In a move some industry analysts characterized as "an uncertain experiment that could backfire," Circuit City Stores, Inc, the nation's second-largest electronics retailer, laid off 3400 employees, about 8% of the company's workforce, on March 28 because they earned too much money. Company spokesperson Bill Cimino told
Bloomberg.com that the jobs that were eliminated were paying "well above" market rates, adding that the fired employees can re-apply for their jobs at lower pay after a 10-week delay. Cimino declined to give the wages of either the fired employees or the wages being given to new hires. He said it would vary "depending on the market."