https://newjerseymonitor.com/2023/03/29/senator-calls-timing-of-bed-bath-beyond-layoffs-a-disgrace/
8 replies (most recent on top)
That would be funny if top management was so bad that they screwed up their own golden parachutes.
They're going to wish a US Senator whining was the biggest thing they have to worry about, when the class action lawsuit over this gets going.
What a joke of a law! It's obvious the Senator that sponsored this bill has never run a business in his life. When a company goes bankrupt there's no money for anybody except secured creditors. Are employees that get laid off secured creditors, no they are not. Good luck trying to penalize / fine a company that no longer exists. This is nothing more than a feel good law to make those that voted for it look good to the public because "they care".
Politics did not ki-l us…..bad leadership for the past 10 years did. We did not evolve into the 21st century with our technology or logistics. Instead of investing back onto the company we just kept buying other company’s with all that cash. When margins got squeezed they started cutting expenses (us) then the 1st investors forced the old guard out and brought in a new age wiz kid who wanted us to be blue target. Failed. Spent money on d-mb d-mb things. 1billion of our own stock ranks up there with some of the great business decisions. Next group of activist investors force change and pull off an impressive pump and dump. Now we have leaders who were only in place to put us out of business, but bank them some coin before they turn out the lights.
Since a company's stock price usually rises during a mass layoff, laid-off workers should also receive some of those residuals.
Further proof of how toxic a culture they have. It's ridiculous to hear people still working here saying they just want to ride it out. That's like being on fire and instead of doing anything you can to stop burning you say to yourself well, the flames will stop eventually.
“The intent couldn’t be any more clear — they’re trying to violate the spirit of the law." Or more simply, BB&B intent is is informed by the weak business decisions that are derived from management having to deal with the fact that they burn much more cash than they take in. Even after printing millions of junk shares.
More good press lol