No sense

I'd like to talk about something that make little sense to me. Circuit City announced they are laying off 3200 people who are "making too much money" aka about $15.00 per hour and they will replace them with lower wage earners. Here is my real question: Instead of laying off the people on the bottom why don't they do the following which will save them more money-

Anyone who makes over $100,000 a year takes an immediate %20 pay cut. Wouldn't that save them even more money?

That's my thought.