#1
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Working for a video store can be quite lucrative,
Blockbuster Paid Restructuring Firm $1.7M for 130 Days of Work29 Apr, 2011
By: Erik Gruenwedel Working for a video store can be quite lucrative, depending on your job title. Blockbuster Inc. paid a global consulting firm more than $1.7 million during a four-month period — including more than $555,000 in compensation to a chief restructuring officer — in an unsuccessful effort to restructure its fiscal operations. After filing for bankruptcy Sept. 23, 2010, Blockbuster retained Alvarez & Marsal North America LLC to assist it through the fiscal reorganization process, according to an April 14 filing with U.S. Bankruptcy Court in New York disclosed April 29. In addition to retaining A&M executive Jeff Stegenga as CRO, a staff of 14 A&M employees billed Dallas-based Blockbuster for 2,402.4 hours of work at rates ranging from $200 to $675 per hour. Staffers dealt with myriad responsibilities, including accounting, administrative, business plans, claims management, communication, court hearings, contract reviews, analysis and negotiations, among others. Stegenga was paid $165,000 from Sept. 23 to Oct. 31, and $130,000 per month thereafter, according to the filing. The average Blockbuster store manager nationally makes about $40,000 annually; with store clerks paid $7.81 per hour on average, according to online sources. Shift leaders and assistant store managers earn about $9.22 and $12.04 per hour, respectively.Separately, A&M billed Blockbuster $63,696 in airfare, lodging, transportation, meals and miscellaneous fees during the 100-day period — despite the fact A&M has offices in Dallas and New York. Dish Network acquired Blockbuster April 6 for $320 million after the chain put itself for up for auction sale Feb. 21. |
#2
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Wow. And what did they do? Dick. That's what. Out employees made under the average, my sm was the lowest paid and as an asm (which my sm fought for) I only made in the middle, not including when I got docked out of my raise for going to a 4star after 6 months on the job.
And to top it off, my last last paycheck for severance was halted. This is awesome. Blockbuster fucking sucks when it comes to paying it's employees mediocrely. Let's not forget that it has been since about February 11, 2007 that any employee got a merit raise for a job well done. |
#3
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675 dollars an hour= "Hey, let's try moving the pickles again!" It's not like we need to upgrade our awesome computer system (I swear I can probably play PONG on the POS if I could just figure out the right button combination......). Honestly, the financial decision making at the upper levels in recent years is about as easy to wrap your head around as emptying an ocean....... with a spoon. I'm gonna go high five my friend Cynicism again
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#4
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Where was the Board of Directors on all this? Why would they approve that? I forget the date on which BB declared bankruptcy, but wasn't it right around Sept 23? I admit I'm not a financial wizard, but why are they outsourcing to a restructuring firm when I thought that restructuring was the reason Keyes was hired in the first place?!
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