today for leadership. Brace yourselves.
So what? You had your chances to leave, maybe even with severance, but you stayed and suffered increasing demands from the suits in the Ivory Tower. I am sure there are golden parachutes for EK and the lemmings he leads. Time to put your big boy pa-ties on.