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Best Buy will be the only game in town for many customers. Circuit City was second to Best Buy in the retail consumer electronics market.  (Source: AdRants)
Best Buy shall rule the land when it comes to retail electronics in the U.S.

It’s been a tough road for Circuit City. The retail electronics giant has been pummeled over the years by the likes of Best Buy and Walmart, and has been unable to turn its operations around due to the current state of the economy.

In early November, the company announced plans to close 155 stores in the United States. The stores combined accounted for $1.4 billion USD in sales for fiscal year 2008.

Just a week later, Circuit City filed for Chapter 11 bankruptcy protection -- the filing showed that the company has $2.2 billion USD in debt and $3.4 billion USD in assets. The news got even bleaker today as Circuit City's CEO announced that the company failed to find a buyer and that it could not refinance its debt.

As a result, Circuit City will liquidate all of its remaining stores. The liquidators lined up to sell off the merchandise from the remaining 567 stores include Great American Group, Hudson Capital, SB Capital Group and Tiger Capital.

"We are extremely disappointed by this outcome," said Circuit City CEO James A Marcum "Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company."

In early July, Blockbuster rejected a deal to purchase Circuit City.

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By Beenthere on 1/16/2009 1:06:23 PM , Rating: -1
While some companies have over-extended themselves and need to downsize, most of the economic misery in this country is the result of mismanagement on Capitol Hill. These scum bums steal us blind and laugh all the way to the bank.

Don't look for any help from the new President scum bum either. He and his merry men are spending $150 MILLION tax dollars on the inauguration and partying. Thats almost FIVE times the money spent by any other President in U.S. history.

Things are going to get bad, really bad and soon. My friends in Europe tell me the car companies over there are laying people off and that vendor suppliers are going under because their profit margins were so low, they can't survive on the reduced volumes.

This time people, the economic depression is worldwide, not just a U.S. problem. You might as well bend over and kiss your butt goodbye. It's all downhill from here.

By TheRagnarok on 1/16/2009 2:50:57 PM , Rating: 1
It's times like these when I'm glad I know how to survive without going to the grocery store. Also, my Dad was right about his AR-15 being a good investment ".223 rounds are cheap"

By teckytech9 on 1/16/2009 5:45:16 PM , Rating: 2
Also needed are gold and silver coins. I'd prefer the British Sovereign ones. American Eagles will do too.

"The Space Elevator will be built about 50 years after everyone stops laughing" -- Sir Arthur C. Clarke
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