The Office - Bad news, boss.(0108)

A:  ... Now that we have been over the gory details of our disastrous first quarter, Ed! Give us some good news. How are things looking for us in terms of sales this month?
B:  Uh well...would you like the bad news first or the really bad news?
A:  What? Ed, don't tell me you only have bad news!
B:  Well sir, our sales have dropped, no plunged, fifty percent in the past month alone. We are currently overstocked and overstaffed and our profits are falling fast. The market is in recession and we have no way of moving our inventory, or getting rid of our staff. If we consider redundancies, it would cost us a fortune because of the new regulations governing compensation packages. It's a real mess.
A:  For crying out loud... How fast are we losing money?
B: can I put this? Let's just say that at this pace, we will be filing for Chapter eleven in less than three months.
A:  What! Geez! How could this have happened? So what's the bad news?
B:  Oh, that's the really bad news. Our supplier suffered QC problems and, well, half of our production is faulty. We're going to have to recall all items sold in the last quarter. And the worst part? We're going to have to shoulder this cost.
A:  Are you joking? Get the supplier on the line now! They have to assume the costs of this mess!
B:  We tried that, sir. The factory has gone under and the owner apparently has fled the country.
A:  We're doomed!
B:  There is some really good news though!
A:  Really? What!
B:  I got offered a new job!

Key Vocabulary

gory detailsphraseall the small details
lay it on mephrasetell me the bad news
plungeverbdrop down suddenly and quickly
disastrousAdjectivevery bad; having bad results
in terms ofphraseregarding, about
(be) overstockedverbhaving too many things to sell
(be) overstaffedverbhave too many employees
inventorycommon noun, non-variablethe amount of products you have to sell
get rid ofremove or take away something that is annoying
redundanciescommon noun, plurallayoffs; ending employment of staff for money reasons
shoulder the costverbbe responsible for the cost
for crying out loudphraseused to express anger or annoyance
chapter elvenphrasebankruptcy; owing more money than you can pay
quality controlthe process of controlling the quality of production (quality control)

Supplementary Vocabulary

brokeAdjectivehaving no money( informal)
hit rock bottomphraseThe lowest possible level or absolute bottom
margincommon noun, singularthe minimum return below which an enterprise becomes unprofitable
revenuecommon noun, singularthe entire amount of income before any deductions are made
skyrocketverbcause to rise rapidly and suddenly