Canada Retail fired their CEO Thursday and has been replaced by a Banking Exec / former Loblaw Exec (must be buddies with the Chairman). Can't trust Sycamore, "we will let you run your business the way it is", "we're hands off". BS
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Ohhh, ouch...and Canada Retail was supposedly turning decent profits. Not good for the other two pieces of Staples.
Will get ugly.
Here's "what the hell they (Sycamore) actually bought". Not too difficult to figure out.
David Boone is the new executive. Former SVP at Loblaws, and most recently worked at TD bank.
appears Sycamore Partners visits this site.
they're trying to figure out what the hell they actually bought.
it seemed like a good deal at the time.
Hmmm, appears Sycamore Partners visits this site.
They never said hands off of the leadership of the company. They said they would ensure leadership was doing the right things and leave the day to day to that leadership. This is exactly how they said they would run the company.
Sycamore has a soul as black as coal.
They said "Hands off", Beavis.
Of course they are doing this. Making no changes is code for we are changing everything within 12 months. Never believe big businesses. They are only out for one thing - WALLET GAINZ
If Sycamore sacked Shira, I don't think anyone would mind. Lots of IT staff cheered when Faisal left. Still waiting for his cronies to go.