Circuit City files for bankruptcy

[Roland99]

Source: Reuters (via Yahoo)

NEW YORK (Reuters) – Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday just a few weeks before the start of the key holiday shopping season, becoming the largest retailer to file under Chapter 11 this year.

...

The retailer and 17 affiliates filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Richmond, Virginia, where it is based.

Circuit City filed one week after saying it would close 155 stores, or more than one-fifth of its retail base, and eliminate 17 percent of its U.S. workforce. It also said it was considering all options to restructure.

In a court filing on Monday, Chief Financial Officer Bruce Besanko said the retailer filed for Chapter 11 in order to continue its turnaround efforts.

Read more: http://news.yahoo.com/s/nm/20081110/bs_nm/us_circuitcity_9

[notadmblnd]

1. I guess cutting all their employees pay didn't help them after all?

[Roland99]

2. Apparently not. And not only cutting pay, cutting employees and bringing in cheap replacements.

Husband of a friend of mine got the shaft that way. Screwed them up right after they'd just gotten married.

I have no sympathy for Circuit Shitty. I just wish it was DIVX that had brought them down years ago. ;)

[LeftyMom]

6. Oh, and here I was hoping I'd never hear that word/acronym/whatever again

I worked for them then. :scared: Good money, fwiw.

[Tektonik]

3. This is the same route Linens N things took

and they ended up having to close all their stores since no one wanted to buy them. Unless CC finds a buyer fast, they will close all their stores probably by next fall or so.

[gauguin57]

4. I feel bad for the employees. But that store is so annoying!

Big Republican contributer, for starters (so I haven't shopped there in years) ... also, they always have the most annoying music or DVDs turned up so loud that I walk out of there with a migraine.

[Dr. Strange]

5. Note to Circuit City...

If you do find a buyer, be sure to keep the receipt.

[customerserviceguy]

7. The receipt

will be about five yards of paper! Should be easy to find in the sock drawer.

Guess I had better use that gift card, and soon!

[adam_hartung]

8. Jim Collins wrong about Circuit City

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

[MrsBrady]

9. i worked for them at one point

never stepped foot in one after I quit working for the company

[ACTION BASTARD]

10. Not feeling your pain CC

Where are your Republican masters now?

[Psephos]

11. how do you feel about dems who work there? n/t