Circuit City Files Chapter 11 Bankruptcy
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.
Fixed it. Thanks for letting us know. I am sure he meant 1949 but in a hurry to break the news must have got it wrong. Once again, thank you for pointing it out.
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
There are layoffs but I still see thousands of high paying jobs.
http://www.linkedin.com (professional networking)
http://www.indeed.com (aggregated listings)
http://www.realmatch.com (matches jobs based on your skills)
Good luck to the circuit city folks!