My company has started letting people go

[MoonSylver]

Well, here's a sign the the effects of the economy are starting to trickle down:

The company I work for (which shall remain nameless), is the largest of it's kind in the world. It's stock was as high as mid $20's per share, but have fallen to around $13-$15, which is still WAY ahead of our nearest 2 competitors who have fallen to around $2 each. AND YET...apparently the company is $300+ MILLION under projected sales. My building alone is over $37 million under projections.

Thus, the cutbacks begin. Right now they're going back 6 months. I currently have 6+ years in, so I should be ok, but it's damn scary nonetheless, as there are going to be a lot of "reassignments" of "displaced" associates in "overstaffed" departments to positions vacated by those "permanently separated from the company."

*SIGH*...can't wait to see what the next 1-2 years brings...:(

[clanglee]

Good luck Moon. I feel your pain. Every day it's a waiting game here. Just tough it out. with 6+ years you should be fine. And although job cuts make your job harder if you keep your job. At least you keep the job man.

[AcesandEights]

It's getting rough out there!

I'm just glad you have over six years in, Moon. CYA in the meantime till we can steer our way through this period.

[krakenslayer]

Well, here's a sign the the effects of the economy are starting to trickle down:

The company I work for (which shall remain nameless), is the largest of it's kind in the world. It's stock was as high as mid $20's per share, but have fallen to around $13-$15, which is still WAY ahead of our nearest 2 competitors who have fallen to around $2 each. AND YET...apparently the company is $300+ MILLION under projected sales. My building alone is over $37 million under projections.

Thus, the cutbacks begin. Right now they're going back 6 months. I currently have 6+ years in, so I should be ok, but it's damn scary nonetheless, as there are going to be a lot of "reassignments" of "displaced" associates in "overstaffed" departments to positions vacated by those "permanently separated from the company."

*SIGH*...can't wait to see what the next 1-2 years brings...:(

Sorry to hear that, man. As you saw on my "oldest metalhead" thread, I was laid off today from my job, so I know that your fears are not unfounded, and wish you the best of luck.

What happened in my case was this:

The company I worked for as a lowly sales assistant - Zavvi Entertainment - was doing excellent business but had all of its stock supplied by a firm called Entertainment UK. EUK was owned by Woolworths, so when Woolworths went down the pan in the UK in November (because of its pretty piss poor, directionless business strategies) so did EUK. Zavvi was left without a supplier and was unable to secure the same level of stock that they would normally be able to raise. Despite this, the company soldiered on and actually managed to show a year-on-year rise in takings compared with 2007. However, since EUK was now in liquidation, it demanded all the money owed by Zavvi in a single lump sum, I can't remember the amount but it was millions and millions. Since most of Zavvi's capital was tied up in stock that was bought in (before the troubles) in anticipation of the Christmas rush, it was unable to immediately produce the cash and was itself forced into bankruptcy.

We, the ground-level staff, were told about this on Christmas Eve (happy fuckin' holiday!), but were advised that several potential buyers had shown an interest and our jobs would probably be saved. We worked on under this false impression until yesterday, when the Administrators showed up before the store opened and informed us that we would not be opening for business and to start packing all our stock into boxes to be shipped to the few shops that would be remaining open for a while as clearout stores.

And now, suddenly, I have no job and I won't even be paid redundancy money as I have not worked with the company for two years (the minimum threshold for redundancy entitlement).

What really pisses me off is that today I found out that two of the Zavvi stores in our area were bought over by HMV, and the staff's jobs saved; staff at these stores were informed of my store's closure a good 2-3 days before we were. It's not their fault, they were probably warned not to say anything, but I can't help but feel like I've been shot in the back. :(

[AcesandEights]

Kraken, I did notice that in your metal thread and I'm so sorry to hear. I've been a victim of lay offs in years past myself and it always is a rough patch. I'm sure things will turn around and, in the meantime, all may have a way of looking dire, but it really is just a matter of time and persistence.

Best of luck and if you need a place to bitch and blow off some steam in the meantime, well, you know where to head off to.

