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.
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