This is the scummiest lay-off story I’ve heard in a long time:
Circuit City said yesterday that it had fired 3,400 of its highest-paid sales staff and will replace them with lower-paid workers, a risky strategy to cut costs that goes beyond the layoffs, buyouts and hiring freezes commonly used by struggling companies. The fired workers will receive severance packages and a chance to apply for lower-paying positions after a 10-week delay, said the 655-store electronics chain based in Richmond, Va.
Yes, you can get your job back, but they’ll pay you like a newbie all over again. Of course, I wonder how great a difference that pay gap is. I somehow doubt there are six figure salesmen on the Circuit City floors.