That means no more shopping at Circuit City. This week Circuit City ("a Fortune 200 company, and the third largest consumer electronics retailer in the United States with over $11 billion USD in sales") announced they are firing 3,400 of their workforce of 40,000. That would be the top-earning 9% of their workforce, those capitalist pigs making $12 or $15 an hour rather than minimum wage. It's going to save the company $110 million this year and $140 million next year, they say. That's what they say. Let's prove them wrong by diminishing their revenue enough that this decision tanks. Boycott Circuit City.
And management? Will there be cuts there? Oh no. They'll probably get bonuses for diminishing the income of those workers. From the WaPo article:
Circuit City chief executive Philip J. Schoonover received a salary of $716,346, along with a $704,700 bonus last year. He also has long-term compensation of $3 million in stock awards and $340,000 in underlying options, according to company filings.
The company saved $130 million in 2003 by eliminating commissions for salespeople, instituting hourly rates and terminating 1,800 jobs.
Executive Pay Watch: Circuit City CEO compensation