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Circuit City files for bankruptcy
Engadget —
Filed under: Misc. Gadgets, Home Entertainment
Even after shutting down 155 retail stores and announcing plans to cut around 17% of its 43,000 employees, Circuit City couldn't avoid the dreaded bankruptcy court. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in ...
Circuit City Files For Bankruptcy
GEARFUSE —
[image] I really don’t see much of a future for Circuit City. If it’s filing for Chapter 11 bankruptcy, replacing CEOs, closing stores and losing cash, explain to me how the company is supposed to survive. Says Bloomberg: On Sept. 29, Circuit City reported a loss of $239.2 million that was more than triple from a year earlier after sales fell for the sixth straight quarter. The end is near for Circuit City . I’m guessing that by 2010, the company will fold completely and this part of our lives will be over and several thousand people will be out of jobs. Blame the economy and shitty customer service is what I thinks. Link
Circuit City Goes Bankrupt [Oh Noes]
Gizmodo —
... smallest stores. • September 2008: Reports loss of $239.2 million, after sales fell for the sixth straight quarter. • November 3: Last week they closed a fifth of their US stores, firing twenty percent of their 43,000-people workforce. • November 10: Files for Chapter 11 bankruptcy protection. Lists $3.4 billion in assets and $2.32 billion in liabilities, owes HP $119 million and Samsung $116 million. It lost $5 billion in stock market value in just two years. [Bloomberg]
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Circuit City Goes Bankrupt, Files for Chapter 11 Protection [Oh Noes]
Gizmodo —
... Circuit City has said that their intention is to keep normal operations in their current stores. In theory, under a Chapter 11 reorganization, companies get a chance to avoid closing, reorganize debt and survive. According to Gary Merson from HD Guru, a local store representative has said that they will even keep honoring and selling gift cards during this period. [Bloomberg — Thanks Gary] ...
Circuit City files for Chapter 11, bankruptsy protection
Gadgetell —
Section: Tech News Just last week, Circuit City announced plans to close a fifth of its stores. This morning, they just filed for Chapter 11 protection in the U.S. Bankruptcy Court.
The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 billion in liabilities. The company said it is entering court protection owing Hewlett-Packard Co. $119 million and Samsung Electronics Co. $116 million.
According to Bloomberg, Circuit City has lost over $5 billion in market value over the past two years. It’s a shame to see you go ...
Circuit City Files for Bankruptcy [Electronics]
Lifehacker —
[image] Electronics retailer Circuit City has filed for Chapter 11 bankruptcy , one week after announcing the closing of more than 150 of its 721 U.S. stores. It doesn't look good for the chain's future, so gift card holders should get working toward a zero balance, while Black Friday hounds might be rewarded with some serious move-this-now deals. [ ...
Circuit City Files for Banruptcy
NewTeeVee —
Troubled electronics retailer Circuit City filed for Chapter 11 bankruptcy protection today, as the company attempts to restructure and fend off creditors.
The company has listed $3.4 billion in assets and $2.32 billion in liabilities and says it owes Hewlett-Packard $119 million and Samsung $116 million, as well as $650 million to the likes of Sony, ...