[krakenslayer]

Kraken, I did notice that in your metal thread and I'm so sorry to hear. I've been a victim of lay offs in years past myself and it always is a rough patch. I'm sure things will turn around and, in the meantime, all may have a way of looking dire, but it really is just a matter of time and persistence.

Best of luck and if you need a place to bitch and blow off some steam in the meantime, well, you know where to head off to.

Thanks man, I appreciate that.

[Danny]

least whilst im paying bills during uni my shitty macdonalds job is secure thanks to all you greedy bastards buying your kids meals after shopping rather than being arsed to cook.



-completely off topic but im watching the matrix and theres a techno version of rob zombies meet the creeper playing:rolleyes:

[krakenslayer]

least whilst im paying bills during uni my shitty macdonalds job is secure thanks to all you greedy bastards buying your kids meals after shopping rather than being arsed to cook.



-completely off topic but im watching the matrix and theres a techno version of rob zombies meet the creeper playing:rolleyes:

Haha, you're an accessory to a form of gastronomic child abuse! :lol:

I'll probably be joining you soon, at this rate.

[Tricky]

Its happening all over,i work for the biggest dry bulk haulage company in europe on the admin side,and even here is struggling!an email has gone round this week asking people to volunteer to reduce their hours to cut costs,next comes redundancies i imagine!lucky for me my job here is quite specialised so hopefully il be ok for now,but i know im as expendable as anyone else!age is still on my side though & if i lose my job here il just join the armed forces full time as they are crying out for people.I have a second interview with the territorial army next week anyway,so if it comes to it il just go full time instead

[Danny]

Haha, you're an accessory to a form of gastronomic child abuse! :lol:

I'll probably be joining you soon, at this rate.

gotta admit ive felt bad sometimes about cooking a double quarter with extra bacon for a kid with Michelin man arms.

[MoonSylver]

Sorry to hear that, man. As you saw on my "oldest metalhead" thread, I was laid off today from my job, so I know that your fears are not unfounded, and wish you the best of luck.

What happened in my case was this:

The company I worked for as a lowly sales assistant - Zavvi Entertainment - was doing excellent business but had all of its stock supplied by a firm called Entertainment UK. EUK was owned by Woolworths, so when Woolworths went down the pan in the UK in November (because of its pretty piss poor, directionless business strategies) so did EUK. Zavvi was left without a supplier and was unable to secure the same level of stock that they would normally be able to raise. Despite this, the company soldiered on and actually managed to show a year-on-year rise in takings compared with 2007. However, since EUK was now in liquidation, it demanded all the money owed by Zavvi in a single lump sum, I can't remember the amount but it was millions and millions. Since most of Zavvi's capital was tied up in stock that was bought in (before the troubles) in anticipation of the Christmas rush, it was unable to immediately produce the cash and was itself forced into bankruptcy.

We, the ground-level staff, were told about this on Christmas Eve (happy fuckin' holiday!), but were advised that several potential buyers had shown an interest and our jobs would probably be saved. We worked on under this false impression until yesterday, when the Administrators showed up before the store opened and informed us that we would not be opening for business and to start packing all our stock into boxes to be shipped to the few shops that would be remaining open for a while as clearout stores.

And now, suddenly, I have no job and I won't even be paid redundancy money as I have not worked with the company for two years (the minimum threshold for redundancy entitlement).

What really pisses me off is that today I found out that two of the Zavvi stores in our area were bought over by HMV, and the staff's jobs saved; staff at these stores were informed of my store's closure a good 2-3 days before we were. It's not their fault, they were probably warned not to say anything, but I can't help but feel like I've been shot in the back. :(

Sounds familiar. Years ago I used to work for a chain of retail "entertainment superstores" that specialized in music, movies, books & software all under one roof. They incompetence-ed themselves right out of business. Liquidators came in & let most people go immediately w/ no prior warning, right before Christmas. They kept the rest on for a few weeks while the clearanced the store out, letting them go gradually. Then one day they showed up for work & the doors were closed.

Fortunately I had been gone a for a few years before that went down, but I still had friends there. I could see the writing on the wall even when I was there, though. Gross mismanagement of a great concept.

