Hudson's Bay closing

Forum Sponsor
MacDoc said:
View attachment 73001 you would not have looked out of place Day dot.
Click to expand...
Ha! That's Griso, the character from the famous Italian novel series, I Promessi Sposi, from the 1800s (set in the early 1600s) whom my bike is named after. His character predates the store by a little, but the books were written long after the Hudson's Bay Company was established.
 
Has a private equity investment company ever dismantled a corporation in a responsible manner ? They sold off almost all real estate holdings and made the store renters . Proceeds distributed to shareholders , then spent five years levering suppliers to keep the goods coming to not tip over the boat . Meanwhile the owners still got paid , just not creditors. Now store managers will get bonuses to not jump ship but employees will not see severance. I guess if you’re a clerk you keep showing up until you can get a new gig . Motivation to do anything but show up will be evident.


Sent from my iPhone using GTAMotorcycle.com
 
To be fair when winding down something like this you need some staff to stay to the end. Most people if they know they are losing their jobs with no severance in a few months are looking for a jobs now and there is a risk you end short people before the last days. How do they solve that??

As for this case, the average bonus looks to be >$27K for "managers", might not be efficient and optics are of course bad.
 
backmarkerducati said:
To be fair when winding down something like this you need some staff to stay to the end. Most people if they know they are losing their jobs with no severance in a few months are looking for a jobs now and there is a risk you end short people before the last days. How do they solve that??

As for this case, the average bonus looks to be >$27K for "managers", might not be efficient and optics are of course bad.
Click to expand...
Watch out.

My mother was working for a store when they went under. Because she knew where all the skeletons were kept, the liquidators kept her on but only for limited hours for a couple of months.

When all was said and done, she was let go and applied for unemployment. The first question she was asked was "What were your earnings for the last two months?" She would have gotten twice the amount if she bailed right away.
 
Last edited:
GreyGhost said:
It always seemed like part of the game. A way to recall the good stuff from everywhere to allow looting by head office at stores close to home.
Click to expand...
Or to line the pockets with as much $$$ as possible by the execs for "job well done"
 
Last edited:
Went through a corporate acquisition of a private company I worked at years ago.

Caterpillar bought us, pilfered the books, and sold off.

They laid us off in stages, approx 6-8 months apart as outstanding contracts were tidied up. They gave my boss a 50M chequebook to fly around the world and close of our ongoing contracts so we don’t go litigation.

7 managers got bonuses to stick around until the doors closed for the final time. Approx 200-250k/person bonus after salaries.

They used the money to fund a new company and are still going strong.

Too bad about the Bay…but this has been years in the making.
Forum Sponsor
 
You must log in or register to reply here.
Back
Top Bottom