So it starts, now well publicized on the news Sycamore is closing stores under the guise of security or safety, and while that's a concern, their goals are to get out of leases to reduce their debt obligations (somewhat good), and pad their pockets by selling off any real estate that is owned. However, it is NOT with improving the business in mind. It is purely a way to pay themselves. Look at their history on their other large holdings, Staples they are continuing to reduce stores under the premise they are low performing stores, but in many cases it's just to cook the books. Essendant, they sold off the majority of their real estate for millions as a cost reduction for low performing, closed the majority of their business, but never invested back into the company. Talbots, Hot Topic, Belk, Pure Fishing they are closing stores/warehouses/offices and leaving just a shell of businesses they will never invest back into to improve. Sycamore is evil, and just plays with people's lives to line their own pockets over and over again.
4 replies (most recent on top)
@hw Give it time, they've done it with some of their other companies. They need to first remove any cash value assets from the company first and convert that to more debt on the company.
Walgreens sold out to PURELY vultures. The last CEO, the second coming that many thought he was....poof not a word about him anymore. What a disgrace he was to go along with the prior few CEO's. Just another wealthy con man is all he was and is..
@a4 Why don't they file for Chapter 11 bankruptcy for Walgreens and restructure the debt?
@OP When they close stores with leases left, they seem to just stop paying and hope they can just walk, sometimes they will pay something to get out, but it's all to make their numbers look better. They'd rather spend more money closing a store than it would have cost to keep running just to keep playing with the financials.