I’ve heard close to 40 corporate employees were laid off as a result of over 80 store closures with more planned store closures. I’ve also heard that in addition to the reduction of head count there is major restructuring and further layoffs due to the City Gear acquisition and the stores closures. Middle management such as district sales managers and Regional Asset Protection managers are rumored to be reduced. During the first round the most tenured employees’ positions were eliminated.
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I heard their City Gear acquisition was a huge mistake. CEO, CFO and VP of Finance are clueless as to how to run a successful business. 100 stores in process of being closed immediately and another 100 will close by year end. 1st round of layoffs is complete. 2nd round coming soon. Accounting/Finance Dept at Corporate is running over with elderly employees who try to run the business like it’s 1975.
No surprise. This company has horrible management.