Circuit City wants to pay execs incentive bonuses

[underpants]

Source: Richmond Times-Dispatch

Published: February 10, 2009

Circuit City Stores Inc., now liquidating the last 567 of its 721 stores, says incentive bonuses are needed to dissuade 154 executives and other workers from leaving before the company is dissolved.

Bloomberg News reported today that the Henrico County-based Circuit City's proposal came in a motion filed in federal bankruptcy court in Richmond.

Circuit City proposed that 16 executives would split $2.3 million if they all achieve their targets, and the remaining non-managerial workers would be in line for $1.62 million if the bankruptcy judge goes along with the idea at a Feb. 25 hearing.

Circuit City also wants an additional $750,000 to distribute as discretionary bonuses to the non-management workers and others who aren't covered by the program.

Read more: http://www.timesdispatch.com/rtd/business/local/article/CIRCGAT10_20090210-083607/202626/

[gratuitous]

1. Incentives for the incompetents who ran the company into the ground?

Uh, sure. No sense paying off your creditors; shower $4 million on your "valuable" executives.

[DS1]

2. I think the fact that nobody would probably hire them should be dissuasion enough

:eyes:

[underpants]

15. |

I talked to a recruiter friend a few weeks ago and she told me that her office was amazed at how few exec types had contacted them. They figured they are either sitting back for a while (no idea why they would do that) or they left town. My mother told me that a daughter of a friend of hers (Wm&Mary graduate degree) got laid off and she split town within a week. This was the 10th person they knew who had done the same thing. Nothing against Richmond (not a native) but they moved here for work and as soon it was over they went back to their home base/support/friends.

[daggahead]

21. When they're reaping millions, why rush back to the job market? n/t

[stray cat]

3. If they can find another job they probably should -

[Paulaguyon]

4. didn't they just close like, all their stores?

Unfair is an understatement.

[Crazy Dave]

6. Welcome to DU Paulaguyon

:hi:

[underpants]

26. Welcome to DU

:hi:

[napi21]

5. I don't agree with the exec. bonuses at all, but it IS pretty common

for a co. going out of business to offer some incentive to the non-managerial people if they will just stay till the end. Remember, these are the front line people you & I see when we walk in the store. The cashiers, floor clerks who help you find what you're looking for, and go get stock from the back. They haven't been making much all along, and any additional $$ will help them survive when the doors close for the last time.

[underpants]

8. Circuit City wants to pay execs bonuses (updated headline from the source)

Yes I know it is common. I knew some people who hung around Heilig-Meyers for a year or so and they got incentives not to leave

[salguine]

7. I got yer bonuses right here.

[Rosa Luxemburg]

9. what about their little workers?

[Belial]

11. From shopping at Circuit City in the past.. I would like to have

been able to smack some of the "little workers". Some of them should have had a disclaimer on their head saying "I am stupid and I won't know what I am talking about" Seems to be a theme with that company from Management down...

[Rosa Luxemburg]

24. then maybe they ought to 'call it a day'

meaning bye

[Medusa]

20. Eff 'em

that's the corporate slogan!

[Blue_Tires]

10. prevent them from leaving early?? where the hell else are they gonna go?

[underpants]

14. In Richmond? not too many options

Circuit City
LandAmerica
local Genworth office
and Quimoda all shutting down

I talked to a recruiter friend a few weeks ago and she told me that her office was amazed at how few exec types had contacted them. They figured they are either sitting back for a while (no idea why they would do that) or they left town. My mother told me that a daughter of a friend of hers (Wm&Mary graduate degree) got laid off and she split town within a week. This was the 10th person they knew who had done the same thing. Nothing against Richmond (not a native) but they moved here for work and as soon it was over they went back to their home base/support/friends.

[HopeHoops]

12. Is there no END to the SLIME????

[NYC_SKP]

13. "Eat the Rich". Who's with me?

They clearly don't "get it" and they never, ever, will.

I would like very much for these individuals to suffer the harshest possible fates, to lose all property and security.

And I don't want them to breed, to replicate.

Should they become the victims of class-crimes, theft and/or violence, I'll sleep better.

[slackmaster]

22. That kind of statement puts you on the same level as Hannity, Limbaugh, et al

Incitement to class warfare.

[TBF]

29. We're in a class war whether you like it or not. You're obviously identifying

with the elites currently. Soon everyone will know which side they're really on.

[slackmaster]

31. You obviously have problems with reading comprehension

I hold the "elites" and "populists" in equal contempt.

[TBF]

32. If you hold elites in contempt why defend them? Which is what you're doing

by admonishing others not to engage in class warfare. You only do that if you're defending the status quo. The status quo is elites in charge, owning everything.

Don't worry - unfortunately this will all become more clear as it further unravels. You're just not seeing it yet.

[slackmaster]

36. I was attacking your statement, not defending anyone

Incitement to violence is ugly no matter who does it or why.

[TBF]

37. Nobody said anything about violence. I'd prefer things be handled peacefully.

But we're not getting anywhere by sitting around letting people loot our meager savings. Note that the wealthy have no problem pushing us down.

[slackmaster]

38. Sorry, I was attacking NYC_SKP's suggestion about eating people

Whether or not it was tongue in cheek, I think Rush would be kind of gamey anyway.

[ronnie624]

34. Populism is defined as

the struggle of the working class against oppression by the ruling elites. Thousands of workers losing their livelihoods while executives pay themselves millions in bonuses pretty well typifies the people's struggle against the elites which has been going on for thousands of years. As another poster noted, we have always been engaged in "class warfare".

[JVS]

16. Yeah, they've done a humdinger of a job

[AngryOldDem]

17. Why not?

Every other CEO has been rewarded for incompetence and outright failure.

But I'm all for offering money to the nonmanagement types who have to preside at Circuit City's wake.

[Cronopio]

18. More accurately, Circuit City execs want to pay themselves incentive bonuses. nt

[Tektonik]

19. This is normal

When Linens N Things closed, everyone in the company got a bonus for staying until the end of the liquidation.

My brother received his last paychecks, a managerial sales bonus, and a bonus (based on how long he was employed with the company) for staying with the company. This was all paid by the liquidator who had bought the company's assets.

[TBF]

28. "Normal" doesn't make it right. We need to stop making excuses for bad behavior. n/t

[BrightKnight]

23. Outsource the liquidation and dump the execs.

Why do they need 16 highly paid executives to oversee this? Mandate that the outsource company hire Circuit City employees wherever possible. Give the money saved back to the shareholders and employees.

[TBF]

27. Rec this post. n/t

[InkAddict]

25. How much have they set aside for the judge that will undoubtedly

allow the executive "incentives?"

Where is my voodoo doll and pins when I need them?

[Thor_MN]

30. A paycheck isn't incentive enough?

I'm tickled pink that my company hasn't laid anyone off yet and there's few signs of it happening anywhere in the near future (knocking on wood.)

[ronnie624]

33. Interesting choice of words:

"Circuit City proposed that 16 executives would split $2.3 million"

I think it would be more accurate to say that Circuit City executives proposed 'paying' themselves $2.3 million in 'bonuses'.

It's strange how so many people have been snookered into going along with the corporate person-hood scam.

[IDFbunny]

35. More like CC execs want to give CC execs bonuses.

[booley]

39. is someone else going to steal them?

IS circuit city afraid someone will hire the people who ran thieir company to ground out from under them?