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Author Topic: Guitar Center Bain protestor at RNC  (Read 45373 times)
thegreatgazoo2
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« on: August 30, 2012, 06:51:30 AM »

http://fightforphilly.org/2012/08/15/living-on-minimum-wage-mike-stuart/

http://www.bizjournals.com/tampabay/news/2012/08/26/Protestor-says-he-was-victim-of-bain.html

The good news is this guy won't have a job when he gets home, since you know he's fired for sure.
Congrats for sticking it to GC, and on your job hunt!
« Last Edit: August 30, 2012, 07:00:01 AM by thegreatgazoo2 » Logged
thegreatgazoo2
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« Reply #1 on: August 30, 2012, 06:58:01 AM »

http://fightforphilly.org/2012/07/27/low-wage-workers-rally-to-raise-the-minimum-wage/

"Mike Stuart, an Assistant Manager with Guitar Center, explained Ive been at Guitar Center for 5 years now and I have not gotten one raise.  I once asked for a raise, and they told me We dont do that kind of thing here.  So, here I am, an assistant manager getting paid 7.25.


Seriously, this is one legendary way to get fired.
I always heard that Eliot J (manager at Cherry Hill) was a massive d-bag. I'm sure he's on his way to a district position.
Way to call him out.
Kudos.
« Last Edit: August 30, 2012, 12:00:11 PM by thegreatgazoo2 » Logged
thegreatgazoo2
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« Reply #2 on: August 30, 2012, 11:14:52 PM »

http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829

And along the same lines, here's a great article on the way a Bain acquisition goes down.
Anyone who worked at GC during the Bain buy out will recognize many things here.
Such as management getting bought out (read: bribed) to keep their mouths shut while the ret of the company got effed up the a.

Some choice bits from the article:

"Here's how Romney would go about "liberating" a company: A private equity firm like Bain typically seeks out floundering businesses with good cash flows. It then puts down a relatively small amount of its own money and runs to a big bank like Goldman Sachs or Citigroup for the rest of the financing. (Most leveraged buyouts are financed with 60 to 90 percent borrowed cash.) The takeover firm then uses that borrowed money to buy a controlling stake in the target company, either with or without its consent.

... Romney and Bain avoided the hostile approach, preferring to secure the cooperation of their takeover targets by buying off a company's management with lucrative bonuses. Once management is on board, the rest is just math.   
...But here's the catch. When Bain borrows all of that money from the bank, it's the target company that ends up on the hook for all of the debt.

...Fortunately, the geniuses at Bain who now run the place are there to help tell you whom to fire. And for the service it performs cutting your company's costs to help you pay off the massive debt that it, Bain, saddled your company with in the first place, Bain naturally charges a management fee, typically millions of dollars a year.
tens of millions in annual debt service, and millions more in "management fees." Since the initial acquisition was probably greased by promising the company's upper management lucrative bonuses, all that pain inevitably comes out of just one place: the benefits and payroll of the hourly workforce.

Once all that debt is added, one of two things can happen. The company can fire workers and slash benefits to pay off all its new obligations to Goldman Sachs and Bain, leaving it ripe to be resold by Bain at a huge profit. Or it can go bankrupt this happens after about seven percent of all private equity buyouts leaving behind one or more shuttered factory towns. Either way, Bain wins. By power-sucking cash value from even the most rapidly dying firms, private equity raiders like Bain almost always get their cash out before a target goes belly up."




Anything ringing a bell here?

How about that $2.1 billion in loans Bain saddled GC with?

And how about, 4 years later, GC's credit getting downgraded?

Start looking for another job now, folks, don't wait til it's too late... it ain't gonna get any better for you.

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SalesAss
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« Reply #3 on: September 14, 2012, 08:56:38 PM »

Get that hipster some soap while you're at it.

Bain can do whatever they want to GC.   It's going to have to suck for anyone working there if it's going to make any profit at all in an economy that bites.

It's funny that the hipsters protest Rommney,  but it's policies put forth by other people that led to a crap economy in the first place.   It's not like Bain is Rommney...     It'd be like claiming  Microsoft is Bill Gates........  it's not the case anymore.  Bill is retired.
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Guitar Center Sucks...  It has for a long time, and keeps sucking more day after day.
thegreatgazoo2
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« Reply #4 on: September 14, 2012, 11:27:18 PM »

Not so sure I agree with you on that one.
Mitt Romney, Bill Gates, Steve Jobs, these are people that created the culture of very individualistic businesses.
That culture, and operating procedures, live on long after they are gone from the company and in fact may never fully leave the company.
If you read the Rolling Stone article, it's not like anything has changed since Mitt Left.

GC was started by used car salesman Wayne Mitchell... and the culture from the used car business is actually ingrained in GC's model to this day.
Now think of Bain bringing in their own guy to run the place and merge these two douche ridden cultures and you get a perfect storm.

Yet, you're gonna insult the kid calling them out for only making min wage as an asst manager?
Damn, is EVERYONE forgetting what the name of this site is?!
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