Talk about a slow motion death…Circuit City is dripping toward extinction like cold molasses. Today they reported that same store sales for December dropped 11.4% and according to the company CEO it was "in line with expectations."
Anyone with a brain could tell you that Circuit City was in trouble. Back in March when the ruthlessly axed 3400 employees (many commissioned salespeople) and replaced them with minimum wagers. For this dumb move the company rewarded it’s executives with $1 million retention bonuses an amount equal to 35 years pay of the fired employees.
At this rate expect to see more store closings and more bonuses for the top executives as they try to bleed the company dry before jumping ship. Am I the only one who can see this or is Wall Street blind? I would think the shareholders of Circuit City would be at the gates with pitchforks and torches.
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