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Joined: 06 Jul 2003
Posts: 6742
Location: Central CA
| Posted: Sat Jul 12, 2008 1:29 pm Post subject: | |
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I think you're about to find that ethics, as we bottom dwellers understand the concept, and CORPORATE ethics are two entirely different animals.
Corporations these days are not required to adhere to any ethical standards and their one responsibility seems to be to make the most money possible for those in control, no matter what they have to do or who they have to do it to. |
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Joined: 06 Jan 2008
Posts: 1360
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Sat Jul 12, 2008 6:17 pm Post subject: | |
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Very true, corporations are not held to any ethical standard so long as they can prove to the SEC that numbers are there in some way or some reason, and honestly they don't even have to prove those numbers, look at ENRON for an example.....
How is it ethical that major retailers get away with paying measly salaries to the backbone of the company & HUGE salaries to their CEO. Consider this: Limited Brands - Leslie Wexner - $56.06 Million They must sell a lot of bras and lotion to afford their founder and CEO, the only thing that can be said to his advantage, he did found the company. Best Buy - Bradbury H Anderson - $49.26 Million Target - Gregg W Steinhafel - $12.93 Million Macy's - Terry Lundgren - $12.22 Million Costco - James Sinegal - $8.97 Million Abercrombie & Fitch - Michael S. Jeffries - $8.89 Million Wal-Mart - H Lee Scott JR - $8.65 Million odd to see this name here, is Wal-Mart not the world's biggest retailer? Nordstrom - Blake Nordstrom - $8.15 Million OK, I can perhaps see this one, Nordstrom is one of the hottest names in retail and they are one of the most desirable retailers to work for in the industry. JC Penney - Myron Ullman - $6.21 Million Jc Penney's Myron Ullman is a very experienced retailer and merchant, he pulled RH Macy out of its LBO in the early nineties. His salary may be justified, since JC Penney is a large company that he is turning around Robert Niblock - Lowe's - $4.59 Million Ethically where is it right that persons such as Leslie Wexner can make $56.06 million when 90% of their store level employees are forced to make under $10 an hour? Out of all these, only 1 CEO (in my eyes for his position) is paid what could be called a more understanding amount: R Lawrence Montgomery - Kohl's - 1.29 Million He is at the top of one of the most powerful retailers in the business now and doesn't even make 1.5 million a year. How is that these CEO's can ethically pay their store employees $8 an hour while they drive their Bentley to their palatial mansions? I'm sorry, I have a hard time with those numbers? |
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Joined: 06 Jan 2008
Posts: 1360
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Sat Jul 12, 2008 6:23 pm Post subject: | |
| Nofsdad, you work for Sears don't you? That in itself can be an example of corporate ethics, SHLD's owner wouldn't know what it was like to be a retailer if it bit him. | |
Joined: 03 Jul 2008
Posts: 6
| Posted: Sun Jul 13, 2008 1:31 pm Post subject: | |
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Mr. Bitten,
What is your take on the Bloomberg article. It mentioned that Steve & Barry's could not sell until after the commitee was formed. It referenced that the deal for capital with GE had specified the sale had to happen before July 31. A couple of us are not clear on that. Am I to understand that the earlier deal made with GE specified that the company had to be sold by July 31 as part of the agreement to get capital? And now the bankruptcy has halted them selling? In that case the deal was all along that the company would be sold and they were just looking for a buyer and were unable to find one so they filed chapter 11 to keep GE off their financial back? Or did they just find a buyer recently as part of the recent efforts and the court delayed the sale until the committee can be organized? Enlighten me? |
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Joined: 25 Jun 2008
Posts: 26
Location: n/a
| Posted: Sun Jul 13, 2008 2:30 pm Post subject: | |
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GE is running things right now..they want their money and we do not have it..they only way we can pay them is to 1. liquidate or 2. find a buyer
Sears is interested in our brands not in a takeover. GET OUT GET OUT GET OUT next week will be horrible for some in the field...... TO answer your question..we jumped process by asking to liquidate before we had represenation of our debtors (committee) which is required by law since the debtors are now in control since we filled bankruptcy (with the judge)....The priority right now is for GE to get paid...and like it stated in the court filings our value decreases daily because our assests (inventory) is being sold ...so ironically the more we sell the less valuable we are....GE will only give us addtional funds if we make moves to liquidate. Hope everyone gets paid but expect the scissors to be out next week we all DM's thru Store Management are going to feel its blades.. 
Last edited by 11_WALLS_OF_BITTEN_WONDER on Sun Jul 13, 2008 2:33 pm; edited 1 time in total |
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Joined: 06 Jul 2003
Posts: 6742
Location: Central CA
| Posted: Sun Jul 13, 2008 2:30 pm Post subject: | |||
I USED to work for Sears and I use it a lot for my horrible examples but the things we talk about on all the individual retailer forums are happening to the work force in general. If your job isn't being outsourced, it's being degraded to the point that you can no longer make a living at it and the money you could have used to buy groceries this week goes into the pockets of the Millionaire CEO club. |
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Joined: 03 Jul 2008
Posts: 6
| Posted: Fri Jul 18, 2008 6:33 pm Post subject: | |
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Well, Mr. Bitten, You certainly called it. This is a dark week in the S&B stores.
In addition to the first 172 jobs cut last week at the corporate office, 160 store level managers cut this week. Final arrangements will be shared with those today. And in addition, the announcement that no new stores will be opening.  And the new store managers are being let go with no notice or severance.
