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Another Bain Success Story
http://www.huffingtonpost.com/2012/09/25/staples-closing-stores_n_1912216.htmlStaples Closing 60 Stores Worldwide In Bid To Save $250 Million
09/25/12 12:40 PM ET EDT
FRAMINGHAM, Mass. -- Staples is speeding up the closure of about 15 of its U.S. stores and plans to close 45 stores and some delivery businesses in Europe.
The office products company also says it will invest more in its online and mobile efforts and will expand the product assortment that it offers to its business customers.
Staples Inc. said Tuesday that these moves and other actions are part of a strategic plan to better serve customers' needs and accelerate growth...
...The chain expects the U.S. store closings will result in a charge of about $35 million in the fourth quarter. For fiscal 2012, it anticipates about 30 U.S. store closings. Staples also expects 30 stores will be scaled down and stores being relocated.
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The RNC lineup for Thursday night includes Thomas Sternberg, the co-founder of Staples. Mitt Romney, who served on Staples' board of directors in addition to investing in the company when he was at Bain Capitol, likes to tout the chain as an example of private-sector success. But as the National Employment Law Project Action Fund points out in a new report, that success has not trickled down to employees.
The report lists Staples as one of the 50 largest low-wage employers in the US. The company has continued to turn high profits even in the recession, and its CEO made $8.8 million in 2011 (which was a 40 percent drop from what he made in 2010). And yet most of its nearly 33,000 employees make less than $10 per hour. Here's part of the graphic that goes with the report:
The report lists Staples as one of the 50 largest low-wage employers in the US. The company has continued to turn high profits even in the recession, and its CEO made $8.8 million in 2011 (which was a 40 percent drop from what he made in 2010). And yet most of its nearly 33,000 employees make less than $10 per hour. Here's part of the graphic that goes with the report:
http://www.motherjones.com/mojo/2012/08/low-wages-romneys-go-example-business-success
It's more like flat out fucking greed and theft at this point. 
