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The same credit problems that have hit many a home mortgage holder are also threatening to unplug troubled electronics big-box store Circuit City. The nation's second-largest seller of consumer electronics said Monday it will close 155 stores, lay off up to 17 percent of its 43,000-employee U.S. workforce, and consider all options to restructure its business. "Since late September, unprecedented events have occurred in the financial and consumer markets causing macroeconomic trends to worsen sharply," said James A. Marcum, acting president and chief executive officer of Circuit City.
What is not mentioned in the article is how Circuit City signed their own death warrant by firing all previous employees who were deemed to be making too much. They had the ability to re-apply in 6 weeks at lower pay. Their management was dumped and cheap young employees were hired. There was no knowledge on the floor ...so why bother to go in? They ruined a perfectly workable business model when they tried to take on Best Buy instead of carving their own niche. I speak from knowledge...I was a sales manager for 6 years. Not one of my co workers felt they had a future with this company. We all left. Greed does terrible things to a company. They deserve what is coming.
