US retailer Circuit City files for bankruptcy protection
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Tuesday, November 11, 2008
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On Monday, United States electronics retailer Circuit City announced that it would file for Chapter 11 bankruptcy protection. Second largest in its field, behind Best Buy, the company has previously announced that it would close down 155 of its locations leaving an estimated 8000 employees jobless.
The retailer also said more cutbacks will be on the way. "Circuit City was incredibly successful in the 1980s and 1990s, but they never changed after that," says David Schick, an analyst at Stifel Nicolaus.
In August, Best Buy, reported that its profits had gone up to show a quarterly profit of US$200 million. Meanwhile, Circuit City reported a loss of $239 million in September.
Sources
- JR Raphael "Circuit City Woes Mirror Industry Challenges". PC World, November 11, 2008
- Anita Hamilton "Why Circuit City Busted, While Best Buy Boomed". Time (magazine), November 11, 2008
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