Thread regarding Follett layoffs

Follett is for sale

https://nypost.com/2021/08/19/fanatics-lids-raise-stakes-in-barnes-noble-college-bookstores/

“ The loss of the Fighting Irish — which outsells every other college and university in merchandise — was a blow to Follett Corp., which also provides educational products to grade school children and libraries.

The $3.1 billion company has been quietly shopping itself and retained investment bank Morgan Stanley earlier this year to lead the process, according to a source with knowledge of the situation.

The company did not immediately return calls for comment.”

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Post ID: @OP+1cwScGaA

58 replies (most recent on top)

So I'm guessing nobody from the Family will be contributing to Family Business Magazine in the future right?
Of course there's always the CEO of content.

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Post ID: @crky+1cwScGaA

She defends her because she IS her. No other excuse for defending the ostrich lady.

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Post ID: @byck+1cwScGaA

Some of us worked our way into leadership through hard work for this company and measurable outcomes. Some called their dad and said, I don’t want to be a news person, I think I’d be good at marketing and bing bang, they’re a VP of Marketing and board member. If that’s not reason for complaint I don’t know what is. You keep defending her. You’re on the wrong side of history.

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Post ID: @aooa+1cwScGaA

Everyone has “character”, even the degenerates like you. Everyone “contributes” to this company, even the complainers like you. Stop trying to insult and bring everyone down with your miserable life.

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Post ID: @acoj+1cwScGaA

BF’s “character” and what she “contributes” to the company? Bwa ha ha ha ha!!! Either you never worked with her or for her or you’re family. She treated everyone like a means to an end. The end being money and power. At her very best she wrote poorly written blog posts. At her worst she ruined people’s careers to stay in TL’s good graces. If you were in McHenry with the rest of us you’d know. Character? That cracked me up.

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Post ID: @8jmz+1cwScGaA

You can stop kissing BF’s a-s, unless you are BF posting. The family doesn’t own you anymore.

If she maybe cared about people a little more in her tenure and not turned her head when TL let really good people go, people would be kinder. Also, if she actually accomplished anything and didn’t always take her ideas from other people, she would be respected. Shes a complete joke. Also, she’s a big girl. She wants the power, she needs to deal with the criticism.

The family may be rich, but happiness will always elude the likes of TL and BF. That’s how karma works.

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Post ID: @8nsx+1cwScGaA

Does it really make you people feel better to come on here and attack someone’s character and what they actually contribute to this company? Completely unfair, unprofessional, and doesn’t reflect well on you - even if you do remain ‘anonymous’. Get a life!

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Post ID: @8mpb+1cwScGaA

I bet the team from Francisco-Partners were laughing their a$$es off..
Sure, we value her input, we'd love to have her stay on as, as, as...
CEO of Content
(CEO of Content???? Ha! Ha! Ha! - and they bought it!)

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Post ID: @8try+1cwScGaA

A CEO of Content is what you call a family member that had a job bought for them in the deal price as a last move before turning the reigns over to real business people.

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Post ID: @7xeo+1cwScGaA

The CEO of content better have a strong contract.

What the he-l is a CEO of content?

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Post ID: @7ipj+1cwScGaA

Great news for those of us who were suddenly stupid or otherwise let go thanks to MLS and her pack of ignorant goons. Hope the shareholders take the money and run. Heads up RP in Software, Chuckles can't protect your ghost payroll anymore. Deep voice "Weeeelllllll."

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Post ID: @7sak+1cwScGaA

The CEO of content better have a strong contract. No private equity firm will be fooled by her for long. Won’t be able to hide behind daddy any longer. They’re going to want more than silly blog posts and future ready librarians.

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Post ID: @7gmx+1cwScGaA

Nobody safe, EXCEPT - The CEO of content.

The Hedge Fund wouldn't know what to do without her!

This is just embarrassing and sad.

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Post ID: @7rlq+1cwScGaA

Buying company is a hedge fund, look for lots of layoffs from top down. No one will be safe.

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Post ID: @7hvl+1cwScGaA

My bet is that it will be sold to someone else. Follett family wants out of the business. Hard to find a buyer for both K12 and higher ed. Easier if they're split up.

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Post ID: @6kaw+1cwScGaA

So the elephant in the room. If FSS was the only profitable part of the business is now sold, what happens to the rest? FHEG???

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Post ID: @6cwd+1cwScGaA

New marriage? She’s been married to that lame gold digger for years. Wasn’t he a small town news reporter legend too?

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Post ID: @6tqk+1cwScGaA

I'm SURE her YEARS AND YEARS of experience are what they're looking for and that's why she agreed to stay on as CEO of content. She has SO much knowledge as CEO of content. She got that while earning her local Emmy award. It called a made up position to sweeten the deal for the family. What a joke.

