Thread regarding Follett layoffs

Follett started in 1873.
401k retirement savings accounts began in1978.

@8jiy+1fa7olyu

They actually did answer, and accurately. The person asking was not clear. Whoever asked can leave their number as this “Family Guy” has nothing to loss anymore I would assume. Maybe coordinate a call haha.

Ad hominem attack. Nice.

Well that is not the traditional plan. There was one that covered high ranking called SORP but that was far from traditional. I answered what you inaccurately asked but I am to blame?

You are wrong with the shares, they would have not been forced to sell back if they were phantom. If they were, they would of been paid and that’s it. They were actual voting shares that they were forced to sell back. There is also a cash plan which is maybe what you are thinking of.

So I was not wrong on the shares, I will meet you half way on the retirement plan because of your lack of defining “traditional”.

Also, this will be my last response because of your arrogance and “got you” tone.

Everyone can thank you Mr Know JackSh!t.

A - No such thing as Phantom Stock at Follett. All stock is real, and has voting rights. There is a cash plan.

Not true. I knew at least 6 people personally that had what was referred to a Phantom shares (people that the family liked and senior management - no voting rights) that were required to sell them back when the separated from the company.

A - Traditional retirement plan means 401k. That is not going anywhere and roles over as they bought Follett Corp and it stays with TRowe.

Not true. I knew several long term employees that were vested in a traditional retirement plan (pre 401k). Maybe true? Maybe they're all dead?

Q - What happens to the Phantom share holders? Being bought out just like they would be if they left (retired, quit or were terminate)? How many Phantom shares were out there at time of sale?

A - No such thing as Phantom Stock at Follett. All stock is real, and has voting rights. There is a cash plan.

Q - Traditional retirement plan employees - shutting it down? Sending letters and cheques? How many were there?

A - Traditional retirement plan means 401k. That is not going anywhere and roles over as they bought Follett Corp and it stays with TRowe.

Q - How many family shares were out there, the family only - REAL - shares? How much per share was the value at time of sale? If I remember correctly when MLS took over and told us her only job was to make the Follett Family Stock (which only family members could own) worth more, she said it was valued at something like $32.00 per share. Which was REALLY sad because she said it had devalued something like 5% during The Great Recession vs. our 401k investment which lost, on average, somewhere around 50% of their value. BTW as I recollect, under CT, a large number of Family owned shares were sold back to the company - family members did cash out.

A - 32.4M and you can’t have the price per share to get to a sale price :). Much less than above mentioned.

Q - How much did the family donate to the FEF foundation vs. donated by vendors? Will it continue?

A - FEF will continue but not sure what that looks like as I am not involved. I have heard 98% family donations but again nothing to do with it.

Hey Family Man, here's some questions...

1. What happens to the Phantom share holders? Being bought out just like they would be if they left (retired, quit or were terminate)? How many Phantom shares were out there at time of sale?
2. Traditional retirement plan employees - shutting it down? Sending letters and cheques? How many were there?
3. How many family shares were out there, the family only - REAL - shares? How much per share was the value at time of sale? If I remember correctly when MLS took over and told us her only job was to make the Follett Family Stock (which only family members could own) worth more, she said it was valued at something like $32.00 per share. Which was REALLY sad because she said it had devalued something like 5% during The Great Recession vs. our 401k investment which lost, on average, somewhere around 50% of their value. BTW as I recollect, under CT, a large number of Family owned shares were sold back to the company - family members did cash out.
4. How much did the family donate to the FEF foundation vs. donated by vendors? Will it continue?

I actually care less who owns the friggin company just as long all employees are treated with respect, fairly and like people. Just hope someone gets a friggin clue. Im not sure it was just TL, CW and RM. However, I do know for sure only time will tell.

Being defensive because they know it’s true! The cuts at the top were not deep enough. Still too many self serving mindsets.

Hahaha someone sure is defensive. TL is that you!? You mentioned boozing, so presumably that's just projection.

Also, you shouldn't criticize someone for a spelling error literally one sentence after making your own. :)

@7ttf+1fa7olyu

I don’t say this often, but get an education or learn to say things that are accurate a$$hat. Historically speaking, and based on typical market turn over, Follett is aggressive. We have had three CEOs in less the 8 years.

And, all what was mentioned has happened until the sale, meaning payments to help people. Hi The sale was 2 weeks ago. That’s 14 fingers and toes, you can do it. Ready… 1 little piggy, 2 little piggy’s. Also no one was pushed out, and you even spelled brutally wrong.

Lastly, we sold the company so once you stop boozing, you might realize that the changes at the top already happened. No one is left so you better hope you are correct, cause you will be called to the BS table if not. Just admit you are about blaming others. You should hang out with JH.

You all wanted the family gone, and now they are, so I am waiting for the S&P 500 company that was being held back.

It all sounds good. However, the company of which you speak is not the company of the last 6-8 years. Not many of us left that remembers the company of which you speak. All of them were brutality pushed out the door with the blessing of the family! They…you…could have stopped the exodus. The big box retail executives and the big box retail culture is what ki---d this company!!! And it will continue a slow death until changes at the top happen. The only constant in this equation is the executives…very other positions have been turned over several times the last few years. Will someone please HOLD THEM ACCOUNTABLE!!

