Martin Agency lays off 24 (Times-Dispatch)
The Martin Agency laid off 24 employees yesterday after the spending projections by clients indicated the agency was overstaffed for the workload. The cuts represents 5 percent of the work force.
Circuit City seeks incentives for executives, others on wind-down team (Virginian-Pilot)
Circuit City is asking a bankruptcy judge for permission to pay executives and other workers extra to stay with the company as it winds down. The company said $4.63 million in bonuses is needed to dissuade 154 employees from leaving before what was the nation’s second-largest electronics retailer closes for good.
Lack of Shoppers Leads Malls to Cut Hours (Washington Post)
Two major shopping center developers are reducing hours of operation at malls across the country — including three in the Washington area — as the retail industry struggles to adapt to the severe drop-off in traffic and consumer spending.
SunTrust board OK’d a 75% raise in CEO’s compensation (USA Today)
The profit at SunTrust Banks (STI) last year was half of what it was in 2007. The stock price was also cut in half, but the company’s board of directors approved a 75% increase in the 2008 total compensation of CEO James Wells to $8.1 million, according to the SunTrust proxy filed late Monday with the Securities and Exchange Commission.
Fed Chairman Says Recession Will Extend Through the Year (NY Times)
Mr. Bernanke told the Senate banking committee that the Federal Reserve was doing everything it could to unlock credit markets and encourage lending and borrowing. Still, a full recovery is potentially at least a year away, he said, and that is if all goes according to plan.
Street Smarts: Surviving the Recession (Inc.)
Norm Brodsky is probably the best small biz columnist out there. This month he helps an art gallery owner find out how to cut the right costs. With the economy falling apart around us, we forget that recessions always end. Yes, some businesses will go under, but some companies will emerge stronger. If you want yours to be among the latter, you need to be careful about which costs you cut and which deals you offer your customers.
Top 9 Lies of Venture Capitalists (Entrepreneur)
Venture capitalists are simple people. But we’re not necessarily forthcoming, so if you think it’s hard to get a “yes” out of a venture capitalist, try getting a conclusive “no.” The game is to string along entrepreneurs in case something miraculous happens to make them look better. Alas, entrepreneurs are also simple people; if they don’t hear a conclusive “no,” they assume the answer is yes. This communication breakdown causes much frustration for entrepreneurs. To foster greater understanding, here are the top nine lies of venture capitalists.