Saturday, May 05, 2007

Circuit City Fires Good Workers, Goes to NASCAR

So today moonbat joins a boycott of a store she's too poor on a federal employee's salary to shop at: Circuit City, which fired 3,400 higher salaried customer service employees to hire zero-experience lowballs. Circuit City thinks it deserves a pass because it learned something from the AttorneyGate and was honest about the firings, and didn't try to say they were all canned because they had poor performance. Of course, that means they were fired for the opposite... being good, hard-working and loyal employees who had earned raises over their years at the company. Which of course means that to survive in retail, we must instill in our children the virtues of laziness, dishonesty and insolence. Customers report whether they have joined the small boycott or not, but no where in the whole story do the executives say, look, we know things are bad and we took a paycut to make it a universal burden. Nope.

Not to say that heads haven't rolled... or fled the axe, which ever may yet prove the case. Chief Financial Officer Michael Foss bailed for PETCO on Feb. 23, only 15 days after Circuit City announced that it would be depending on him to "work on improving productivity and identifying new growth opportunities" as part of their restructuring plan that closed 70 stores in Canada. Feb.8th also saw the announcement that Chief Merchandising Officer Douglas Moore had left after 17 years, a development seen by a Goldman Sachs analyst as the "least favorable development" since the company's recent turnaround had shown promise. Circuit City expects $85 million to $105 million in expenses from store closings, including about $40 to $60 in "goodwill impairment." Circuit City expects that firing these proven 3,400 employees for "discount versions" will save an estimated $110 million by the end of fiscal year 2008. Meanwhile, Circuit City spent an undisclosed ammount of money sponsoring NASCAR races this last Friday. At which, no doubt, company executives who live in Virginia, had a good time.

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