I know there was a major cookie company here in Ohio just a month or two ago that the employees showed up for work one day & *BOOM*, doors are locked, plant's closed. Lot's of LONG term employees who can kiss their retirement goodbye.

Good times.....:(

[DjfunkmasterG]

Keep your head high man. I wish the best for ya.

[Bunker65]

I hope you are safe from any of the reassignments or more potential lay offs. On January 5th I lost my job after being there for 17 years so I can understand your concern. I just have to hope & pray I find something soon. I keep my fingers crossed for myself as well as anyone else caught up in this crunch we're going through now.

[DawnGirl27]

Kracken - Sorry to hear about your job & hope you find another one soon...
Moon - Hang in there. Hopefully with your 6+ years you'll be fine.
Pullin' for you both!

[MoonSylver]

I hope you are safe from any of the reassignments or more potential lay offs. On January 5th I lost my job after being there for 17 years so I can understand your concern. I just have to hope & pray I find something soon. I keep my fingers crossed for myself as well as anyone else caught up in this crunch we're going through now.

I'm actually in charge of my department, so I'd probably be the last to go.

Thanks everyone for the kind words. I'm probably pretty safe, but it's scary to see a company as successful as our has been taking such steps. I believe it's the first time they've ever done this. Really drives the point home what's going on out there.

Also forgot to mention, no cost of living raise this year, which sucks since I'm maxed out, but I've been expecting that. I'm just thankful I have a job & that it's (probably) safe. I see a lot have it worse that I.

[clanglee]

Sounds familiar. Years ago I used to work for a chain of retail "entertainment superstores" that specialized in music, movies, books & software all under one roof. They incompetence-ed themselves right out of business. Liquidators came in & let most people go immediately w/ no prior warning, right before Christmas. They kept the rest on for a few weeks while the clearanced the store out, letting them go gradually. Then one day they showed up for work & the doors were closed.

Fortunately I had been gone a for a few years before that went down, but I still had friends there. I could see the writing on the wall even when I was there, though. Gross mismanagement of a great concept.

I know there was a major cookie company here in Ohio just a month or two ago that the employees showed up for work one day & *BOOM*, doors are locked, plant's closed. Lot's of LONG term employees who can kiss their retirement goodbye.

Good times.....:(

That wasn't MediaPlay perchance was it? I used to work there too. . but I was out years before they went out of business. Great place tho. I miss it.

[AcesandEights]

That wasn't MediaPlay perchance was it?

Hehe, I almost asked the same question the other day! :D It sucked when Media Play closed, they had 90% of everything I wanted to spend extra cash on and had great business hours to boot.

[MoonSylver]

That wasn't MediaPlay perchance was it? I used to work there too. . but I was out years before they went out of business. Great place tho. I miss it.

Yes, yes it was.;) I was a great chain & a great concept. As I said though, poor business management lead to it's demise unfortunately.

[MoonSylver]

Well, the hits keep on comin'...the announcement was made today that the company is closing 3 fulfillment centers across the country. Other FC's in the region are picking up the extra volume.They're smaller, older ones, so it's probably overdue & a good business move, but still...:stunned::(

Fortunately, my FC is the largest (not in sq footage, but volume) in the company, AND they just sunk a million bucks into this building last year to expand it, so I'm still pretty safe, but it's a sad sign that tough times continue...:(

[clanglee]

Good Luck man. I hope you stay on. . it can definitely be harrowing during time like these.

[SRP76]

They always bleat about being "under projected sales". Funny how they don't mention the multi-billion-dollar profits they're still making. It's not like they need to close things and fire people to stay in business (and still make billions), it's that they aren't making as many billions as they think they "should". Put greed over your job, every time.

[MoonSylver]

They always bleat about being "under projected sales". Funny how they don't mention the multi-billion-dollar profits they're still making. It's not like they need to close things and fire people to stay in business (and still make billions), it's that they aren't making as many billions as they think they "should". Put greed over your job, every time.

You got it exactly. The company is still doing well, but because they're not raking it in like they were a year or 2 ago then, "Quick! Time to run in circles & start panicking!":rolleyes: