JELD-WEN, Inc.

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Recent Tells/Reviews on JELD-WEN, Inc.

JW ERISA Lawsuit Details?

Does anyone have details on the Jeld-Wen Holding, Inc. v. Long lawsuit? It's a Federal ERISA (retirement benefits) case.

It's sad to see a once strong and proud company like JELD-WEN unable (or unwilling) to meet its financial obligations. Especially its important financial obligations.

They have money to waste on naming rights for a soccer stadium, but not to meet their obligations to their retiree's? Sounds like upside down priorities.
By Someone - as Ex-Employee
By Hallway User
Don't know how long you have been gone from JW but this kind of stuff has been going on since Doug Kitzinger was run out of dodge. Doug tried to do the right things but since his last name was not Wendt and it was more important to spend $12million on a new company jet at the time Doug was pushed aside. Now JW has had to get bailouts from other companies and in 18 months will not be the JW that we all new at one time. Their priorities are now going public and the ones that put the company on a path to failure will be the ones that get paid in the end. I have been gone from JW for almost a year now and trust me I was not an exec out in K Falls but still a very good salesperson and was tossed away like yesterdays news.

Barry Hommmaagraus has been axed from Board of Directors. All the Original BofD for JW are out, except for RWendt. Very little was noticed by Orsino at Stock holders meeting. They are not saying much in fear of class actions that have arised and more are coming. Stock holder have very little to say or combat against RodWendt, Orsino, Onex. Those of you that are on unemployment from JW, know the evil within this company. Onex continues to borrow buy artificially expanding their stock options with guarantees. When they dump JW, they will reap large profits for Onex investors and YOU my JW friends will have little to say. GET OUT now!!!
By Onexblue - as Vendor/Partner

it's possible, JW Onex

This week, the largest American toy retailer gave itself three years to reverse declining profits after pulling an initial public offering (IPO) and hoping a new strategy under a new CEO would save Toys R Us. However, based on past recurrent actions by a large private equity firm, Toys R Us are headed for bankruptcy and dissolution that will earn Bain Capital Partners outrageous profits as they harvest another company under their supervision.

During the 2012 presidential election, Americans learned how Willard Romney’s private equity firm, Bain Capital, bought companies with plenty of liquid assets, leveraged them with crushing debt, installed their surrogates to “run” the company, and when they failed to meet their debt obligations, took them into bankruptcy and reaped the benefits because Bain’s surrogates represented the creditors and debtors. It was a winning proposition for Bain Capital, but devastating for shareholders, creditors, employees, and debtors who were fleeced while Bain made off with the profits and companies’ assets often to repeat the process again until there was nothing left but the business’s obituaries.

By woodrot - as Vendor/Partner
By PistoPete
It is likely Toys R Us will not survive the three year period they gave themselves to reverse declining profits or the crushing $4 billion in debt due by 2018, especially when they are repaying existing debt with more debt. A credit analyst with Fitch Ratings said “They have to do major restructuring to the business as the current model is facing big pressure,” and that “it really is a tough story for the company to grow out of this capital structure” that many, many other Bain companies experienced prior to being harvested by Bain. The “major restructuring” Bain businesses normally go through is laying off employees, selling assets, eliminating and raiding pension accounts, and then shuttering the businesses when the assets are gone leaving creditors and debtors holding the bag.
 
By rotII
An analyst at a debt researching firm,GimmeCrediLLC, said “The financial problem is that thecompanyis so leveraged on a multiple basis. It would be very difficult for Toys “R” Us to go ‘on the road’ to raise equity without a good management bench,” and it is a proven and winning tactic for Bain who typically leverage companies with debt, install their own surrogates, and make out like bandits when the company is unable to meet its obligations. Last week the company arranged for a $400 million loan to go with cash on hand to repay another loan of $617 million, to be repaid over seven years. Another analyst said the “company has significant liquidity as it stands today, and we think they will access the market in the next 12 to 24 months to refinance existing high-coupon debt.” Toys R Us is going through a typical Bain company’s death throes that include being leveraged with crushing debt to be repaid with more debt burden until the company has little choice but to declare bankruptcy.

