Friday, January 16, 2009

Circuit City Closing, 30,000 Will Lose Jobs

It's never good when anybody loses their job, so the closing of electronics superstore Circuit City is a very bad thing. From a Darwinian viewpoint however, it seems to have been an evolutionary inevitability. To be blunt: Circuit City sucked. Their selection was not as good as their better competitors, and their prices were often on the high side. Once great, Circuit City was a new kind of store, offering electronics ranging from computer equipment to vacuum cleaners to cell phones. Circuit City didn't keep up with the times, however, with a poor selection of items in every department. Let's hope that all of the 30,000 employees fare well, but let's bid good riddance to the badly run Circuit City Stores, Inc. NEW YORK (MarketWatch) -- After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City Stores Inc. said Friday that it will liquidate, joining the list of retailers like Linens 'n Things that are closing up shop due to the economic downturn. The liquidation will affect more than 30,000 employees, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II. As of Dec. 31, Circuit City had 567 stores in the United States and about 765 stores and dealer outlets in Canada. Full Article at MarketWatch... RELATED: Timeline of Circuit City Stores Inc. Circuit City Hires Liquidators to Sell Merchandise Electronics Retailer Has Nearly $2 Billion Worth of Inventory to Sell Electronics sales fell 5.7% over holidays Business isn't getting easier for Best Buy Sector Snap:Best Buy up as Circuit City liquidates Best Buy shall rule the land when it comes to retail electronics ... Subscribe to Chicago News Bench