Quick Hits: All Circuit (City) Failure
Here's a guaranteed way to pummel holiday sales: File for bankruptcy.Circuit City (CC) the nation's second-largest consumer-electronics retailer has filed for Chapter 11 protection. The court action will allow the company to operate as it reorganizes its finances.Last week Circuit City said it would close 155 of about 700 US stores by December 31st and lay off about 7 300 of its 43 000 workers in an effort to stay alive. The company said the stores it plans to close produced about $1.4 billion in net sales in fiscal year 2007 or an average of $9 million per store. ...
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