Thread regarding School Specialty Inc. layoffs

Bankruptcy aGAIN!!!

Leadership is sinking this business each month! Now they are in serious critical financial danger and spinning to keep from closing the doors. Again! The company is going to be sold for pennies on the dollar. I mean look at the public stock trading at .70 cents. Each month the investor calls and outlook to the financial communities gets worst. Every month it is said that the company is positioned well and each month the opposite happens! I mean how many times can you say your plan is working when it's not. People are being let go left and right and there is no clear direction or commitment from the top. Heck, there is not even a CEO! Look elsewhere for a job or career. And if you still work there get out now before the rug gets pulled out from under you. LAYOFFS CONTINUE AND CLOSURES ARE COMING...VERY SOON! If it looks like bankruptcy and smells like bankruptcy.....then it is bankruptcy!

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Post ID: @OP+12zhbPTS

5 replies (most recent on top)

I am a class 5-6 creditor to the chapter 11 bankruptcy School Specialty filed in 2013. They were supposed to pay us for 45% (plus interest) of the agreed balance as of December 2019 in return for our cooperation. Instead, asked us in Nov 2019 for additional time to pay agreed amt. They only paid 10%, and signed an agreement with us to pay the balance with additional interest percentage (10 to 12%) in December 2020. In May 2020, they asked (insisted) on us to accept only 10% final settlement to allow them to finalize sale of their business, or we would get ZERO. How is this legal? Are there any class action lawsuits against them to get them to pay the agreed amount? If you have any updates, I would be very interested in participating.

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Post ID: @7Bvjz+12zhbPTS

They are not paying vendors and so no more product is shipping. They are toast. Should have kept their outside sales division- the moneymakers.

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Post ID: @2Culw+12zhbPTS

Wow, uninformed people preaching.

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Post ID: @1Xukd+12zhbPTS

School Specialty has been a failure of a company for several years. It's mostly due to poor leadership. COVID-19 is going to place School Specialty on the chopping block. Sadly, so many hard working employees will be out of jobs.

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Post ID: @1Tqqq+12zhbPTS

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