Thursday, December 18, 2008

The beginning of the end? [Updated]

While I realize the following comment that we received could all be rumor, speculation, and hearsay, someone yesterday wrote:

"In all the mid to low volume studios, they are eliminating the assistant manager and key associate positions. All assistant managers in those studios have the option to stay on as regular associates on associate pay."

True? False? Perhaps we will learn at CPI Corp's (CPY) Third Quarter meeting. Webcast is Thursday at 10:00pm central time on the CPI Corp website. Listen in yourself and keep me posted, as I'll be at work during this time. Marketwatch has information about rebroadcast and downloadable audio.

Update: Earnings report released:
"CPI Corp. (NYSE: CPY) today reported that net sales for the third quarter of 2008 decreased $19.6 million, or 14%, to $115.8 million from the $135.4 million reported in the third quarter of 2007. The Company also reported a net loss of $13.3 million, or ($2.06) per diluted share, for the 16-week third quarter ended November 8, 2008, compared to a net loss of $10.1 million, or ($1.57) per diluted share, reported in the comparable quarter of fiscal 2007."


SPS said...

Continued from "Let's Talk the Busy Season" post

I mean someone's clearly crunched the numbers. Anyone they demote saves them $45 bucks a week. If that applied to just a quarter of their studios and only one person at each of those studios, that saves $500,000+ a year. (45*52*225 studios)

Plus who knows how much the company kicks in for benefits, but I bet it's more than 45 bucks a week.

Someone just saved the company over a million bucks with this one>

And that's only considering the SPS locations. Who knows what they'll do at other studios.|

I see they just posted an earnings report. Adding that to this entry.

Anonymous said...

I am an assistant manager in a high volume studio and my manager told me about a week ago that she had heard from another manager that asst. manager and key associate positions were being eliminated in the low and mid volume studios. The reason she told me this is because she was afraid she was going to lose me as her asst manager, but since we are a high volume studio, we're safe. I'm not sure when this is going into effect, but it sounded pretty certain.

Anonymous said...

I asked my DM about this and he looked absolutely shocked and said he hasnt heard anything about it and even mentioned a raise for me. And he has never went against his word.... so im not sure whats going on!

Anonymous said...

I guess she ran out of crap to write!

Anonymous said...

I'm thinking time has just gone too fast with the holidays and everything.