Circuit City said yesterday that it had [a href="vny!://www.signonsandiego.com/news/business/20070329-9999-1n29circuit.html"]fired 3,400 of its highest-paid sales staff[/a] — 8% of its employees — and will replace them with lower-paid workers. Sign On San Diego called this 'a risky strategy to cut costs that goes beyond the layoffs, buyouts and hiring freezes commonly used by struggling companies.'
The fired workers have a chance to apply for lower-paying positions after a 10-week wait, the company said. Quoting a Circuit City spokesman: 'This is no reflection on job performance... We deeply regret the negative impact. Retail is extremely competitive, and if we're going to thrive and operate a successful company... we just have to control costs.'
So: work hard, become the best in your field, and get fired so they can offer you a new job 10 weeks later at a lower salary!
I have seen simular things going on in BC's forest industry since the late 90s.
In Cranbrook, 300 people got laid off...a couple month later, about 90 were hired back at a lower wage.
Friends in the industry are ready to give up and venture to another career.
How many of these Circuit City executives got pay cuts?
[A href="vny!://finance.yahoo.com/q/pr?s=CC"]vny!://finance.yahoo.com/q/pr?s=CC[/A]
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[DIV align=center] [TABLE class=MsoNormalTable style="WIDTH: 100%; mso-cellspacing: 0in; mso-padding-alt: 0in 0in 0in 0in" cellSpacing=0 cellPadding=0 width="100%" border=0] [TBODY] [TR style="mso-yfti-irow: 0; mso-yfti-firstrow: yes; mso-yfti-lastrow: yes"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 0in; BORDER-TOP: #e0dfe3; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; BORDER-LEFT: #e0dfe3; PADDING-TOP: 0in; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [TABLE class=MsoNormalTable style="WIDTH: 100%; mso-cellspacing: .7pt; mso-padding-alt: 1.5pt 1.5pt 1.5pt 1.5pt" cellSpacing=1 cellPadding=0 width="100%" border=0] [TBODY] [TR style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"] [/SPAN]
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[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]Exercised[o:p][/o:p][/SPAN]
[/TD][/TR] [TR style="mso-yfti-irow: 1"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]Mr. Philip J. Schoonover [/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"], 46
[/SPAN][SPAN style="FONT-SIZE: 6pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial"]Chairman, Chief Exec. Officer and Pres[/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"][o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 1.42M[o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 0[o:p][/o:p][/SPAN]
[/TD][/TR] [TR style="mso-yfti-irow: 2"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]Mr. Michael E. Foss [/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"], 49
[/SPAN][SPAN style="FONT-SIZE: 6pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial"]Chief Financial Officer, Exec. VP[/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"][o:p][/o:p][/SPAN]
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[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 0[o:p][/o:p][/SPAN]
[/TD][/TR] [TR style="mso-yfti-irow: 3"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]Mr. George D. Clark Jr.[/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"], 47
[/SPAN][SPAN style="FONT-SIZE: 6pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial"]Pres of Retail Stores and Exec. VP, Multi-channel Sales[/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"][o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 777.00K[o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 758.00K[o:p][/o:p][/SPAN]
[/TD][/TR] [TR style="mso-yfti-irow: 4"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]Mr. W. Alan McCollough [/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"], 57
[/SPAN][SPAN style="FONT-SIZE: 6pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial"]Consultant[/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"][o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 2.03M[o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]$ 3.05M[o:p][/o:p][/SPAN]
[/TD][/TR] [TR style="mso-yfti-irow: 5; mso-yfti-lastrow: yes"] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent"] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]Mr. Marshall J. Whaling [/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"],
[/SPAN][SPAN style="FONT-SIZE: 6pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial"]Sr. VP of Retail Operations[/SPAN][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"][o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]N/A [o:p][/o:p][/SPAN]
[/TD] [TD style="BORDER-RIGHT: #e0dfe3; PADDING-RIGHT: 1.5pt; BORDER-TOP: #e0dfe3; PADDING-LEFT: 1.5pt; PADDING-BOTTOM: 1.5pt; BORDER-LEFT: #e0dfe3; PADDING-TOP: 1.5pt; BORDER-BOTTOM: #e0dfe3; BACKGROUND-COLOR: transparent" noWrap] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"]N/A[o:p][/o:p][/SPAN]
[/TD][/TR][/TBODY][/TABLE] [P class=MsoNormal style="MARGIN: 0in 0in 0pt; lineh-eight: 15pt"][SPAN style="FONT-SIZE: 7.5pt; FONT-FAMILY: Arial"][o:p][/o:p][/SPAN]
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Incredible. Another corporate giant biting the little guy.
Lise wrote:
Incredible. Another corporate giant biting the little guy.
welcome to the corporate world...
billions in tax relief and bonuses for the CEO's while most of the company's workers are barely suriving and getting pay cuts.
Corporate giants? Ogres more like, the only way they grow so large is by constantly feeding on a diet of 'little' guys.