(Just like every time you ever tried to convince people that this was a legitimate company with honest competent senior management....and a future?)
The first time that CC identified their most productive employees and showed them the door while the retail ape management just couldn't dump option stock fast enough was back in 2003 under Alan "AssClown" McCollough.
Decline In 2003, Circuit City converted to a single hourly pay structure in all stores, eliminating commissioned sales. Many previously commissioned sales associates were offered new positions as hourly "product specialists," while 3,900 salespeople were laid off, saving the company about $130 million per year. The day of the announcement all stores did not open until noon, to give the current associates the news and to prepare stores for the adjustment.
Apparently this sleazy stunt didn't work well enough because the consumer fraud scam company continued to lose money hand over fist but just not quickly enough to go under?
So they tried it all over again in 2007 and then that was enough to do the trick.
And I'm not manager254, I just short dishonest con artists for a living. And in the case of putrid turd companies like CC, I prefer to never cover the position.
Oh by the way CC was so sleazy and dishonest so long ago that they actually chased one of their own former employees all the way up to the U.S. Supreme Court over a very simple arbitration issue at a very low wage scale.
It was worth MILLIONS in legal fees for this bait&switch fraud company to secure the right to screw their own employees and this all happened years before they started firing the best ones that they had there too.
The management here always thought they could cheat anyone who came anywhere near them, pretty much from five years before the whole DIVX fiasco onwards.
You could short bad faith trash stocks for an entire lifetime and only run into one or two out and out non-profit flim-flams like this place was?
(And look at the low self-esteem invertabrate that they had pumping for them here on Finance.Yahoo all the way down? To get the gig he must have had to suck a golf ball through a half mile of garden hose I suspect?)
"Cowboy" might have even gotten himself a special Deep Run "performance bonus" when CC ass-raped their "secured creditors" out of $2 BILLION there at the bitter end?