No lifeboats needed, Ron has his yacht and a cargo ship trailing this sinking ship. One for him to ride out of this catastrophe in luxury and the other to loot as much as possible during the commotion.
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Hit the nail Square on the head.
Hopefully Ron is shown the door when the buyout finally collapses and the stock is still in the gutter. If not, I plan to go to the shareholder meeting and cause as big of a commotion as I can manage.
So, did they meet EPS?
Once upon a time there was a man named Ron Sargent. He was a well paid officer who made in excess of $12 million dollars and received bonuses. He continues to tell his fairy tale about the stores improvements over last year. In his earnings announcement he constantly referred to "headwinds" that took away from profitability. Now lets define headwinds from a Staples associates perspective. Headwinds include, cutting labor, push people out, make leadership changes, provide poor customer service, keep part timers under 25, eliminate key loss prevention personnel, the department they wanted to grow, copy, they eliminated the specialists. He dreamed that improvements would happen in 2016. Will have over 1000 specialists to help foster growth. ( Wonder how they are paying for the specialists?)
Basically this earnings announcement is a fairy tale to coax Wall Street into believing upper management knows what they are doing, the bottom line and message to Wall Street is THEY DON"T.
Ron is still harping on the merger which eventually they will have to pay office depot 250 million dollars. This place is the Titanic with NO lifeboats never mind enough. Its demise is like the a slow dripping faucet whose leak continues to strengthen into a steady stream of water until the well is dry. Trust me these guys at the top CARE not about their associates but do CARE about their exit funds and how much they can get out of the failing brick and mortar before they close them all. Its a sinking ship and all the numbers and twists that were given in this earnings announcement are nothing but smokescreens to keep the lie alive. Without dot com the retail stores would be closing by the hundreds this year. In closing this script was so well written as they read it , they should submit it for a pulitzer. Pure lies, pure greed and pure lack of respect of store level associates. We are minions and servants to the Wizard of Oz, oops I mean Staples.