Circuit City gets short-circuited
Last Friday, electronics retailer Circuit City announced that it would shut down and liquidate its merchandise.
The company’s 567 U.S. stores will close and over 34,000 employees will soon be unemployed.
According to CNNMoney.com, Circuit City’s acting CEO James Marcum said the company was unable to restructure the company while it was in bankruptcy protection, which was further hampered by the current recession.
Liquidation sales started last Saturday and until the end of March. Employees will receive 60 days of pay and benefits.
Circuit City’s 765 retail stores and dealer outlets in Canada will continue its operations.
Gift cards issued by the company will be honored during the liquidation process.
Circuit City was the second largest electronics retailer in the U.S., behind Best Buy.
Yes Toto, we’re in a recession alright. :-(
Tags: bankruptcy, Circuit City, layoffs, retail, unemployment
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