Thread regarding Barnes & Noble layoffs

Elliott owns Waterstones, buying BN

Read up my friends. This company’s booksellers give company poor reviews in England. Booksellers ( other than mgrs) make minimum wage. Petition to corporate to make a livable wage, by booksellers, 2 months ago, has fallen on deaf ears.

From the BN frying pan into the Elliott fire !

Oh yeah: when Elliott took over Waterstones: they started fresh. Got rid of the “old guard” by restaffing management in all stores !

http://www.bbc.com/news/business-43903920

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Post ID: @ZrXJDju

24 replies (most recent on top)

“I tried to bring up Elliot at our morning meeting too. I’m trying to discuss our livelihood at Barnes, and all our manager wanted to talk about was the sunburn on his bald head from his pride march.... Got to have your priorities.”

Deception.

Change the subject and if you don’t want to hear it and want to hear the truth of what’s happening concerning your livelihood, you’re “hateful “ toward his lifestyle.

Hope him & his red bald head is the first casualty when Elliott takes over.

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Post ID: @ZrXJDju-4sow

“Got to have your priorities.”

Obviously you know where his priorities are.

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Post ID: @ZrXJDju-3klv

I tried to bring up Elliot at our morning meeting too. I’m trying to discuss our livelihood at Barnes, and all our manager wanted to talk about was the sunburn on his bald head from his pride march.... Got to have your priorities.

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Post ID: @ZrXJDju-3cbm

..when the company was doing well, the same Store Managers and DMs etc ( or retailers with pretty much the same skills ) were just fine.“

Not all were “fine” I had discussions with both my DM & SM about the security of my job. ( turns out they knew what was really going to come down) both lied to my face. Yes, you can say “ they couldn’t tell you. They weren’t allowed to tell you.

Lying is lying.

If I lied to them about something & they found out, how would I be viewed?

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Post ID: @ZrXJDju-3mfx

You're right, plus most of the "managers" everyone wants to axe now punch a clock like everyone else. They're talented workers and we need to have some solidarity. Right now there's this part time vs full time dichotomy going on and everyone's really in the same boat. If you want to get angry at the company, get angry at Len Riggio or the board, or the string of terrible CEOs they've had in the past few years. They blew a billion dollars on Nook. They fired thousands of people to save $40 million the same year they paid out $45 million in dividends to shareholders. It's a crime.

But the ASM that gets on your nerves is easier to blame, so you do that. I understand, completely, but people need to look at the big picture.

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Post ID: @ZrXJDju-2glm

Interesting reading , all these posts . Something to think about ....when the company was doing well, the same Store Managers and DMs etc ( or retailers with pretty much the same skills ) were just fine.

But along comes a better mousetrap , Amazon ( nonprofit for 20 years ...no taxes paid ...etc ) and the company begins to slide . Then all the Store Managers are dopes ? ...not really . The leadership at the very top did not have the talent , resources , guts to fight the fight and win . Very few companies had that blend to be successful against Amazon and a changing consumer. I wouldn’t blame the folks in the middle. Ever work for a company bought by private equity ? Read up . There will be good and there will be bad . Not everyone will be happy with every decision. Maybe , less blameful posts and go take care of a customer standing in an aisle. Or if you hate it all so much , go start your own company. The one that will be perfect in every way .

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Post ID: @ZrXJDju-2rch

As if B&N has ever paid a livable wage other than managers (and sometimes not even that). Nothing is changing on that front.

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Post ID: @ZrXJDju-2dwo

Just be glad Eddie Lampert wasn't given the go ahead.

Knowing their past decision making, it wouldn't have surprised me.

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Post ID: @ZrXJDju-1bgl

The same thing happened to Toys 'R' Us, buy a struggling company, load it up with HUGE DEBT including the Cost of buying that company. Then let the company fail by cutting customer service, not keeping up with maintenance, selling off key assets. Then Declare Bankruptcy, the Debt disappears and the Hedge Fund takes the money from selling the sc-aps. It's called a LEVERAGED BUYOUT ... a.k.a. Vulture Capitalism

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Post ID: @ZrXJDju-1mmw

This is good news, hopefully.

