The carnage at Circuit City Stores Inc. (NYSE: CC) continues as the company flails desperately -- and probably futilely -- to avoid a bankruptcy filing. The company announced that is laying off hundreds of workers at its Richmond, VA, headquarters, on top of previously announced store closings, liquidations, and 6,800 store-level layoffs. This is all in the past week.
Spokesman Bill Cimino told The Wall Street Journal (subscription required) that "Out of respect for our associates, we're not commenting" on the details of the layoffs.
The company's stock closed at 25 cents on Friday, down from a 52-week high of $8.24. Back in 2006, the company's stock traded as high as $30 per share. In 2000, the shares briefly traded at more than $50 per share.
The company's cash problems and inability to get suppliers to extend credit will prevent the company from being competitive during the holiday selling season that is its last chance to save itself.
Entrepreneur's Journal: Key steps for telesales success
The week in preview: Focus returns to earnings: Alcoa, Chevron, Family Dollar
Comfort Zone Investing: Survival of the fittest -- letting some banks fail
Reader Comments (Page 1 of 1)
11-08-2008 @ 1:29PM
Mike said...
i work for circuit city and all i have to say is
the party's over
11-08-2008 @ 1:36PM
d a hick said...
well maybe ya shoulda been working harder instead of partyin.
11-08-2008 @ 3:46PM
mike said...
hey d a hick its an expression moron
11-08-2008 @ 4:06PM
d a hick said...
so's your job. but youll probably do better with obama's welfare plan for all of us anyway.
11-08-2008 @ 4:13PM
d a hick said...
you did vote for him didnt you? well then, hey, call him up and ask for your bailout too...
11-08-2008 @ 9:19PM
Walter said...
Circuit City waranty salemen ran me to a place I never heard of, Its called Best Buy.
11-08-2008 @ 9:31PM
Reality said...
Many of us stopped shopping at Circuit City the day they layed many of there workers off claiming they were paid to much then told them that they could
re-apply for their old job at a lower wage. I have no pity on a company that did this to American workers
11-08-2008 @ 9:58PM
TX CHL Instructor said...
Since I'm too old to work there, I'm definitely too old to shop there.
11-09-2008 @ 12:53AM
Derwin Schoenwetter said...
We were loyal shoppers at Circuit City for many years. Then, they made two enormous mistakes. #1 they stopped selling appliances, and #2 they fired all their salespeople. In other words, because of bad decisions made at the uppermost top levels they commit suicide. So sorry for all the affected employees who did their jobs and worked hard. God bless all of you, even the misguided leaders.
11-11-2008 @ 3:43PM
Chris said...
I am a recruiter and am working a search that may be of interest to some of the employees in the accounting/external reporting department, does anyone know what their email addresses or email config's are?