Thread regarding Academy Sports & Outdoors layoffs

Bankruptcy Signs to Look For - Stay Alert!

Let's start a new convo on what signs you should look for in a looming bankruptcy situation. I'll offer mine from my experience in a ch11 scenario @ my former employer (restructure type, not insolvency). None of this is guaranteed to end in Ch7 but these are some of the odd/outside the norm things I remember:

  1. Vendors were paid late - net30 vendors started stretching to 120 days

  2. Mgmt team pushing you to get very long dating from all vendors (started about 1yr before filing)

  3. Lockdown on data share with vendors (all KPIs) - noticed this started about 3mo before)

  4. Push for vendors to ship as many goods as soon as possible/early (noticed this apprx 1-2mo before)

  5. Lots of change at C-level - New team experience managing a co thru bankruptcy (wasn't easy to research back then (before internet) but google. What's their experience? Are they touted as a "fixer"?

  6. Vendors can't get credit insurance on payables or harder to get (driven off Moody/S&P credit rating)

  7. New store openings halt (but store closings may not happen in masse until after filing)

  8. Lots of closed door meetings at GMM level & up. My SVP & DMM were not involved in these mtgs nor did they know about the filing way beforehand. It was kept tight to the vest, until the Fri before (filed on Mon) & I only found out because someone leaked it

  9. People from Private Equity Co (so KKR) in the building often, or people you don't know in building often (this was a much smaller co, so may be harder to spot at ASO)

  10. Any Office perks either went away or a charge/increased charge for them (noticed this about a year before)

What else, for those of you who have been thru a Bankruptcy???

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Post ID: @XbKCJ1E

11 replies (most recent on top)

So I got a dumb question

Academy's loans are due in 2021 or so right?

Are they really going to file for bankruptcy before then? How bad are sales that they can't make the normal payments?

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Post ID: @XbKCJ1E-2yxr

Oh Buttface....they encouraged information share from others who’ve been through bankruptcy & did not position it as “know more than you” or in a belittling way. You’re grasping man. Go get a massage & a cappuccino and calm down

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Post ID: @XbKCJ1E-ovy

Don’t think the original poster was putting it out there for forum to judge their credibility but rather to remind people to be aware of their surroundings. This site encourages speculation and rumors. Those who don’t agree just move on, no harm no foul

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Post ID: @XbKCJ1E-icq

Oh and Butt Face I left by my choice not by ASO’s, so not bitter at all. And I have told my friends directly, just sharing for others who may find it useful. Those who don’t will keep scrolling. Well, except you who obvi DOES care...case in point: hateful, triggered diatribe with such eloquent choice of words. Keep going...highly entertained this morning

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Post ID: @XbKCJ1E-lsl

Oh Butt Face reveals himself...he’s Mr “you’re all bitter ex-employees starting false rumors” Guy....sounds like you’re the bitter one dude. Read the description of this site and check yourself. No wait...just keep going, cuz this is funnnnnn. Free Friday entertainment brought to you by the Hall Monitor. Enjoy!

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Post ID: @XbKCJ1E-qpb

If you are reporting what you hear about layoffs, then you are using this site correctly. If you are getting in here and leaving angry messages at the people using this site for what it is designed to do (aka buttface), then YOU are the troll. So YOU keep leaving a--hole comments, we will all shine the light on you as well. And report you to the site.

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Post ID: @XbKCJ1E-efv

You don’t have friends. If you did you would just tell them directly. Your intent is obviously to stir the proverbial pot because you are bitter. You have no life and you get your kicks trying to feel important by proclaiming you “know” something that others dont.

Keep doing it, I don’t care. I’ll just continue to shine light on what you really are, which is a loser troll with no life.

If you are a former employee with no reason to stay anonymous to protect your job, maybe give your name so others can judge your credibility for themselves.

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Post ID: @XbKCJ1E-loy

Butt Face’s mom and dad obviosly did not love him enough. The entire damn point of this site is to report rumors of layoffs and what people have heard, dumb a--.

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Post ID: @XbKCJ1E-vff

Haha, not a troll dude. Just a former employee who cares about my friends still at ASO....are you the hall monitor now? Ohhhh let me retreat to under my bridge!

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Post ID: @XbKCJ1E-nen

Very interesting information! I really hope it doesn’t end like that so guess only time will tell.

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Post ID: @XbKCJ1E-jwj

Why are you here?

Mommy and daddy didn’t love you enough so you want others to live with the same feelings of inadequacy that you do?

Move on, troll. Get a life.

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Post ID: @XbKCJ1E-mlw

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