Waterstones was a great book store & beautifully laid out.

At least they have a history of success with turning Waterstones around.

We really can't afford to stay the course, with the corporate leadership we have now.

They keep failing....with everything.

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Post ID: @ZrXJDju-1zvt

“I kind of doubt that Elliott Management is doing this deal out of the love of literature”

But weirdly enough they put someone in charge who has extensive experience in book retail, who has turned the largest UK book retailer away from bankruptcy towards making a profit (two years in a row). B&N was way past the “love of literature” point and somehow kept putting someone in charge that had no clue how to run a book business in this day and age. Looks like they seem to care more than B&N did.

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Post ID: @ZrXJDju-1ugy

"How is everyone saying this is a bad thing??"

I kind of doubt that Elliott Management is doing this deal out of the love of literature.

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Post ID: @ZrXJDju-1lfm

It might have a chance if people were still into reading, into buying books, at stores.

This generation is into their phones, Netflix, Instagram.

The ship has sailed.

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Post ID: @ZrXJDju-1lbx

How is everyone saying this is a bad thing?? Yes, it may mean things are going to change, but that’s what Barnes & Noble desperately needs. Change. Waterstones was doing poorly until James Daunt took over in 2011 and saved the chain from bankruptcy. Having lived in the UK for many years and having loved Waterstones, I was relieved to hear the news this morning. I was appalled about the rumour WH Smith wanted to buy the company when Parneros was still around. In my opinion, this is the company’s best chance for survival at this point.

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Post ID: @ZrXJDju-jif

Indeed, it's difficult to think about a worse buyer (for the booksellers) than the Gordon-Gekko-Lite Elliot Management. Hedge funds tend to churn and burn, and they seldom are in it for the long haul. I would expect that the new owners will probably start with chopping all the RVPs, as well as most of the DMs. With six hundred stores, SMs will probably be safe for a little while, but the hired paid ones might well get the chop, too.

There might be some hope for the booksellers, maybe getting more hours (and hopefully, enough bags) to serve the customers correctly, but I wouldn't bet money on it.

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Post ID: @ZrXJDju-eoj

I predict lots of layoffs coming, mainly managers. The stores hardy have any staff, so it's hard to lay more of them off, or make them "redundant", as they say in the UK.

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Post ID: @ZrXJDju-grv

It's too late. Everyone is in a panic.

You know everything will change if a store survives. I agree, get out ASAP!

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Post ID: @ZrXJDju-ijf

I’m an ASM. DM doesn’t want this discussed. Don’t panic the booksellers.Under performing stores will likely close.Our SM told me he’s going to get a new job lined up before “ the inevitable “ happens. Advised me to do the same.

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Post ID: @ZrXJDju-tin

Our manager didn't say anything about it either this morning. But another employee brought it up and there was silence. Our manager just said to 'focus on sales and membership'

Hedge Funds do break things up for selling off. But this one bought WATERSTONES and is having the same guy run B&N as he does WATERSTONES books in England. I imagine, though, they will downsize. They took on B&N debt. Larger stores will close that they own outright for the real estate value, most likely.

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Post ID: @ZrXJDju-pnx

None of the managers are talking about it. Everyone here is in a panic.

I heard Hedgefund companies break up companies and then bankruptcy.

Does anyone know anything?

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Post ID: @ZrXJDju-dcc

So, wages will stay the same. B&N pays awful, too. But, I'm sure those that were still kept at certain stores (not laid off and been there for years) will lose health benefits. Know of a store with several employees that were kept due to size. They still have dental and health. ELLIOTT will take it away for sure.

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Post ID: @ZrXJDju-sqx

Hope those resumes are sent out today!

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Post ID: @ZrXJDju-oro

Just had a morning meeting with store staff and asked about company being sold. Manager on duty said that was not open for discussion as per corporate. "And even if it was true, everything will stay the same. There will be no changes !"

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Post ID: @ZrXJDju-qmb

LOVE IT !

This site’s been telling BN employees,!if they stayed, they’d get what they deserve.

The day has come !

😂

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Post ID: @ZrXJDju-ojz

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