Brainy Ideas, Downfalls
Circuit City shutters 155 U.S. stores
Circuit City will be closing 20% of its 700 stores by the end of the year. The move comes a few weeks before the holiday season begins — a season that will be crucial for the ailing electronics retailer. The closing stores have brought in $1.4 billion in net sales for 2008, but have likely been a drain on the bottom line. Store closing sales will begin Wednesday so go pick up some junk.
[Yahoo Finance] Circuit City closing 155 stores
Does anyone remember that Circuit City, just a few years ago, was the best performing company in Jim Collins’ book “Good to Great”? Obviously, Mr. Collins’ approach to management is worth some reconsideration given the fall of Circuit City. It would seem a new approach to management would be worth considering. Read more at http://www.ThePhoenixPrinciple.com
[...] Circuit Shitty City has filed for Chapter 11 bankruptcy with $2.3 billion in debt. The failing electronics retailer will continue operations throughout the holiday season, but will be laying off 700 more employees at its corporate headquarters. The bankruptcy comes just a few days after the company announced that the company would be closing 1/5 of its stores. [...]