Great News About Circuit City
…and here’s some terrific news from Forbes about how Circuit City’s rotten mass firing of experienced (and higher-paid) staff, in favor of untrained teen scum, has totally failed!
The company has floundered after experiencing a devastating third quarter loss, reported last December 21, of $207.3 million, or $1.26 per share, from $20.4 million, or 12 cents per share, the same period of 2006. The losses came after Circuit City fired 3,400 experienced workers to replace them with lower-waged workers.
Oh yeah, and if you bought Circuit City stock on the strength of that earlier report (that they were just massively and deliberately laying off older and more experienced staff, in favor of a crack team of doofi), then I’m really, really glad that your stock has plummeted to a quarter of its year-ago value.
Read about the layoffs, in The Christian Science Monitor:
“When a layoff is the reward for experience”
April 16, 2007
Read about the losses, in Forbes:
“Circuit City Fights To Keep Current”
February 26, 2008
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