Yes, there will probably be some layoffs and it won't be easy but this needed to happen. I'll be honest, I didn't expect it to happen. I've seen CEOs destroy companies without anybody batting an eye, so kudos to the board for this. Let's hope this brings positive change if it's not already too late.
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yeah, well so much for not maximizing their CFO profits.....
It’s like I said to all the people in the beginning when MT was brought aboard. MT did a landing things for target in creating owned brands etc, but there was a 0% chance that he was going to be able to recreate that success at BBB. Owned brands work because typically, they’re less expensive than “brand names” AND it creates customer/brand loyalty. It never translated to BBB because they don’t carry enough consumable merchandise. It worked for target because they carry food, clothing and other consumables that customers HAVE to buy on a weekly/monthly basis. If you have a baby… you have to consistently buy food and diapers. That’s why target owned brands like “up and up”, “market pantry” and even their clothing line “cat and Jack” work. There is nothing that BBB carries that you need to purchase on a regular basis. I worked for BBB for a long time and as good as some of the brands were like wamsutta, how often are people actually buying new sets of sheets or bathroom rugs and towels. So, no matter what, those owned brands were never going to increase foot traffic. It was a failed exercise from the first second… just smoke and mirrors for MT’s money grab. We can talk about how he ran the company into the ground from now until forever but they were already digging their own grave on autopilot from around 2015 anyway. They never changed when the retail landscape was changing.
Get all the stupid GAP inc people out too.
Unfortunately, it seems too late to change much at this point. The company doesn't have the available cash or credit to pivot in a new direction. They will continue to cut staff and hours and maybe try to sell off the company-----but who would be interested at this point?
Bring in the merchandise the people want not the branding cr-p they don’t want.
The company needs some real merchants if we are to survive. Walgreen's and Whole Foods experts need not apply!
i'm hoping so too, and had the same thought; the board could've just let MT keep driving us off a cliff, but after less then 3 years they felt the need to put a stop to it. i really hope it's an urgency to fix and not just maximize whatever profit is left for themselves