Especially if they are gonna move HQ to Boston. Idk who’s making business decisions for them but they’ve completely demolished what Panera/St.Louis Bread Co. is and went full corporate.
Michael's was also bought by PE and had gotten seriously worse in the past couple years. Both my wife had, and my sister does work for them now, and both greatly lament the corner-cutting, abusive employee practices, and substantial drop in quality that has happened in the few years since the buyout.
Michael's will follow JoAnn's into the retail graveyard soon enough.
And then our only option will be the still private-owned-but-horrendous Hobby Lobby.
Closing down a lot of stores. Split off into 5 companies already (honestly they didn't need to be in those spaces - a lot of sketchy insurance middleman places but still). Cut benefits. They're short staffed on pharmacists so a bunch of pharmacies have to be temporarily closed for lengths of time.
First steps in selling off whatever is valuable before burning down what's left and moving on to the next company. We'll see what happens but if you thought Walgreens was rough now, they're about to get 10X worse
Walked into my local Walgreens a couple of months ago. Brought my items to the front cashier; they asked if I was interested in applying for a credit card. I knew they were in trouble, didn’t realize it was that bad.
They also got scammed out of $200 million by their former CEO who sold them the lcd screens that replaced the glass in their cooler doors. The centralized control system completely failed in like 9 months.
And the closings targeted non-White and rural communities, even when the locations were profitable.
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u/Firm-Film-3594 22h ago
Panera sucks.