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motleyanimal (39.46)

March 2007



Workers Unite! Circuit City Deserves Your Scorn.

March 30, 2007 – Comments (0)

I don't write this sort of article very often, so enjoy my momentary
lapse into quasi-Marxism.

Circuit City to Cut More Than 3,500 Store employees.

"RICHMOND, Va., March 28, 2007 /PRNewswire-FirstCall via COMTEX/ The
company has completed a wage management initiative that will result
in the separation of approximately 3,400 store Associates. The
separations, which are occurring today, focused on Associates who
were paid well above the market-based salary range for their role.
New Associates will be hired for these positions and compensated at
the current market range for the job."

Layoffs are nothing new for the American worker. Restructuring and
job outsourcing has taken its toll on us. I was "reorganized" out of
a job of 20 years just 3 months ago. I hold no grudge against my
former employer. Well, maybe a little, as I did sell all my company
stock and short their stock in January, which is down 26% YTD. But I
remain on good terms with them. I received a generous severence
package that included healthcare and was treated respectfully at all

I think what irks me most about the Circuit City layoffs is the
demeaning way they did this. Here is the best of their sales force,
terminated without notice for doing what any good employee will do;
commit to your job, gain experience and be rewarded with additional
compensation. They are told essentially that their skills and
knowledge have no value, that they can be replaced by any new minimum
wage hire, and if that's not insulting enough, they can reapply for
their old positions at a substantially reduced pay scale. Let's look
at some numbers at this point. The sales associates being terminated
were making between $10-$13 per hour. They may reapply for their jobs
at starting wages of $8 per hour.

Good Gawd, when did $13 per hour become overpaid? Shall we look at
what the top executives at Circuit City make? Yes, I think we will.

CEO Philip J. Schoonover
Salary: $716,346
Bonus: $704,700
Stock: $2,997,000
Other: $95,655
Total: $4,513,701

Chairman W.Alan McCollough
Salary: $975,000
Bonus: $1,053,000
Stock: $3,300,000
Other: $110,476
Total: $5,438,476

Under the guidance of these two dingleberries, Circuit City has lost
40% of its value in less than a year. Great Job Guys!

I'm not advocating a boycott or turning into a Socialist, Gawd knows
I'm a free market advocate and inveterate capitalist, but I will
never buy another thing from these morons and it is unknown just how
much of a backlash will result. The blogs are alive with negative
comments about this incident. This type of publicity fuels the
resentment of every person who was ever wrongfully discharged from a
job. It's an affront to the work ethic. I consider it the antithesis
of American enterprise.

I also want to share these little morsels from the Circuit City

"Circuit City is a place where everyone is included and valued for
their contributions to the company. In fact, respecting our
Associates is one of our values -- it's the way we run our business,"
and then: "You will see our "corporate culture" reflects our growth,
stability and continuous desire to help our customers discover what's
best for them. We cultivate a relaxed, open atmosphere. We
communicate. Our Associates work together as a team. We encourage you
to use our open-door policy by sharing ideas with anyone – including
our CEO. Our "Treating Associates With Respect" policy ensures our
right to work without harassment." and also: "Your opportunities are
endless at Circuit City."

On second thought, maybe I will advocate a boycott.  [more]



April Fools! Free Ecards!

March 29, 2007 – Comments (0)

Hello Fellow Fools,  [more]

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