Circuit City, the nation’s No. 2 electronics retailer, approved millions in cash incentives to retain its top talent after the departure of several key executives over the last year – and the layoffs of thousands of salespeople.
Executive vice presidents could claim retention awards of $1 million each, and senior vice presidents could get $600,000, provided they stay with the company until 2011, according to a filing late Wednesday with the U.S. Securities and Exchange Commission.
“The purpose of the award is to ensure the stability of the company’s leadership team,” the company said.
In March, the company said it would lay off 3,400 store workers and replace them with lower-paid new hires to try to fend off larger competitors.
Meanwhile, back on the bread line:
“I usually come early and it’s not like this,” said Willie Smith, a 47-year-old regular client at the pantry.
By 11 a.m., the official closing time, there were still 12 people awaiting food. No one got turned away, but food-bank clients were surprised by just how many hungry people there are these days.
“We are struggling right now,” said Joanne Lelli, 39, a laid-off Wal-Mart worker and single mother of a 10-year-old girl with cystic fibrosis. She says she often has to choose between food and heating oil.
The country is filled with people making just that choice. And food banks are feeling pressure to get people through.
The Republican Party, now and always the Party of Privilege.