And how many more are they planning to cut? I know last month they cut more than 6,000 people. That's in just one month! And we know there have already been some layoffs this month and they are planning to have more. I think we are seeing the last days of this company, especially if it continues like this.
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26 people from our department and many many more from the other departments. But being offered temp low wage positions pushes people out on their a$$. My manager literally said we need to get people off unemployment.... what??!?!!?! That is exactly why it is there
6,378 and counting
IMHO a Chapter 11 filing is pretty guaranteed, and that restructuring will see the real layoffs. No more “senior data scientists”, no more “principal” anything, no mobile app jobbers or even real software development, just a bare-bones support staff hanging on to the end.
Employees and physical stores are a liability atm. How quickly the turn from spending nearly $1B (rumored here) on a showcase NYC FLS, employing IT kids at $325K per annum, to wargaming bankruptcy scenarios and a hard triage of what was once the core of the business.
If Anniversary Sale is not a raging hit, the company could file chapter 11 this year. I think the logic of the BAM lease liabilities accelerates the timeline on that.
It's the flip side of this Spring's dash to secure cash from open credit lines – now you want to stanch the bleeding before too much is lost, for one last chance at company survival in a smaller footprint.