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Circuit City Files for Bankruptcy

by Darren Murph on November 10, 2008 at 10:16 AM

Even after shutting down 155 retail stores and announcing plans to cut around 17-percent of its 43,000 employees, Circuit City couldn't avoid the dreaded bankruptcy court. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in Richmond as it attempts to survive under the crushing pressure from Best Buy / Wal-mart. Beyond that, details about the outfit's future are unclear, though Best Buy has reportedly stated that it "might take over stores that distressed rivals close." Please, no.

[Via Bloomberg, image courtesy of AFSmith; thanks Daniel]

Tags: bankrupt, bankruptcy, breaking news, BreakingNews, business, circuit city, CircuitCity, dead, economic crisis, EconomicCrisis, economy, industry, kill, killed, retail, rip

Comments

adam hartungNov 10th 2008 2:32PM

Neutral

Remember when Circuit City was a favorite in "Good to Great" by Jim Collins. Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter's 5 Forces Model). It's time we recognize that the old approach to management doesn't work in a rapidly shifting competitive world. There are winners in today's market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.com

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