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Circuit City files for bankruptcy
November 10th, 2008, 6:19 am · 12 Comments · posted by Jon Lansner
Hang Nguyen updated this post at 8 a.m. with info from Circuit City.
Circuit City announced Monday that it filed for Chapter 11 bankruptcy protection — a week after it said it will close 155 underperforming U.S. stores, including one in O.C.
Beyond those closures, the nation’s second largest retailer, which currently has at least 12 O.C. locations, said Monday that it plans to remain open. It did not announce Monday any additional store closures.
As a cost-saving measure, the company also said Monday that it reduced its corporate headquarters workforce on Nov. 7. These corporate, regional and district support reductions totaled about 700 positions and are in addition to the reductions resulting from the store closings. The store closings and support workforce reductions will result in a combined domestic workforce and store base reduction of about 20 percent.
James Marcum, acting chief executive of Circuit City, said in a statment: “The decision to restructure the business through a Chapter 11 filing should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively. In the meantime, our stores remain fully operational, and our associates are focused on consistent and successful execution this holiday season and beyond.”
More from OC Retail:
- Circuit City closing O.C. store
- American Idol winner to design clothing for O.C. retailer
- 2 Irvine store openings
- Target offers coupon
- 1,000-plus store closures expected after Christmas
- Bella Terra store closes
- Fitness retailer with 5 O.C. stores files for bankruptcy
- O.C. sales tax to jump to 9.25%? What are retailers saying?
For more from OC Retail, see list of links on right-hand side of this blog.
Here are a few noteworthy O.C. stories you may have missed …
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Store Closures, Clothing- Clothing store closes at The District
- O.C. clothing boutique to close
- Women’s clothing retailer closes O.C. store
- Plus-size women’s clothing retailer to close more stores
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- Another Fashion Island store closes
- Another department store to go out of business
- Store Closures, Home
- Crate & Barrel closes O.C. store
- Home furnishings retailer reduces store closures by 60%
- South Coast Plaza gives closing date for store
- Pier 1 closes another O.C. store
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- 2 more Fashion Island stores to close
- 3 big O.C. home stores close
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- 3 O.C. Borders stores close
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Good, their pricing was ridiculous - at one of their stores that was closing, they advertise “10% off” a Nikon D80 @ $800, when you can find the same camera in other stores for $699.
I wonder if they will have a huge liquidation sale?
DO NOT BUY ANYTHING FROM HERE.
YOU WILL NOT BE ABLE TO RETURN THEM.
Circuit city�s filing for chapter 1 tells of many things but 2 things in particular � 1) Businesses across many sectors (not just banking) large are getting wacked and 2) after we reach the bottom of this recession, there will be many opportunities for people and companies to stake their claim on the new landscape.
Listen to the tone of airwaves, minus the recent election of President-elect Obama, everything has been so negative! Honestly, think about how negatively our society portrays almost every situation. Acquiring a negative perspective is easy, but stand up and make a statement about yourself � tell yourself you will not victim to this negative jargon! If you find yourself in a hole, ask yourself this question: what will more likely improve your chances of being successful � continuing with a negative outlook or transforming your thought patterns into a positive outlook?
I work with many high level c-level executives that have experienced tremendous success in their life. The one binding characteristic between all of them is that they do not let external, uncontrollable factors influence their inner dialogue and visions for future success. In fact, many of these people use a vision board � a collage of images that symbolize personal goals success - to help them keep focused on their positivity and desired outcomes. I might suggest using one yourself if you are currently in a rut. You should look at the helpful information on how to make one over at http://www.TheVisionBoardKit.com.
Remember when Circuit City was a favorite in “Good to Great” by Jim Collins? Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter’s 5 Forces Model)? It’s time we recognize that the old approach to management doesn’t work in a rapidly shifting competitive world. There are winners in today’s market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.com