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Tuesday November 11, 2008 11:50 am
Circuit City Files Chapter 11
Circuit City just couldn’t save itself by selling off some of their stores and cutting back on employees during the last couple of months. They have filed for bankruptcy, making them the largest retailer to do so since Kmart in 2002. Reasons given include tougher vendor credit terms, a decrease in cash, and less consumer spending in their 556 outlets. They have even gone so far as to post a “We’re sorry” note on their site from CEO Jim Marcum. It may be a tough road back for the electronic chain and, while we hate to be blunt, while watching our local news we noticed that shoppers were grabbing some discounted items with glee.
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| Reuters
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