Circuit City Stores Inc, files for bankruptcy protection today
Filed under: News | By: Peter Chubb
Posted on: November 10, 2008 | 1 Comment
No. 2 U.S. consumer electronics retailer, Circuit City Stores Inc has filed for bankruptcy protection today, Monday 10. This could not come at a worse time, just a few weeks before the biggest time of the year for consumer electronics.
Circuit City has now become the largest retailer to file under Chapter 11 in 2008, and has come as a huge shock to the industry. Circuit City has been on borrowed time for a while now, as the consumer electronics market has been feeling the pinch more than most.
Other stores such as Wal-Mart and Best But Co have not been helping Circuit City, as they have been taking more of the market share. Just one week ago we mentioned that Circuit City would close 155 of their stores, as well as lay off at least one-fifth of their retail base.
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Let’s not lose sight of the fact that Circuit City has been getting hammered for years. Best Buy offers better pricing, selection and service in a physical store and Internet stores offer infinite selection and better prices. This is just another example of a bad company that can’t survive a downturn.
jmanley