I'm sorry. "Silence at all levels"? No. Some of us have been raising issues for years -- with our RMs, GVPs, on FC, and little ever changes. Those in power never listened before; hopefully they will now.

So I offer answers and get “dislikes”?

It was said,” Unless someone in the family spills the beans OR some faction of the family sues the other members of the family to get what is due them (???? - because they worked so hard for it?).”

I will get it started.

1. Family was not provided a dividend in years. We did not get anything during the pandemic, as it would have not been right given what was asked of the employees. Also, because it is restricted stock we also had little to no opportunity to sell our “investment”. Imagine having money in Apple stock, it starts to decrease, but you cannot sell. And yes, some of that stock was gifted down, but it still is an investment.
2. The family was getting to large, and the 5th generation was not interested in the company outside of a handful.
3. It was presented that we were selling to groups that cared and that would invest in growth and take care of the people. (Queue the “you never cared”) Time will tell and we are all watching from a distance.
4. BT was a terrible move, no one disagrees.
5. The family trusted a C Suite over multiple years that focused on the wrong thing, and should have stepped in sooner. It’s a slim margin business, but when family was running every person and penny counted. (Queue “ you only cared about lining your pockets on the back of employees”) I have heard many story’s from employees at the annual meeting of when the family gave money to employees in need, paying mortgages so they didn’t lose houses, paying off medical bills during family emergencies, the millions that went out during the depression, giving families places to stay during hard time, giving millions to FEF (Goes to employees children), family sleeping at the office working 24/7, etc.. It was not to line pockets, but it is a business and no one should be shamed for making money. It was also not broadcasted on Tweeter/LinkedIN like CEOs do today since it was not done for recognition, but because they cared and this continued until the sale but you would of never know.
6. The large majority are not multimillionaires and still need to work.
7. The issues that you have raised should not be silenced. That was the problem previously. Tell the new group what is not working, and who is not carrying their weight. The silence, from all levels, seems to be what put this in motion.
8. Some family got elevated prematurely, but some did not and left due to the stringent policies in place for family. Some like myself got fired. There are some that stayed that did actually deserve to be elevated, but are shamed on here because they are family. I would venture to guess that if roles were reversed, you would try to keep family moving up in your family business. It’s just human nature.

Despite all the hateful comments that will follow, we are watching from a distance and cheering you on.

I hope that the new groups can treat you better then what it appears we did from reading this site over the years.

Family here, what would you like to know?

The bottom line is we will probably never know.
Were all the layoffs to enrich the family - Senior positions friends of the family - never laid off?
Still making money by laying off as many people as necessary for the family to pocket their dividends?
Unless someone in the family spills the beans OR some faction of the family sues the other members of the family to get what is due them (???? - because they worked so hard for it?). who knows. The dedicated associates who spent many decades working for the company are due nothing. It was a job where, in reality the family did not value each and every associate. To bad, so sad, love Dad!

The bottom has already been cleaned out. The clean out needs to happen at the VP level. They are the folks that have been making the poor decision the last several years.

Why do we continue to sc--w around with 45 stores in Canada. There were that same amount 15 years ago so clearly no growth plan and likely no profit. Ki-l it.
Virtual hasn’t been profitable since it started 15+ years ago in River Grove. Ki-l it.
Stop making home grown applications and face the fact though it is a unique business it can be supported through readily built applications with support and updates managed by the application providers. End the legacy app dependency on single sources of knowledge.
Reduce the store footprint dramatically. There are stores that haven’t turned a profit through multiple contracts yet higher ups deemed them “great accounts”.
Offer buyouts to all employees with 25-years +. This org needs new thinking top to bottom.

Folks at HO do read these posts. We can't necessarily vent on Follett Central, but this is a good avenue since they do read this stuff.

Obviously no higher ups will ever see this, but it's still good to be able to vent and commiserate with others who also see the myriad issues with this company.

yall are weird for putting your "suggestions" on this 3rd party website. hahahahahahah

I like to know why the bookstore is the support line for all customer facing systems. Website, account access, web orders and redshelf. The only one we can actually help them with is the web orders.

DSV is a nightmare!! I have been contacted by at least six customers regarding orders placed in November that still have not shipped. The GM portal is a joke. I should be able to email my planner directly. Especially when it affects a customer right now. I shouldn't have to wait a week for a response.

Receiving is a nightmare for some vendors Vistar, Douglas Stewart.

Getting invoices paid and matched. Why is this still a thing? Why are we scanning and sending invoices to AP over and over.

Slow AF network and systems

Too many systems trying to talk to one another and sync up.

More automated ways to communicate to customers about their online orders.

Stacks of dead text inventory in the back rooms. It’s been growing year after year. Many stores are running out of space.

My biggest issue is that we can't rely on HO for anything anymore. GM portal requests go unanswered indefinitely. I have to email my AP rep half a dozen times before I get even an acknowledgement, let alone an actual answer. RM never knows answers to anything, just tells me to ask someone else. The digital team never knows what's going on with ebooks, just tells you to ask RedShelf or the vendor. Stores really are on their own, which is why this "One Follett" "value" has always been such BS. We'll see if anything changes but with mostly the same C-suite crew, it's unlikely.

With the exception of some of our larger schools, our clothing is ugly as sin. I’d never wear what we sell out in public.