Saturday, January 17, 2009
Justice at Circuit City
Circuit City is folding its tent and stealing off into the sunset. Toast. It couldn't happen to a more deserving bunch. This is the company, you may recall, that laid off all of its senior employees because they were too highly paid. They even had the gall to offer them the opportunity to apply for the newly available jobs that had been created by their layoffs, at the lower starting wage. It's so, so sad that they are now going out of business.
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It never ceases to amaze me how the analysts attribute business declines and failures to market downturns, changes in consumer habits, etc., rather than to bone-headed decisions on the part of the top management. Can we assume that:
ReplyDelete(a) Circuit City management will receive multimillion dollar bonuses for sticking around to the bitter end (something that, apparently, can't be asked of a routine, $20 million a year manager)
(b) the failure will eventually written off to downturns, changes in consumer spending habits
(c) The management will find themselves in high demand because of their experience in managing failures - something that most business managers never have the good fortune to experience?
The losers, of course, are all the former employees who now find themselves unable to care for their own families. The sad thing is that any one of them could have made a better decision about the future of Circuit City than the clowns in charge. Just what are they teaching these folks in business school these days, anyway?