Moving to Sandpoint, ID??

[brokencrayola]

Wow Publius, sorry. I guess it is better that you found out now and not when you moved here and then was suddenly left without a job.

[KurtAngleDoesn'tSuck]

Originally Posted by mistyriver

NOT a happy place to work nor a good risk to base moving a family all the way to Sandpoint for.

Originally Posted by brokencrayola

Yeah I was thinking the same thing, hope it is CC. They bring people from all over the country sometimes when they hire. Next thing you know there is another huge layoff and they have nothing and are far from home, and can't find work elsewhere here.

Originally Posted by Sage of Sagle

CC is a place where a lot of people we know have been burned badly. And above that, we've heard scores of stories from friends about others being burned. They've become something of a cautionary tale around Sandpoint.

They churn through people rather like a grist mill. So if you had a couple moving here and BOTH of you had good jobs, may be worth it if ONE of you were taking a job there and you could get by on the other salary alone and the CC job was extra money. I would never advise a friend to go to work for CC if that was going to be their only source of income, especially for a family.

This is all very interesting considering recent the developments with Coldwater Creek.

[mistyriver]

"A U.S. Trustee objected to defunct clothier Coldwater Creek Inc.'s motion to approve $2.56 million of bonuses to several executives in Delaware bankruptcy court Friday, saying the plan is a retention and severance package in disguise.

Roberta A. DeAngelis argued that the plan, which would allocate up to $2.56 million in performance-based bonuses for Coldwater senior management employees, would steer funds away from its estate, which could then be used to pay creditors."

Trustee Blasts $2.6M Bonus Plan For Coldwater Creek Execs - Law360

Can't get the rest of the article unfortunately but you get the gist of it. Performance bonuses for flying the company right into the ground when they can't pay their creditors. (insert bad word)

[Walkaboutcda]

Originally Posted by mistyriver

"A U.S. Trustee objected to defunct clothier Coldwater Creek Inc.'s motion to approve $2.56 million of bonuses to several executives in Delaware bankruptcy court Friday, saying the plan is a retention and severance package in disguise.

Roberta A. DeAngelis argued that the plan, which would allocate up to $2.56 million in performance-based bonuses for Coldwater senior management employees, would steer funds away from its estate, which could then be used to pay creditors."

Trustee Blasts $2.6M Bonus Plan For Coldwater Creek Execs - Law360

Can't get the rest of the article unfortunately but you get the gist of it. Performance bonuses for flying the company right into the ground when they can't pay their creditors. (insert bad word)

Shameful.

[Sage of Sagle]

Originally Posted by mistyriver

"A U.S. Trustee objected to defunct clothier Coldwater Creek Inc.'s motion to approve $2.56 million of bonuses to several executives in Delaware bankruptcy court Friday, saying the plan is a retention and severance package in disguise.

Roberta A. DeAngelis argued that the plan, which would allocate up to $2.56 million in performance-based bonuses for Coldwater senior management employees, would steer funds away from its estate, which could then be used to pay creditors."

Trustee Blasts $2.6M Bonus Plan For Coldwater Creek Execs - Law360

Can't get the rest of the article unfortunately but you get the gist of it. Performance bonuses for flying the company right into the ground when they can't pay their creditors. (insert bad word)

Nothing new for their senior staff. A friend of mine was pretty senior there and lost his job last year, and showed me a notice where their senior execs all gave themselves MASSIVE pay raises last year. They ALL knew this was coming...and started looting the sinking ship even before it was obvious to the general public.

[chevpu1967]

Wow... This is exactly what happened at Hostess where the execs gave themselves over 300% pay increase the last year and huge bonuses the last weeks of running that into the ground, blaming truck drivers, and taking away Twinkies for a period of time. As for the OP, if s/he comes back, I am interested in knowing what company made the job offer. Not that I need a job, I'm just nosy.

[mistyriver]

Originally Posted by Sage of Sagle

Nothing new for their senior staff. A friend of mine was pretty senior there and lost his job last year, and showed me a notice where their senior execs all gave themselves MASSIVE pay raises last year. They ALL knew this was coming...and started looting the sinking ship even before it was obvious to the general public.

Yep...I hope they get their heads handed to them. Figuratively speaking of course.

[LionFamily]

Originally Posted by Sage of Sagle

Nothing new for their senior staff. A friend of mine was pretty senior there and lost his job last year, and showed me a notice where their senior execs all gave themselves MASSIVE pay raises last year. They ALL knew this was coming...and started looting the sinking ship even before it was obvious to the general public.

Hmmm. I am NOT a bankruptcy expert, but I seem to recall the Bankruptcy Court having a "reach and touch someone" power to undo transactions within some time period prior to the filing. May be interesting to see if the court can/will try to recapture some of the estate's assets...

(And YAY for the OP and everyone who cautioned against this employer. for avoided heartache.)

[banjomike]

Originally Posted by LionFamily

Hmmm. I am NOT a bankruptcy expert, but I seem to recall the Bankruptcy Court having a "reach and touch someone" power to undo transactions within some time period prior to the filing. May be interesting to see if the court can/will try to recapture some of the estate's assets...

(And YAY for the OP and everyone who cautioned against this employer. for avoided heartache.)

I read that legal actions to recover those bonuses are already under way.