Friday, January 16, 2009

Circuit City, Outta Here

Bad news, but don't think Circuit City is the only giant retailer to close its doors for good, more will come.

Bankrupt Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it failed to find a buyer and will liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.

"This is the only possible path for our company," James A. Marcum, acting chief executive, said in a statement. "We are extremely disappointed by this outcome."

The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable.

I have bought many things from Circuit City, but the thought of 30K people on the unemployment rolls is devastating.

When the checks stop coming in

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