Tuesday, November 11, 2008

Circuit City files for bankruptcy protection: Financial News - Yahoo! Finance

Circuit City files for bankruptcy protection: Financial News - Yahoo! FinanceThe company also said it cut 700 more jobs at its Richmond, Va., headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers.

In court documents, Chief Financial Officer Bruce H. Besanko cited three factors: erosion of vendor confidence, decreased liquidity and the global economic crisis.

1 comment:

Anonymous said...

Gee, and only a couple of years after they fired all their experienced workers in favor of cheaper inexperienced ones. I am so surprised.