An Update on Hillary vs. Circuit City
Remember Hillary’s finger-wagging letter to Circuit City over their layoffs of their best-paid workers? I laid out all of the dire financial numbers for the company that likely played a big role in those layoffs.
Well, the company released some more news today:
For the month of April, the company experienced substantially below-plan sales, primarily related to the large flat panel and projection television categories.
Due to this trend, the company now expects a loss from continuing operations before income taxes of $80 million to $90 million for the first quarter of fiscal 2008. In light of uncertainties in the current operating environment, the company is withdrawing its previously issued guidance for the first half of fiscal year 2008.
Terrible news for the company, and the stock price is reacting as you would expect. But presidential candidates don’t have to worry about that stuff. They get to denounce layoffs as “inconsistent with the fundamental compact between your company and its employees” before moving on to the next speech or photo op.