customers and employees beware

About two years ago I heard a VP call a HD associate a "$15 an hour monkey" My response to him was "Wow, I love my customers! How much of a monkey am I to you?" On that day, it was obvious that I was not a good fit for this company anymore. If you fail to love your customer and fail to love your employees, you fail.
By Glad2BeGone - as Ex-Employee
Overall
2.25
4
1
1
3

Onex

Onex doesn't care about the future of JELD-WEN. They only care about making the investment worth as much money as possible in a short amount of time. Onex will win and JELD-WEN will lose. This is the reputation that private equity firms have.
By Anonymous - as Employee
By PistolPete
Rod Wendt sold out to Onex. Get direct info from Onex and carefully study and see there record investments. Who they bought, who and when they sold. It's the same Mitt Romney syndrome and they are successful for their investors, NOT the companies they buy. Wendt ruin this companybringing in Saxton, raising artificially stocks to $749. Dick Wendt sold his shares with BofD approval and then the stock fell lower & lower. Plus JW froze all those wanting to get their money back. To this day Lisa Bode and BofD have held JW stock holders in limbo. NO resourse to collect, yet Onex continues to spend, expand their stocks with JW with a 10% guarantee. How can this company buy Craftmasters, and not afford to give original Stock Holders their shares back ? Outrage, but then again Rod Wendt is the major shareholder. The original BoardofDirectors have left except for Barry, Saxton, so that tells you something. Onex is poison to the average worker at JW. They just don't care about you, GET IT?

Onex

JELD-WEN isn't the same company since Onex took over. Onex only cares about taking the company public and maximizing the investment. Onex could care less about the future of JELD-WEN. Private equity firms all have this reputation.
By Anonymous - as Other

The company is getting really worried about the union. Why would they worry if their treating employees with fairness and respect?
By Anonymous - as Employee
By Hallway User
As they should, I am tired of being treated like their Bitch!!!
 
By standingup
Then we should become one!!!

Union Shills

Quick show of hands... how many union shills are on this board? Is it just one posting multiple times, or are there a bunch of you?
By Anonymous - as Other
By Wearethepeople
I will do it, and my wife thinks I should too.
 
By longtimeemployee
How can a non employee have any idea about our work situation? You accuse me of being with the union, but as a non employee you seem to just have a beef with unions. While not understanding your goal, we just want acceptable working conditions where we don't feel at the mercy of our managers mood of the day. Please share alternatives to a union, simply pointing out problems does nothing to help in achieving our goals, please don't just trash unions without any knowledge of the conditions I work in.

i have worked for jeldwen for 6 years and i just now hit 11 dollars an hour. How would the union help out with my wages. my wife has to work 2 jobs for us to make ends meat. So if there is sombody out there that could help me make the right decsion that would be cool
By Anonymous - as Employee
By 20+yearemployee
mememe is not an employee, and has nothing to do with Jeld-Wen, they only wish to pursue a vendetta against unions in general, and dont care about our work conditions...
 
By mememe
The short answer is that the union can't get you more money. All they can do is "try". Notice how myfamilyisimportant below said YOU can negotiate, and YOU could approach????

Grand Prairie

What is going on there ... GM, Production Mgrs. have been fired ???
By Anonymous - as Employee
By longtimeemployee
I believe the union is what we need, as the disregard for labor laws seems to be promoted by upper management, as they are scared for their jobs. Just look at Brian S, the golden stooge went to France only to be brought back to Oregon as their growth was unsustainable. Now, even the human resources dept is utilized to gain information to be utilized for the benefit of the company. Overall, scroll down, another poster has left contact information for the union.
 
By unsureaboutthefuture
So what do we do, and how do we do it? A lot of us feel helpless.

Jeld-Wen

Jeld-Wen was one of the most difficult jobs I had. With that said, the company was one of the best companies I've ever worked for. They took care of me like I was family. I would absolutely buy from them. The quality control was superior. I would definitely work for them again.
By ismael - as Ex-Employee
By Concerned
I agree, things have been in a steady decline for a while. More than just a year.
 
By 20+yearemployee
How long ago did you work for Jeld-Wen? In the past I would agree with you, but the past year things have changed, as decisions made have put the company in turmoil, and this seems to have spilled over to plant closures and unfounded firings.
Overall
3.5
4
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