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Tag: US
Circuit City Closes Down 155 Stores
You know times are hard when giant companies start to trim down their operational costs by laying off workers, or even worse, closing down stores. Circuit City Stores, Inc., is one of them.
A total of 155 Circuit City stores that are underperforming and deemed to be unable to fit in with the company’s overall strategy will be closed, and these identified stores are located across 55 US media markets. The list of closing stores are available here.
These impacted stores will begin to offer closing sales a day after, and these sales will run until the current calendar year is over, or they have nothing else left to sell – whichever comes first.
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Executives Made $3 Billion Before Crisis
Reading this article from Bloomberg you can see that it makes sense to cap the compensation of the people who work for banks whose bad loans get bought by the US taxpayer.
Wall Street‘s five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system.
Merrill Lynch & Co. paid its chief executives the most, with Stanley O’Neal taking in $172 million from 2003 to 2007 and John Thain getting $86 million, including a signing bonus, after beginning work in December. The company agreed to be acquired by Bank of America Corp. for about $50 billion on Sept. 15. Bear Stearns Cos.‘s James “Jimmy” Cayne made $161 million before the company collapsed and was sold to JPMorgan Chase & Co. in June.
Read the rest of the article here
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Tagged with: Bank of America, Bear Stearns, John Thain, JPMorgan Chase, Merrill Lynch, Stanley O'Neal, US, Wall Street