Today I read this in the finance new: Blockbuster Inc. (BBI) said Monday it will take an unsolicited $1 billion-plus bid for Circuit City Stores Inc. (CC) directly to shareholders of the nation’s second biggest consumer electronics chain, saying Circuit City has not responded to repeated offers.
The disclosure sent Circuit City (Where Service used to be State of the Art) shares up more than 55 percent in premarket trading.
Circuit City is sitting at $3.90 per share before this news. Can you believe that? I predicted this in the mid to late 90′s when Circuit City was dumping their commission structure for less trained employees. They wanted to save costs by cutting employees commission and only paying them a low wage. Of course all the qualified electronics salesman that love commission jumped ship.
The quality of the stored plummeted. Companies due this time and time again. J.C. Penney has done this in almost all departments. Now you walk into a store and they look sloppy and you can’t find any help. So, the result is that I shop elsewhere. I haven’t shopped at Circuit City in years.
If you want a quality store with quality employees you must pay correctly. The best employees almost always want commission because they trust themselves.
Just like in blogging, quality pays. Develop a quality blog and you will develop quality readers. Circuit City or Blockbuster if you want to turn around these stores offer commission and recruit the best qualified people like you once did in the early 90′s.
Quality will return results to shareholders, and isn’t that why you cut the commission in the first place?
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Man, Circuit City really is the dumps! I haven’t shopped there in ages either – at least now I partially know why I always felt how I did about them. Thanks!