Sadly, from the sounds of this, there are still those that are taken by suprise! What's even more amazing is that several folks are "peeking" at this blog, but no one is joining in. Perhaps the idle threats being made to the stores about how S&B computers are regularly monitored to ensure no one is web surfing or blogging on the company's dime has worked. (I wonder where they get the money to do all the cyber spying??) How much Koolaid do you have to drink before you realize hoping for the best is not paying your morgage! I would think the DM's would be the first to look for other jobs, but they are still hanging in there. What's keeping them? Is there a promise of higher severance than the store level? They have to be the next layer on the chopping block, especially since they have done the dirty work and thinned the store level management heard. Visual merchandising and Loss Prevention are already gone for the most part. So, Mr. Bitten and other S&B employees, share your knowledge and advise, please. If we follow your warning to "GET OUT GET OUT GET OUT", where do you all recommend store level management persue further career options? Honestly, there's so much bad news all around, I don't know where to start! You'd think this would be a savvy retail head hunters dream. We are ripe for the picking! |
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Joined: 25 Jun 2008
Posts: 26
Location: n/a
| Posted: Sat Jul 19, 2008 3:37 am Post subject: | |
| SB Frontline send me a PM and we will talk..... | |
Joined: 25 Jun 2008
Posts: 26
Location: n/a
| Posted: Sat Jul 19, 2008 4:21 am Post subject: | |
| The DC is now down to 30 employees..this info was obtained from Bloggingstocks but I just spoke with someone that confirmed it...If you are working with someone that still has hopes show them the court documents try the best you can to have them read it...explain things to them that they seem to have difficulty with...We DM's have 2 faces right now (i know folks you thought we always had two ) the one that we have to convey to the stores during "official times of communication" and what we may or maynot disclose during a private conversation. Look, the best way I can put this is the upfront way..its in our best interest to keep certain levels of staffing in certain markets..your assumptions about conditons of compensation reflective of our performance in this area are accurate...also I am single but dont want to have to travel 500 miles to a store that is understaffed because I have to provide coverage due to my lack of "communication of a postive message" to my SDs and DMs. Ill say it again to help with my own sense of obligation to you in the field..GET OUT and help a co-worker to understand that GETTING OUT is the best thing. Take the package if you are offered..I will reccomend that applicable parties on this blog read what happens during a liquidation in terms of what conditions are put upon management and just what to expect the environment to be like if we decide to run an "open liq". Im saying this now ill be telling you to get those MRM numbers up...to replace negative assoc., to get those outpost filled..and that "there isn't news that I know of" "we know as much as you do".."be leaders in your store" Im telling you now GET OUT..... | |
Joined: 25 Jun 2008
Posts: 26
Location: n/a
| Posted: Sat Jul 19, 2008 4:21 am Post subject: | |
| The DC is now down to 30 employees..this info was obtained from Bloggingstocks but I just spoke with someone that confirmed it...If you are working with someone that still has hopes show them the court documents try the best you can to have them read it...explain things to them that they seem to have difficulty with...We DM's have 2 faces right now (i know folks you thought we always had two ) the one that we have to convey to the stores during "official times of communication" and what we may or maynot disclose during a private conversation. Look, the best way I can put this is the upfront way..its in our best interest to keep certain levels of staffing in certain markets..your assumptions about conditons of compensation reflective of our performance in this area are accurate...also I am single but dont want to have to travel 500 miles to a store that is understaffed because I have to provide coverage due to my lack of "communication of a postive message" to my SDs and SMs. Ill say it again to help with my own sense of obligation to you in the field..GET OUT and help a co-worker to understand that GETTING OUT is the best thing. Take the package if you are offered..I will reccomend that applicable parties on this blog read what happens during a liquidation in terms of what conditions are put upon management and just what to expect the environment to be like if we decide to run an "open liq". Im saying this now ill be telling you to get those MRM numbers up...to replace negative assoc., to get those outpost filled..and that "there isn't news that I know of" "we know as much as you do".."be leaders in your store" Im telling you now GET OUT.....and hope you dont see me in your store in the near future..is not something I take a great deal of pride in doing and it troubles me to the point of not sleeping at night...but you must understand that we have bills also and we can't disclose in a way that you would like without putting our own jobs at risk.....please understand. | |
Joined: 04 Mar 2008
Posts: 123
| Posted: Sat Jul 19, 2008 2:15 pm Post subject: | |
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Many of the original discounters back in the 60's ended up bankrupt after a 20 year run. it was just enough to fund the owners retirement.
In the late 70s and 80s, we saw an influx of electronics and other specialty stores abound, those closing up on a 10 year cycle. Somebody got rich and nobody got the benefits they were promised. And now, we can barely get 5 years out of a chain store before they pull up stakes. I can guarantee the owners won't be hurting after this goes toes up. The days of a long term career with one retail employer are grinding to a halt. If they offer anything....like the Steve Miller Band sang- Take the Money and Run. |
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Joined: 06 Jan 2008
Posts: 1360
Location: It's NewDepotGuy - Using Acid to open Polli's special safe!
| Posted: Thu Jul 24, 2008 8:58 pm Post subject: | |
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Rumor has it that Sears Holdings may be in a position to buy the most valuable assets of the company - meaning that some stores my remain open, or if the stores closed, Steve and Barry's Brand & Sarah Jessica Parker's Bitten Brand could show up in Sears stores as their "Value" Line.
I understand that the court is ordering an auction which would prohibit Steve and Barry's from liquidating for now. |
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