Re: NBC: Circuit City Layoffs


<ImThCat@xxxxxxx> wrote in message
news:1175279543.813883.79690@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
On Mar 30, 2:20?pm, "Jim Mitchell" <jnjmi...@xxxxxxxxxxxxxxxx> wrote:
http://news.yahoo.com/s/ap/20070328/ap_on_bi_ge/circuit_city_layoffs

"The electronics retailer, facing larger competitors and falling sales,

said Wednesday that it would lay off about 3,400 store >workers -
immediately - and replace them with lower-paid new hires as soon as
possible.>The laid-off workers, about 8 percent of the company's total
work force,

would get a severance package and a chance to >reapply for their former
jobs, at lower pay, after a 10-week delay, the company said."

How long before some of the usual suspects show up to praise this as part
of
the beauty of the "free market"?

And how is something like this not part of a much larger, insidious cycle?
Ford lays off 10,000 employees who make decent wages, thereby decreasing
the
number of people who can afford bigscreen TVs at Circuit City. CC gets rid
of a significant chunk of its higher-paid salespeople, and that combined
with the loss of the Ford incomes means that there are fewer people who
have
disposable incomes to drink Anheuser-Busch and Coors products. AB and
Coors
don't hire any more fulltime employees to replace their union workforce
that
is approaching retirement age, and fewer people are able to buy new Fords.
And we're right back where we started from. Isn't it essential to
capitalism that a healthy middle-class exists in order to invest back in
the
products made by the manufacturers who hold the capital? If there are
fewer
people left who can afford your goods, how does your company survive
beyond
the short-term?

I got pissed off when I heard that on the news yesterday too...what
the hell is an loyal average worker to do? I know the market requires
businesses to adjust occasionally, but this is pretty low...you can be
damn sure the CEO isn't taking a pay cut, and I'm sure the severence
packages are a joke. Circuit City is much closer to me than any of
their competition, and I have two televisions, some stereo equipment
and a computer from there, but I think in the future I'll just drive
the extra distance and support Best Buy.

Garry


The CEO of Circuit City had a higher based compensation in 2006 than the
Best Buy CEO as well.

Dave


.

Relevant Pages

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  • Re: NBC: Circuit City Layoffs
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