Circuit City is on the way out and Best Buy is trying to stay afloat
Post by Big Yogi
Cicuit City has just received the approval to shut down its remaining 567 stores in the United States.
Here is what was reported on the Circuit City meltdown
After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City Stores Inc. said Friday it will liquidate due to the economic downturn. The liquidation will affect more than 30,000 employees, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II. (Market Watch)
Here is what executives had to say
“We are extremely disappointed by this outcome,” James Marcum, acting CEO for Circuit City, said in a statement. “We were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company.” (CNN)
Based in Richmond, Virginia, Circuit City was the biggest electronics retailer in the U.S. until the mid-1990s. The company lost market share to Best Buy Co. and Wal-Mart Stores Inc. while Amazon.com Inc. and other online retailers undercut it with lower prices. In November, the company filed for bankruptcy, saying it planned to reorganize and exit court protection as a going concern. (Bloomberg)
TOO SEE WHAT BEST BUY IS DOING TO STAY IN BUSINESS
just a joke
WATCH, DISCUSS, and laugh at the worker who suggested doing this video to see more TV’s
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