Looks like new strategy is to cut specific departments and positions. Baling water to try to keep ship afloat. Maybe it will work, at least for short term. Gotta give the private equity overlords some blood to keep them in the game.
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Two stores are being closed by feb.
You'll see news about it leaking soon
Jack - Wow, what a bold observation. Back office squeeze??? Do you imply accounting improprieties??? Where there is smoke there is fire, ask Enron and World Com. Surely the accounting and finance leadership are all over this? Wait, the former controller took the fall for the CFOs recent negligence. Is the CFO a financial expert and capable of sniffing these things out??? Or is he and the rest of the EC leadership simply transactional guy/gals? Really how is a GC who really was never a GC, all of a sudden a financial expert and qualified to be CFO? Wouldn't the CHRO have vetted the qualifications of the new CFO? Is ASO negligent in vetting the EC/financial leadership team? Are debt investors aware of these unethical practices? Maybe unethical practices never come to surface because the GC is strapped/overburdened as well? It's unfortunate that the errors of bad leadership decisions results in layoffs of good faith Team Members. Shame on you EC. Shame on your CHRO-way over your skies. Maybe you should go. Sell Baby, sell...Burn baby burn....
Blah, blah, blah...Rookieville at its BEST. Drunk grandpa back and forth from Napa. New EC members learning on the job = trying to please KKR. HR way over it its skies. What has the tenured CHRO really done in the last 10 years that did not benefit her or her people? Attrition at all time high. Talent process is a JOKE at best.
It's pretty simple. Broken business = supply chain and store operations...Ineffective COO gets more responsibilities and Store OOPs has no accountability. And now, yet again... results rely on back office squeeze. At some point, operators need to operate. Good luck selling soon! Eff layoffs. If you are talent, jump ship. Why should you care? They don't care about you!!!
That was 2 CEOs ago. How long can blame be assigned to old regime before we take responsibility for the state of business with current team. All that matters at this point is how the debt deadline is met. Everything else is just window dressing. Let me be clear though, I want academy to prosper, it is our livelihood. I just hope attempts at saving it don't throw the baby out with the bathwater so to speak. Make smart overhead cuts via scalpel not sledgehammer. The excuse that the entire foundation is rotten and it's demo day was a CEO ago. Fingers crossed.
That is super positive that sales have been solid....too bad Academy has a Caa rating and a 1.8 billion dollar debt looming over its head and its attempt to clear some of that debt by refinancing through revolving credit hasn't gone over well....not to mention sales can be solid, but Academy is making no money, your gross margin is getting eaten away through excessive clearance and "hot deal" mark downs not supported by vendors....so yea sales probably are good, but your giving away the farm and you have no money for a rainy day....that tends to mean head count is too high....also, have you been in the stores lately, they look like a tornado ran through them, there are no hours to support good customer service, ergo they are driving away those solid sales....
Sales have been pretty solid so maybe it’s more of an attempt at cutting dead weight and ensuring we actually bonus this year. Some leaders grew their headcount irresponsibly in the late RF years so look at it as a market correction.