Staples is nowehere near Chapter 11. They have $1.125 Billion in cash, and $1 Billion in available credit. Plan for the first 225 stores to close is mostly California and Mexico. Then targeting sub $4 Million boxes. Expecting a negative 10% comp in stores in the next 14 months, plans are already being made for the NEXT 225 stores to close. Yes you read that right. More changes in management will have two market stores run by one GM. Staples is headed to be a few select super stores with a huge online presense. Depends how you look at it. I'll be losing my job, but the company has morphed into an online retailer that has a ton of money in the bank. The stores just chase metrics, not sales and margin like they should be. The customers prefer to shop online and not have to deal with a pushy salesman wanting to set up their printer in their home; and the protection plan.Customers love noot having to be pushed into a service place.
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I can confirm that drivers are being laid off i am one of them. they told us they are going with 3rd party owner operators. i'm sure that will hurt business because customer service will NOT be the same with 3rd party drivers that get payed per stop and have no reason to go the extra mile for the customer
Not all in California and Mexico, just a large chunk of it. The rest of the first 225 will be sub $4m boxes. DVPs, RVPs, and DMs should be finishing their visits with stores this week. Fates will be told then. Full P&L reviews are being completed during the visits, up to 2 hour reviews. This is being taken seriously. These guys and gal are human and understand the weight of closing stores. But this business is headed to .com. 500 stores to close in 3 years. I'm sorry to announce it. It is what it is. I wish I had better news. And I'm sorry, Market Managers (Leaders) are honestly being considered. Yes the company has over $1B in cash. Far better position then Depot, and Max. Best way to keep tht cash is to close stores while still on top. Let them figure out how to be profitable with $2.5M in sales and a $35,000 per month rent.
The writing is on the wall. I'm glad I left years ago so I won't go down with this ship. Staples will endure all right....online...after the customers smarten up and realize they can't get good service, they'll head straight to W.B. Mason, Walmart and Amazon.com.
NOthing is wrong? Where have you been hiding. Stores are closing, people being laid off. DRIVERS ARE NOW BEING LET GO!!! True and is ALL OVER THE COUNTRY!!!!
So 225 stores in Cali and Mexico are closing? That pretty much eliminates our presence there - does not make sense