Wow this is really shocking. I will admit I didn’t realize they even have that many employees. I also had no idea it was based in Conshohocken. Same how it always surprised me that Ikea’s US headquarters is based in Plymouth Meeting. A total of 11,000 employees, it’s about and 82% of the workforce that will be laid off. I obviously didn’t go to business school, but at what point are you still a business when you lay off over 80% of your workforce? It seems as though they found another company to purchase it and are doing it phases. I’ve watched enough Succession and Billions to know a lot of these business deals are done months, if not years in advance before it comes public. Obviously the worst part is the average person who is not a billionaire, or even a millionaire, who is going to lose their job.
Our friends at PhillyVoice have the details: “We are evaluating our strategic options and a sale process is underway,” a company spokesperson told Retail Dive “At this time, there are no updates to share, and all stores are open to serve customers.”
The company emerged from Chapter 11 bankruptcy in 2019, unveiling plans for lower prices on some of its best-selling items and an expanded online catalogue.
There has been many large scale layoffs this year at big companies, hopefully they rebound, because so many people out of work is awful.
