Circuit City!
The number two nation’s biggest electronics retailer filed for bankruptcy protection today. They do have plans to stay open for business though. And with one of the worst holiday shopping season’s coming up who knows how they will do. I was reading that the main reason for filing Chapter 11 was to get supplies moving again. It seems that vendors have been holding back inventory, which now they have to release. Apparently Circuit City owes Hewlett-Packard $118.8 million, Samsung $115.9 million, Sony $60 million, Zenith $41.2 million, Toshiba $17.9 million and many others. I got those numbers off a report done up on Yahoo.com. This bankruptcy only means one thing; more jobs will be lost. And on top of the cutting job’s Circuit City will be closing more stores. I knew this was going to happen when there stock price was trading below $1 for awhile now. Hopefully this won’t be too painful for a lot of communities these locations are around.
