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Sociopathic Capitalism: Sam's Club cuts jobs and outsources; Wall Street says it will bolster demand

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:05 PM
Original message
Sociopathic Capitalism: Sam's Club cuts jobs and outsources; Wall Street says it will bolster demand
Edited on Mon Jan-25-10 06:11 PM by marmar
Andria Cheng, MarketWatch


NEW YORK (MarketWatch) -- Wal-Mart's plans to cut more than 11,000 jobs at Sam's Club and outsource its product sampling and demonstration will better showcase its products and bolster demand at its wholesale-club chain, which has lagged its sister subsidiaries, analysts say.

Wal-Mart shares were up 0.2% at $53.03 in midday trading Monday. Through Friday, the Bentonville, Ark., company's shares had risen 9.5% in the past year, lagging the 49% jump of the S&P Retail Index.

In a letter to employees Sunday, Sam's Club's President and Chief Executive Brian Cornell said 10,000 product sampling and demonstration jobs, most of which are part-time, will be cut.

The wholesale-club chain, which charges membership fees and accounts for about 12% of Wal-Mart's more than $400 billion in annual sales, said it's outsourcing its in-club product sampling and demonstration to a third-party marketing company, Shopper Events, in a new program titled Tastes and Tips.

Shopper Events, of Rogers, Ark., already runs the "Bright Ideas" in-store demos for Walmart U.S. It plans to hire a similar number of staff to accommodate the new Sam's Club business, offering positions that the affected employees could apply for, Wal-Mart said. ...........(more)

The complete piece is at: http://www.marketwatch.com/story/wal-mart-up-as-sams-cl...





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rfranklin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:09 PM
Response to Original message
1. Shopper Events will hire them back at half the hourly wage...
That's what this is all about. Building profits on the backs of the employees.
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:11 PM
Response to Original message
2. Suicide is great for the razor blade business
This seems to be the new corporate business model on Wall Street.
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fascisthunter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:20 PM
Response to Original message
3. Sociopaths Love This System, because it Harms People and they get Rewarded for doing so
a perfect environment for sociopaths.
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villager Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:59 PM
Response to Reply #3
7. +1
n/t
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:39 PM
Response to Original message
4. This makes me so angry
I can't even write a coherent protest.
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provis99 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:41 PM
Response to Original message
5. I call it Bizarro World, Orwellian economics.
Essentially they are saying, "If we cut consumer demand, we can increase consumer demand!" Beyond stupid.
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Taitertots Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:43 PM
Response to Reply #5
10. Bizarro World Economics
I'm going to write a book with that title.

Chapter 1- Increasing unemployment to boast profits
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Manifestor_of_Light Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 06:51 PM
Response to Original message
6. This is why I shop at Costco when I'm in the city.
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endless october Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:13 PM
Response to Original message
8. i think it's obvious that the Walmart model has been terrible for America.
as a nation, we should be looking at antitrust action against Walmart / Sam's club. at the very least, we should work to unionize the stores. if they want to be the biggest employer in America, i think unions are something they can expect. if they don't like that, they can close the stores.
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Strelnikov_ Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:29 PM
Response to Original message
9. Best-In-Class Executions!
http://www.npr.org/blogs/thetwo-way/2010/01/sams_club_l...

WalMart engaged Shopper Events, a 'third party marketing firm" to jazz up the in-store product sampling. Just a quick peek at the company's web intro declaims its strength at really bad English usage (On-brand Collateral!) and eyebrow-raising activity (Best-In-Class Executions!).
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