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Circuit City Considering Shutting 150 Stores to Avoid Bankruptcy
It's made it through some tough times in the past (the other DIVX, anyone?), but it looks like Circuit City is now really up against the wall, and it's apparently considering some rather drastic measures to avoid becoming the largest retailer to enter bankruptcy protection in recent years. According to The Wall Street Journal, "people familiar with the company" say that Circuit City is contemplating closing at least 150 stores and making the associated high number of job cuts in order to get itself in a better position to shore up some much needed financing, which it has been unable to secure so far.
To put things in a bit of perspective, before it packed up and went home, Blockbuster offered to buy Circuit City in February of this year for $6 to $8 a share. The company's share value as of this writing? 40 cents.
[Via MarketWatch]
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Comments
5
Subscribe to commentsblablablaOct 21st 2008 11:10AM
CC can't compete with i-net sellers and pricing....plus the economy sinking.....cheer up, help is on the way...Bama,Pelosi,Biden, Soros,Franks,Kerry and Reid are going to save us...with socialism...lol
JackJobOct 21st 2008 12:59PM
Socialism??? What are you a moron? I love paying $$$ $3-$4 per gallon of gas so that some Oilman can pad his wallet...but thats ok in your eyes. I love all the hard working americans near retirement who have lost it all in the recent stockmarket disaster. so you keep repeating your catchy political phrases but look arround son, this country is a disaster. Not to mention the billions a day going into a blackhole called Iraq. If socialism means I can send my kid to school and feed the kid then fine, call it what you may, people with mega$$$$ are running this disaster of a country!
Leo M.Oct 21st 2008 7:35PM
I'm with you JackJob
I'm amazed at the ignorance of some people.
tsquaredOct 21st 2008 3:25PM
Hey Jackhead,
Your liberal bs is not surprising. Its folks like you that should leave this great country. Yea, we have problems, but we, those that are patriots, will survive. And if you think that this failing economy has nothing to do with a liberal congress the last two years, then I will pay for tickets for you and your family to leave the US.
Circuit City has been a terrible retailer over the years. Mismanagement and corruption along with mishandling their employees is now all coming full circle. They deserve it....
Leo M.Oct 21st 2008 7:38PM
"Those that are patriots, will survive?"
You can't be serious? Talk about blind. I'll take that as a really bad joke, just like McCain.
"Circuit City has been a terrible retailer over the years. Mismanagement and corruption along with mishandling their employees is now all coming full circle. They deserve it...."
By this logic, the U.S. deserves "it" (whatever "it" is) since the US has had terrible mismanagement problems in the last 8 or so years, along with corruption and mishandling of it's citizens? But of course, this concept doesn't apply to that does it? Seems like your logic engine is broken.