I assume it was to get the best they could for themselves. I have no reason to believe that they are motivate to help creditors, shareholders or employees
What about competition in large metro areas? What about the cost of establishing their brand in these areas? What would they bring to the market that is not available already? What about the rent that is due on the five stores that you want to close? By the way, their website is a joke and unable to compete in remote, crowded , or any areas.
I have a "hard on" because he took a bad situation and made it worse. His initiatives bordered on the absurd. He spent money to move the headquarters which gained nothing for the company. Ask his team how he treated them? His merchandising plans went nowhere.
It isn't his fault that shareholders were greedy and turned down the $14 buyout offer. It is his fault that sales fell, margins decreased, expenses grew and his strategies were a failure. Whichever board hired him, he failed.
By the way, I have frequently criticized the Winsten-led BOD as well. Come off your high horse and assess blame where it belongs. To say that Wilson "kept it going" when we see the prone state of the company is laughable.
No- the problem is that Wilson and Winsten ran this company into the ground. And, if I have been shorting it, that just makes me right.
When did I tell you to turn down the $14. Cite the post where I said such a thing or else apologize. In any case, if you were convinced to vote a certain way by comments on a message board, it's your fault. Grow up.
Paying Wilson's 400k severance, paying the new CEO, paying an "advisor" 40 grand a month. For a company this size? As much as I still believe Rich and Royce were incompetent, I have always worried that the new guys are clueless
Seriously, who is running their marketing? Their TV commercials are aversive. How many times do they expect me to watch these yoohoos dancing like idiots while they try to sell me a 20 cent pencil? What image are they trying to convey? Who is in charge here?
Should have happened a long time ago. I know that they had to pay him severance but it's a shame. After the way he ruined the company and treated people, he should have to give the company money!
I share your sentiments but not your conclusions. You may be right about Wilson but the new Board has never criticized him. I found this curious and worrisome.
In addition, closing stores and reducing debt and expenses are necessary but not sufficient. They need a merchant who will drive sales. It would impress the Street and have a positive effect on the other issues.
First step- fire Wilson and his 6000 shares.
Is Friday the last day for Richie and Royce to destroy ALCO? Don't worry, Richie. Apparently not everyone knows about your lack of skill managing people, your reputation in the supplier world, or the mistrust with which you are held.
Hopefully, there will be new owners who do know about you and get rid of you immediately. Let's face it- the company is in much worse shape than when you took over.
I read your posts and you do not explain how they are a category killer. In fact, with their moves into candy, water, paper towels, etc, they have dropped focus on their key categories.
The fact is they are in a difficult position because of all the stores they would love to get rid of and the fact that their e-commerce cannot support their growth. They are not going out of business but they have real problems which are not being addressed by management or the consultants that they hire.
By the way, have you seen their marketing? Amateurish, at best.
I guess they will never fire the CEO.....lol. This company, while in relative good financial health, is headed off a cliff. Their stores are worse, customers are rejecting them, and the results show it. Good luck with you one store in Woodbridge.
It is not a $15 stock. It is an $11.47 stock. Their core businesses of office supplies and technology are not performing. They cannot have meaningful growth selling water and cleaning supplies. Their marketing is terrible- consumers don't know what Staples is promoting. I reiterate- when you close stores, you should be driving customers to those stores that are still open. They aren't doing this.
BTW, they are now an $11.44 stock.