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Post ID: @6mjh+1cwScGaA

I’m sure if that was her intention, she wouldn’t have agreed to stay on as CEO of content. She would’ve taken the money from the sale and ran.

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Post ID: @6jtl+1cwScGaA

She won't be there. Her family is rich. She doesn't need the headache. She will drop out and focus on her new marriage.

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Post ID: @6ddr+1cwScGaA

Should be fun to see BF report to a PE firm without CF and TL to hide behind.

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Post ID: @6syl+1cwScGaA

https://www.businesswire.com/news/home/20210901005798/en/Francisco-Partners-Acquires-Follett-School-Solutions

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Post ID: @6jlo+1cwScGaA

Husband called on his break and said there is a "parking lot" meeting for employees during their lunch today. He works at the McHenry, IL distribution facility.

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Post ID: @6wvr+1cwScGaA

D-mba$$ the company is strong hence the reason why it’s capable of being sold!

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Post ID: @6pbk+1cwScGaA

If it is just a rumor it’s funny that the “company is strong and you can all gtfo” poster is suddenly missing…

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Post ID: @6mii+1cwScGaA

FSS 9/1
Retail mid October
B&T closing the doors. No one wants this company. You’ve been warned.

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Post ID: @6ygr+1cwScGaA

I heard that FSS is being bought by Barnes and Barnes is being bought by FHEG.

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Post ID: @6bnh+1cwScGaA

At least TL has some more money to payoff the debt of kids of Lake Forest Alums. Di----t.

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Post ID: @5qyu+1cwScGaA

Just FSS. Francisco Partners. North of $600M. Maybe the good people in k-12 can thrive again.

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Post ID: @5awu+1cwScGaA

Jesus, where's FHEG gonna get its profit from now? Back to pillaging employee pay and benefits.

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Post ID: @5kzo+1cwScGaA

The idea of Follett running only the college stores from now on is a fu----g laugh riot. What a pack of jokers.

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Post ID: @5omt+1cwScGaA

Wasn't Baker & Taylor owned by several private equity companies before being bought by Follett? That's odd right?

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Post ID: @5pdh+1cwScGaA

The Company is so strong someone else wants to buy it. Sources say its a private equity company Francisco Partners and it's just the k12 business. Follett will still run the college bookstores. Bookfairs wont last long under private equity

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Post ID: @5mui+1cwScGaA

A sale to Scholastic. Scholastic eliminates their only well funded competition in book fairs plus gains access to the very lucrative higher education market - where they have near zero presence.

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Post ID: @4tun+1cwScGaA

We may not have the specific agenda for the call, but we can easily imagine the outline: glum executives at the HO on the phone, woodenly lamenting the “unforeseen” and catastrophic loss of a giant contract, the way that the business is “surprisingly” not meeting plan, and that “moving forward requires bold transformation.” They will do their damnedest to put a shine on the big pile of ex------t in the room: they flopped on their adaptation to compete with Amazon and BN, they failed at every turn, and despite their relentless self-congratulation, their feckless “initiatives” of the past 2-3 years tanked. Of course, they will not accept responsibility (they will always believe that rests on the ‘stupid’ peons on the stores). As we keep saying: get your resume ready and head for the exit.

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Post ID: @4eqs+1cwScGaA

The Wednesday meeting appears to be all of FSS - not limited to management. It shows over 1000 invited on my calendar.

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Post ID: @4exh+1cwScGaA

This supposed meeting on Wednesday must be RM or GVP and up cause this SM ain’t got nothing about it. Post the full content of the email if it’s true!

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Post ID: @3bxv+1cwScGaA

This explains the "plesse make every effort to join this meeting" on Wednesday. Guessing they're not pleased the Post had the scoop and probably wanted to wait until they actually have a buyer to say anything

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Post ID: @3ldh+1cwScGaA

This actually makes sense. The huge desperate push in the last year to get schools to buy into the ACCESS BS. Some of the tactics were really strong. You either get on this program or we will pull out of the contract in the fall. The closings of bookstores have been fast and furious in the last year for underperforming stores. Now that the company has cut loose a bunch of dead weight they can present the company as a shiny new penny for sale. Because of they have dragged their feet on innovation and reinvention they found themselves grasping at straws to stimulate profits. The dead weight stores they cut loose had loads of potential but because of their tunnel vision they treat all stores the same. The best thing that could happen to all of the colleges is a new company to run their stores. A company that knows the college bookstore of the past is dead and gone, They need a company with a new fresh vision. A company that knows to turn a profit you need quality equipment, a competent and reachable IT staff and fresh exciting merchandise. A company that realizes its greatest asset is the team that is actually interacting daily with the schools. The team that knows what the school wants and needs and the ability to be a great partner to make that happen. The schools need to be treated to their individual needs and not a one size fits all. Because Foollitt has not and will not do this, the company needs to sell to someone that knows how to run the new college bookstore.

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Post ID: @3lqm+1cwScGaA

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