After closing 155 stores last week Circuit City filed for chapter 11 protection. They are headed for certin failure!
Here is the timeline of the failure to date!
• January 2008: Increases a credit agreement from $500 to $1.3 billion.
• May 2008: Circuit City tries to sell itself to Blockbuster Inc., after the latter makes an offer that is later withdrawn. At this time, they fire employees with higher salaries and opens smallest stores.
• September 2008: Reports loss of $239.2 million, after sales fell for the sixth straight quarter.
• November 3: Last week they closed a fifth of their US stores, firing twenty percent of their 43,000-people workforce.
• November 10: Files for Chapter 11 bankruptcy protection. Lists $3.4 billion in assets and $2.32 billion in liabilities, owes HP $119 million and Samsung $116 million. It lost $5 billion in stock market value in just two years.
Now according to gizmodo they could still keep running. I on the other hand do not see this happening!
[Source: GizModo]
-Tracker
