Archived Gregg is gone (USATODAY Just Reported It)

[bab5crusade]

 

[Aurora]

Can we hope that someone steps in who has actually worked retail in their life?

 

[mrknownothing]

I'll just leave this here: it's about fucking time.

 

[Dying Sun]

game over Greggy!!!! the false god has fallen and now we can begin anew. lets hope that whoever takes over is more focused on driving sales through genuine means and gets us back to what we were. and once again DING DONG THE WITCH IS DEAD! let the revels commence!

 

[pellinore]

If this can happen to the HEAD of the company, does that mean that as a sales floor team member, I'll be next to go????

I also backup cashier occasionally...

That's stupid.

Didn't you catch the sarcasm in this?

 

[kingpin003]

I'm actually glad some here are being realistic instead of celebrating. I know I'm not, because whoever they bring in WILL be worse than Gregg.

Here's the deal. They will be hired/promoted with the understanding that they will make Target more valuable to shareholders. They will be tasked with finding a way to recoup Target Canada's losses, and I'm not betting they'll do it through giving TMs more pay, hours, or insurance. TMs be damned, they will turn this company around because they don't work for us, they work for the shareholders. That's why Target stock is down today, shareholders are expecting bad things because Gregg was afraid to stick around and present Spot's financials.

 

[pellinore]

But if you can increase the number of customers, it's advantageous to everyone, correct?

Why should they increase their customer base, when they've got all of us working on getting those RedCards.

Did you know that the average RedCard holder spends 4 times more that a non-card holder?


Even though the company's profit was down, they still made a sh*tload of money.

Hmmm....I wonder how many at corporate lost their health insurance.....Oh, I forgot....they're on salary and aren't affected.

 

[Ringwraith917]

They have to have a long-term plan for Canada. With over 100 stores open, closing them is not an option.
Maybe they'll have a long term plan for the US too. Otherwise short term fixes will lead to long term failures.

 

[Dying Sun]

I'm actually glad some here are being realistic instead of celebrating. I know I'm not, because whoever they bring in WILL be worse than Gregg.

Here's the deal. They will be hired/promoted with the understanding that they will make Target more valuable to shareholders. They will be tasked with finding a way to recoup Target Canada's losses, and I'm not betting they'll do it through giving TMs more pay, hours, or insurance. TMs be damned, they will turn this company around because they don't work for us, they work for the shareholders. That's why Target stock is down today, shareholders are expecting bad things because Gregg was afraid to stick around and present Spot's financials.

kingpin I think your missing the point friend. a lot of us are celebrating because most of us were sick of Greggs crap. he needed to go so we could begin anew. will spot still be crappy, most likely yes, but we are holding out hope that whoever is brought in as Stinehaffels successor realizes that we, the TMs are the key to turning things around and without us they are downright screwed six ways from Sunday.

 

[Spotter]

Now the question is will target start closing under performing stores to make up some of the losses?

 

[Dying Sun]

unlikely, they already have so much invested in each store that just keeping high preforming stores would be far more costly. not to mention the guests who are still loyal to us would raise holy hell if they had to drive further to a target when the one two steps from them closed.

 

[RedDog]

Now the question is will target start closing under performing stores to make up some of the losses?

This is very likely but, lease considerations make this harder to do. They have been closing more in the last couple of years than ever before but, they are limited by lease considerations.

 

[qmosqueen]

i sure hope Target doesn't go up in flames.

 

[Megaparsec]

If this can happen to the HEAD of the company, does that mean that as a sales floor team member, I'll be next to go????

I also backup cashier occasionally...

That's stupid.

Didn't you catch the sarcasm in this?

I sure did!

 

[Life201]

Now the question is will target start closing under performing stores to make up some of the losses?

This is very likely but, lease considerations make this harder to do. They have been closing more in the last couple of years than ever before but, they are limited by lease considerations.

Another consideration they probably factor in is whether keeping a dying store plodding along is better than allowing Walmart to swoop in.

 

[videodrome]

Here's the deal. They will be hired/promoted with the understanding that they will make Target more valuable to shareholders.

