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Circuit City to Close After Failing to Find a Buyer

New York Times Original article ›

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Circuit City the second largest retail chain in America is going into liquidation. It means the closing of 567 stores and the loss of jobs for 30,000 employees. Circuit City had problems for many years, from buying cheap real estate leases in inferior locations to laying off its most experienced sales staff which resulted in loss of customers and poor employee morale. The company went into Chapter 11 bankruptcy in November with its shares losing 90% of their value since the beginning of 2008. It has failed to find any buyers and is now going into liquidation.


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