With the economy going downhill another popular retailer has decided to shut its business down. Circuit City announced on Monday that they have filed a Chapter 11 Bankruptcy. Just last week the company had shut down 155 stores. Circuit City has been competing with Best Buy and Walmart for quite a bit of time but it certainly must have been hard to keep up with these two major electronic retailers. Circuit City has 1491 stores altogether ( 721 in US and 770 in Canada ).
The petition for the Chapter 11 Bankruptcy listed that the company has $3.4 Billion in assets and $2.3 Billion in liabilities. Circuit City was founded in 1949 by Samuel Wurtzel. For a company that had survived 60 years in the electronic retail business, it sure is a sad and bitter end.
On a good note, they might soon have “Out of Business” sales so might want to get your cash ready to snag some cool gadgets and gizmos.
[Source: Bloomberg]
There might be something wrong with your date. If Circuit City was founded in 1999, that means it has only been around nine years.
A quick search says the year it was founded is 1949.
I too look forward to some going out of business sales.