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Circuit City Files For Bankruptcy

Posted by ScuttleMonkey on from the i-bet-their-execs-got-cashed-out dept.

WillDraven is just one of many who writes to tell us that Circuit City, the United States' 2nd largest consumer electronics retailer, has filed for bankruptcy under chapter 11. This news comes as no surprise as the company has been in financial trouble, recently announcing that it will be closing over one fifth of its stores and laying off 17% of its US employees in the process. "Larger rival Best Buy, which is based in Minneapolis, has said it might take over stores that distressed rivals close. Yet a flood of discounted merchandise from liquidating Circuit City stores could hurt Best Buy during this holiday shopping season, said Jefferies & Co analyst Dan Binder."

3 of 574 comments (clear)

  1. Bailout by whisper_jeff · · Score: 0, Troll

    So, as AIG gets its THIRD multi-billion dollar bailout in just a few months, I'm left wondering where Circuit City's bailout is. Or is it ok for a company their size to lay off 17% of their workforce but not ok for the financial sector to do the same? What's that? Circuit City doesn't help make politicians rich? Ah. I see... Pathetic.

  2. Re:Guide To The Barack Obongo Presidency by halcyon1234 · · Score: 0, Troll

    I ask this only because I so rarely see something so offensive here: Doesn't /. have an abuse reporting mechanism? I would never advocate removing posts that were controversial, but this is not such a post. This is unrelated to the topic at hand, obviously intended to be inflammatory and really has no place here.

    You must be new here. Try browsing at a higher mod level. There's keyboard shortcuts to do that. ALT+Fn, where n is the level you want to browse at (use 10 and 11 for 0 and -1, UI flaw). I suggest browsing at "4". Go ahead and give it a try.

    --
    UTF-8: There and Back Again
  3. Re:I can't bring myself to have much pity for them by Hal_Porter · · Score: 0, Troll

    That's what Hitler said though. You're a member of a club (Germany) that has rules (National Socialism, genocide).

    --
    echo -e 'global _start\n _start:\n mov eax, 2\n int 80h\n jmp _start' > a.asm; nasm a.asm -f elf; ld a.o -o a;