Stella D Oro

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seafarer john
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2009/07/08 11:13:03 (permalink)

Stella D Oro

We're going to sort of miss our Stella D Oro Breakfast treats (those kind of "S" shaped biscotti-like things), but we'll never buy any again. I say we'll "sort of" miss them - they have, in the past few years, gradually deteriorated in texture and flavor - not what they once were. But, as if that were not reason enough to give up on them, it turns out the company, after passing from the Zambetti family ownership to corporate Nabisco then to corporate Kraft, then into the careless hands of a "private equity"company, Byrnwood Partners, in the Hedge Fund capital of the world, Greenwich Ct, has announced that it will close their Bronx bakery in October in order to avoid paying a decent wage to their unionized workers. 

Cheers, John  
#1

13 Replies Related Threads

    Tony Bad
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    Re:Stella D Oro 2009/07/08 12:30:05 (permalink)
    These employees got $18-$22 with 9 weeks paid leave a year, and contributed nothing toward their retirement or healthcare. No one wants to give back what they already have, and perhaps what they were asked to give back was too much and unfair (accounts of give backs differ in news stories), but there is some major distance between industry standard and what these folks have been getting. This is particularly true in this economy and in light of the fact this company is a shell of what it once was...the latter mainly due to the decline in the product once the founding family sold out.
    #2
    sk bob
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    Re:Stella D Oro 2009/07/08 20:13:57 (permalink)
    thats what they were getting to make cookies?
    no wonder the economys in the tank.
    #3
    tiki
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    Re:Stella D Oro 2009/07/09 07:39:20 (permalink)
    sk bob

    thats what they were getting to make cookies?
    no wonder the economys in the tank.


    Excuse me--but it seems to me that it is NOT how much you PAY an employee per hr that determines the financial success of an operation--but rather-how much PRODUCTIVITY you get for that money--i know that if i PAY you $100 and hr and make $200 an hour off of your labor--I will do very well thank you. And THIS countries employees are among the MOST productive in the world. ---and they can make some damn fine cookies too!
    post edited by tiki - 2009/07/09 07:40:47
    #4
    seafarer john
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    Re:Stella D Oro 2009/07/09 09:02:05 (permalink)
    They pay people $5million to play baseball? No wonder the economy's in the tank...

    Cheers, John 



    #5
    speechpeach
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    Re:Stella D Oro 2009/07/09 10:33:23 (permalink)
    A  public school teacher might make 30K  his/her first year of teaching, such a huge salary I know....
    #6
    mayor al
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    Re:Stella D Oro 2009/07/09 11:14:05 (permalink)
    SIMON... The voice of the judges on America's Got Talent (reality TV hit) is reportedly making $170 million a year on his new contract. I wonder how they compute the productivity level of his work?
    Sometimes the Productivity and the Supply/Demand curve and other rules of economic civilization sure seem out of balance to me.
    #7
    Danmel
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    Re:Stella D Oro 2009/07/11 07:53:59 (permalink)
    they live in the NYC metro area- their cost of living is really high- that's why there is almost no middle calss- even in the outer boroughs and burbs, the cost of living is high
    #8
    David_NYC
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    Re:Stella D Oro 2009/07/11 12:17:46 (permalink)
    There is practically NO large-scale wholesale baking being done in New York City anymore. The only other big place I know of is the Wonder Bread plant in Jamaica, Queens. There are still lots of Italian Bread bakers, but their bread now retails about $1.50 for a 10 ounce loaf.

    Private equity seems to be the next financial scam, coming after such winners as LBO's (leveraged buy outs).
    #9
    seafarer john
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    Re:Stella D Oro 2009/07/11 15:17:41 (permalink)
    Private Equity is a euphuism for Hedge Fund and Hedge Fund is a euphuism  for crap shooter. These guys make money by buying up companies using lots of leverage (someone else' money), paying themselves a huge dividend with money the company does not have, amassing huge debts, robbing the pension fund,  cutting wages and benefits,moving operations overseas, and finally, if they cant sell the company to some poor suckers, throwing it into bankruptcy.

    But, don't complain, that's our capitalist, self regulating, magic free market system as practiced in 21st Century America.

    Cheers, John 

    #10
    ann peeples
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    Re:Stella D Oro 2009/07/11 15:24:34 (permalink)
    I never liked their "cookies"....tasteless.
    #11
    Tony Bad
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    Re:Stella D Oro 2009/07/11 23:00:43 (permalink)
    seafarer john

    Private Equity is a euphuism for Hedge Fund and Hedge Fund is a euphuism  for crap shooter. These guys make money by buying up companies using lots of leverage (someone else' money), paying themselves a huge dividend with money the company does not have, amassing huge debts, robbing the pension fund,  cutting wages and benefits,moving operations overseas, and finally, if they cant sell the company to some poor suckers, throwing it into bankruptcy.

    But, don't complain, that's our capitalist, self regulating, magic free market system as practiced in 21st Century America.

    Cheers, John 


    While all of this may be true, the fact remains that the employees were being compensated in a way that is out of line with what similarly employed people are paid. No matter how virtuous the owners, that makes competing pretty much impossible.
    #12
    leethebard
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    Re:Stella D Oro 2009/07/11 23:50:45 (permalink)
    Same cookies and biscotti in any Italian bakery and 100% better!!!!!!
    #13
    Twinwillow
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    Re:Stella D Oro 2009/07/12 00:23:28 (permalink)
    mayor al

    SIMON... The voice of the judges on America's Got Talent (reality TV hit) is reportedly making $170 million a year on his new contract. I wonder how they compute the productivity level of his work?
    Sometimes the Productivity and the Supply/Demand curve and other rules of economic civilization sure seem out of balance to me.


    Hey! His tee shirts are expensive!
    #14
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