You think 300 is a lot? Wait until that number grows to 3,000 and then who knows how many more. The company is looking to cut costs and the easiest and least painless (or at least that's how the management sees it) way to do it is through layoffs. We're looking at some major cuts before the end of the year. Everybody should be prepared for this.
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@1rjw That is a funny way to say about Belk. However, it is so true and correct. It is what happens when you don’t think with your head!
What Belk top executives desperately trying to do now in order to reduce cost is to do a quick “Mercy Flush” at Belk right now through massive layoffs, closing stores or payroll hours cutback! They do it the wrong way again as layoffs should be from the Top Executives Managements down not from Bottom Belk workers up as you flush your Belk store toilets right? Insanity is doing the same stupid things everyday again and again and expect different results? Think about that!
Remember that most private equity hedge funds like Sycamore Partners buying and holding or selling distress retail companies they own within five or seven years only. Belk company was bought in early December 2015. It is seven years now and Covid 19 pandemic has changed and accelerated Belk into Chapter 11 faster than Belk CEO expected, This is the year for Belk liquidation 2022 don’t you think so?
Sycamore Partners or any greedy Hedge Fund company is always looking ways to cut cost and maximize profits by cutting payroll hours or through massive layoff workers in the companies they buy with heavy leverage buyouts. It is nothing more but load company like Belk with heavy debts before liquidating everything and move on to the next distress retail company! Look what Sycamore Partners has done to Staples or Belk so far? All we see is the same pattern of cutback, cut cost at payroll and massive layoffs? It is not a business of make Belk great again! The writing is on the wall. It is time to abandon ship.