Newspapers Jettisoning Top Talent to Cut Costs

In March 2007, Circuit City came up with a plan to confront softening sales and competition from online and offline retailers: Fire the most talented, experienced employees.

Of course, those workers were the retail chain’s single most important point of difference from the legion of Internet retailers and general merchandisers, but in a single stroke, Philip J. Schoonover, the chief executive of Circuit City, wiped out that future.

As a pal of mine used to say when I described a particularly boneheaded course of action I had pursued, “How’d that work out for you, buddy?”

Read the rest of this post