The board is apparently looking outside the company for a new CEO, which is a good sign. Making Target more valuable to the shareholders is what CEOs do, and ultimately it's good for the employees too.

They will be tasked with finding a way to recoup Target Canada's losses, and I'm not betting they'll do it through giving TMs more pay, hours, or insurance.

Unfortunately, this is more a symptom of our weak economy and the retail sector. As much as many don't want to believe it, ACA sealed our fates when it comes to hours and benefits. Less benefits, less hours - this was all predicted years ago when the bill passed.

TMs be damned, they will turn this company around because they don't work for us, they work for the shareholders.

I am both a team member and a shareholder.

That's why Target stock is down today, shareholders are expecting bad things because Gregg was afraid to stick around and present Spot's financials.

What's most disturbing about this is that Gregg left without a successor. Plenty of speculation as to why, but I suppose we'll have to wait until the 21st for the earnings report.

The stock looks ugly, but I don't see how it could fall that much further. Given the size of the company, even with all its problems, it seems undervalued.

 

[commiecorvus]

They will be tasked with finding a way to recoup Target Canada's losses, and I'm not betting they'll do it through giving TMs more pay, hours, or insurance.

Unfortunately, this is more a symptom of our weak economy and the retail sector. As much as many don't want to believe it, ACA sealed our fates when it comes to hours and benefits. Less benefits, less hours - this was all predicted years ago when the bill passed.

Seriously?

The ACA has nothing to do with Spots major FU in Canada or how the company chooses to handle the question of insurance.
There are still plenty of companies who treat there people with dignity and give their part time employees benefits (Starbucks for example).

How is it that making predictions based on companies acting like assholes are somehow magic?
The predictions they made about the ACA failing didn't happen so in the long run these other problems will be a flash in the pan.

 

[tmfromknox]

I just hope they bring in someone from outside of Target t0 be the new CEO. We need flesh ideas because anyone can see we are not going the right way.

 

[commiecorvus]

I just hope they bring in someone from outside of Target t0 be the new CEO. We need flesh ideas because anyone can see we are not going the right way.

We can only hope that it's someone who has experience with retail and who came up through the ranks.
The last thing we need is another corporate shark who specializes in ripping apart companies and converting what they see as non-revenue generating assets.
You know they will try to monetize the company at the workers expense.

 

[TiedAndDropped]

The stock may look ugly, and it's probably undervalued, but that's called a "buying opportunity" (sounds like Targetspeak).

 

[SeniorAP]

Enough discussions everyone, it's time to "roll up your sleeves and get back to work!"
LOL! Did anybody else see the E-mail that Mulligan sent out on Tuesday morning? The 1st email he sent out to the entire company basically telling everyone at the store level they're not working hard enough? Because if you did.. you would definitely be outraged and would see this former CFO only sees spreadsheets and numbers-- not people, families, and actual human beings. And then having the audicity to tell everyone they're not working hard enough?!? Clearly this man lives in the corporate bubble and has no idea what's going on in the stores.. YAY! Just what we need...

 

[lovecats]

My husband went into the website that manages his IRA and they just sold the Target Stock.

 

[TiedAndDropped]

My husband went into the website that manages his IRA and they just sold the Target Stock.

Your IRA managers may have bought Target when it $45 and are now selling to take at least some profit, or maybe they think Target will tank like Borders or JC Penney. Either way some other institutional investor bought that stock because they see it going up in the future.

Lots of uncertainty all around. I will not be selling my (relatively tiny amount) of Target stock, because I think it will recover, though I don't know when and I'm certainly not sure about it.

 

[Retail Girl]

I'm young enough to be screaming, "buy, buy!" But give it another two weeks...prices will likely tank further after the earnings report comes out.

 

[The Dude Abides]

I'm young enough to be screaming, "buy, buy!" But give it another two weeks...prices will likely tank further after the earnings report comes out.

This, I sold a lot of Target stock out of my 401k (down to 1% of my portfolio) after the earnings report the stock will likely hit it's low point.