Ebenezer Scrooge is about to get a literal run for his money next week. We will see if Lay offs come during the holidays or not. Seeing as over $450 Million remain in expenses ear marked for employee severance packages by May 31 of 2018, the question remains when will thousands of employees be let go.
http://investor.oracle.com/financial-reporting/sec-filings/default.aspx
Oracle 10Q September 2017:
http://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/6aae1efb-e6ff-44cb-9563-94b1d5ebd7e1.pdf
In the first quarter of fiscal 2018, our management supplemented the 2017 Restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2017 Restructuring Plan are up to $1.1 billion and will be recorded to the restructuring expense line item within our condensed consolidated statements of operations as they are incurred. We recorded $124 million of restructuring expenses in connection with the 2017 Restructuring Plan in the first three months of fiscal 2018 and we expect to incur the majority of the estimated remaining $475 million through the end of fiscal 2018.
Restructuring expenses during the first quarter of fiscal 2018 and 2017 primarily related to employee severance in connection with our Fiscal 2017 Oracle Restructuring Plan (2017 Restructuring Plan)
We all know this means between 10,000 and 16,000 employees are to be let go. The question is will it be in equal amounts to avoid the warn notification thresholds? If so we can expect between 5,000 and 8,000 employees to be let go. Traditionally the packages are mailed out at the start of each new fiscal quarter. The severance packages will be mailed out starting next Friday Dec 1st.
The real question is, will the top brash have mercy during the holiday season? Or will they save a few bucks in employment insurance at the state level and keep a steady layoff? Its a $450 to $475 million dollar bet that they go with the steady stream and drop employees right in the middle of the holidays at the start of Hanukkah and Christmas?
Which is bigger their compassion for their fellow human souls with children, or their desire to chase the almighty dollar? At least scrooge saw the light at the last minute. Any bets on LE, MH and SC? Will they beat him in destroying the holiday season? Or will they pull back and have mercy on all those families?
We all know the axe has fallen and the plan was made last year. Its just a matter of when and how many? Is the date Dec 1st 2017 and March 1st 2018, or is it all for March 1st 2018?
Discussion welcome.