Cardenas bought by Apollo
Posted: June 15th, 2022, 11:09 pm
The Apollo group is purchasing Cardenas just a few days after they bought Rio Ranch.
Based on how thoroughly they've destroyed their past investments like Sprouts and more recently Michaels I don't think this will end well. The major Hispanic market chains seem to run a much higher labor model than a conventional because of all the fresh perimeter departments. Apollo famously buys then slashes payroll to the bone. That is a recipe for disaster in these stores that have busy full service meat counters, taquerias, juice bars, bakeries, tortillerias, cevicherias, large hot bars, large salsa bars, and so on.
When Apollo finally divested their holdings in Sprouts they were listed as the 6th worst company to work for in America, and based on the frowns I see on the one cashier scheduled in the stores these days it doesn't seem like it has improved much although the self checkouts seem to work better than before. And Michaels has already become a shadow of itself - right now they have almost 1500 Management openings in a company that only has about 1200 stores - so it is such a bad place to work now that on average every store in their company is missing at least one manager and a quarter of the company is missing two or more Managers. I cannot find any other retail hiring site showing such a massive number of Management open positions and it looks like their Senior executives are running for the hills on LinkedIn.
Well at least once they're done ruining Cardenas maybe they'll sell the stores to Northgate Gonzalez or Vallarta as they both run mostly solid stores.
https://www.grocerydive.com/news/apollo ... ts/625411/
Based on how thoroughly they've destroyed their past investments like Sprouts and more recently Michaels I don't think this will end well. The major Hispanic market chains seem to run a much higher labor model than a conventional because of all the fresh perimeter departments. Apollo famously buys then slashes payroll to the bone. That is a recipe for disaster in these stores that have busy full service meat counters, taquerias, juice bars, bakeries, tortillerias, cevicherias, large hot bars, large salsa bars, and so on.
When Apollo finally divested their holdings in Sprouts they were listed as the 6th worst company to work for in America, and based on the frowns I see on the one cashier scheduled in the stores these days it doesn't seem like it has improved much although the self checkouts seem to work better than before. And Michaels has already become a shadow of itself - right now they have almost 1500 Management openings in a company that only has about 1200 stores - so it is such a bad place to work now that on average every store in their company is missing at least one manager and a quarter of the company is missing two or more Managers. I cannot find any other retail hiring site showing such a massive number of Management open positions and it looks like their Senior executives are running for the hills on LinkedIn.
Well at least once they're done ruining Cardenas maybe they'll sell the stores to Northgate Gonzalez or Vallarta as they both run mostly solid stores.
https://www.grocerydive.com/news/apollo ... ts/625411/