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Circuit City Files Chapter 11

11.10.2008 @ 11:59 AM in Lifestream

Even after closing 155 stores and laying off 17% of their workforce, Circuit City is going bankrupt. They had hoped to prevent this with the layoffs, but stocks have been under a dollar for over a month and right now hover at about a quarter. The good news is that filing Chapter 11 means that Circuit city can keep the rest of their stores open, honor gift cards and exhanges, and possibly have some sort of a normal holiday season. However, I can't blame anyone for not wanting to shell out for a plasma or washing machine; only time will tell how Circuit City makes out. Via Forbes

Circuit City to Close 155 Stores, no plugs pulled in WNY

11.03.2008 @ 1:35 PM in Buffalo, Technology
Going the way of Comp USA (though not a total fold), Cicuit City announced today that they are closing 155 stores and pulling out of 12 market areas. Terminations in departments like Installations and Firedog should begin within 48 hours. A quick look at the list shows that the Western New York locations are safe for now; don't expect any fire sales just yet. Circuit City also plans on reducing the number of "future store openings and aggressively renegotiating certain leases." Maybe this means we won't be seeing as many Best Buys popping up next to every Circuit City. Or will we? Store Closings - Circuit City