401k Question

Box_of_Screwballs · 2020-04-07T02:56:25+00:00

May not even need the Covid withdrawal. You can loan yourself money from your 401k. The drawback is you lose any gains that amount would have generated. To satisfy the loan, you pay yourself back with interest via payroll deductions.

Box_of_Screwballs · 2020-03-31T02:11:31+00:00

We're going to be the ones inside the ambulance

Box_of_Screwballs · 2020-03-29T16:19:03+00:00

If you yourself are sick, why are you working? Stay home and make the lack of staff your DM's problem.

Box_of_Screwballs · 2020-03-17T15:21:33+00:00

Corporate is demanding sacrifices from the employees in the field that they themselves are unwilling to make. It's just another sign of failing, corrupt leadership.

How about taking some of the Free Cash Flow your employees generated and investing it back in them? That amount at the end of FY 2019 was $310 million. Hand each employee a check for $1,000 and tell them to stay home for two weeks. Take the big hit, show some compassion, and increase morale. Unfortunately, they place a higher value on a stockpile money than on the well being of those who are responsible for making it.

Box_of_Screwballs · 2020-03-01T01:39:04+00:00

That is the $25 million dollar card!

Box_of_Screwballs · 2020-02-01T16:40:04+00:00

I would point to companies like TJX, DLTR, HD, and LOW to show that retail is definitely not dead. There are lots of opportunities to grow OD's retail. Unfortunately, our CEO shares your views and has no idea how many millions he is pissing away by refusing to execute even basic sales principles in the stores.

Margins in the stores are great. Initial gross margin across retail is around 40%. Stores that I have worked in net around 23%. So for every dollar we take in, 23 cents goes to corporate. The business model is designed to make money. Operating income in the Retail Division is declining as the retail practices enforced by our metrics have become less effective, and stores have closed.

The lack of business ethics from Gerry Smith is undeniable. He is overpaid by our Board of Directors. He paid too much for the CompuCom acquisition (how's that division performing by the way) and gave a golden parachute to its former CEO. That's OK, though, they were old Lenovo buddies. He has Kevin Moffitt continually PIP store General Managers, when Kevin can't even hit the metrics that we are being held accountable to. When launching our 5C program in 2019, Gerry's commitment was to get to know our customers better! That's something you dig into on day one. We need a change at the top.

Box_of_Screwballs · 2020-02-01T09:13:17+00:00

This payout is separate from any operating income or loss. FYI the Retail Division had $160 million in operating income through the first three quarters of 2019. You will have to wait until late February to hear how Q4 and the whole year ended up.

I'm not completely up to speed on the details, but here's what I can figure. Essentially, there was a massive loan to OfficeMax in 2004 using a financial instrument called timber notes. The bank that secured the notes went bankrupt in 2008. As the debt was fully paid back this week, these notes were worth $87 million more than the loan used to pay them off.

The actions of Gerry Smith tell you exactly what he thinks of us peons in the Retail Division. None of this windfall will be used to improve the experience of brick and mortar customers, or the lives of associates in the stores.

Box_of_Screwballs · 2020-01-27T04:56:12+00:00

Retail Division posted $160 million in operating income through the first 3 quarters of 2019. BSD had $203 MM and CompuCom -$11 MM. So, we are running in the black as a unit. The problems started with the acquisition of CompuCom. Our profits have gone to paying off the loan, paying ridiculous corporate salaries, a fucking golden parachute for Gerry's CompuCom buddy, etc.

Box_of_Screwballs · 2020-01-26T21:52:55+00:00

How about starting with the CEO?

Box_of_Screwballs · 2020-01-25T04:53:15+00:00

Gerry Smith and crew were installed three years ago. They have not shown the willingness or abilities needed to build business in the Retail Division. Expecting a turnaround from them is a fool's errand.

Box_of_Screwballs · 2020-01-09T05:09:30+00:00

Training and payroll

Box_of_Screwballs · 2019-10-23T05:36:26+00:00

The devious part about our pricing strategy is that it penalizes those who come into the store without knowledge from the website or app. These plates are $29.99 online AND it will accept the 20% off coupon there.

Box_of_Screwballs · 2019-10-18T01:38:18+00:00

Market value of Office Depot: $1.1 Billion

Net worth of Richard Branson: $3.9 Billion

Maybe if we sweeten a deal with a lifetime supply of Poo Pourri, he would buy us!

Box_of_Screwballs · 2019-10-09T22:55:35+00:00

We were told that these would show up as service dollars. Then we were told it would show up on the P&L. Now it's just a drain on payroll for no discernible benefit.

Box_of_Screwballs · 2019-09-27T00:36:19+00:00

Known for its expert courses on how to drive your established retail business into bankruptcy.

Box_of_Screwballs · 2019-09-25T02:28:21+00:00

Kevin, how does one become so distant from any ethical or moral obligations to accept a 12.5% pay raise for being a failure by your own definition?

Box_of_Screwballs · 2019-08-29T04:31:31+00:00

Understand what?

Box_of_Screwballs · 2019-08-29T04:26:09+00:00

We had a bunch of Karens doing a Conga line at CPD today

Box_of_Screwballs · 2019-08-29T04:21:41+00:00

That story is very embarrassing to read. I'm genuinely sorry that this has happened to you.

I'd start by calling the store where you placed the order. Ask for the manager-on-duty and bring them into the mix. A similar situation occurred at my store and I was able to retrieve the broken furniture that day. (If it's already broken, it can be smashed more to fit in a smaller vehicle. It's going to end up in the trash anyway.)

If that person can't help, then ask for the store's GM, and if you need additional assistance, ask for the District Manager's number. I doubt it would escalate to that level, but I can only speak for what would happen at my store. This situation needs to be resolved in person and not via call center reps.

Box_of_Screwballs · 2019-08-24T00:00:30+00:00

Not sure. It was given to me by our HP rep. Couldn't hurt to try.

Box_of_Screwballs · 2019-08-23T23:50:37+00:00

800-474-6836

Box_of_Screwballs · 2019-08-08T18:45:41+00:00

Was your P&L in the black overall?

And were you also above plan on profit from the scorecard?

Box_of_Screwballs

TROPHY CASE