Who is liquidating circuit city
Pharmaceutical, health care and technology firms this week have indicated that they are cutting staff.
Tens of thousands of workers at firms, including Hertz, Pfizer, Well Point, Blue Cross/Blue Shield of Michigan and Advanced Micro Devices, are expected to lose their jobs soon.
The company, which had leased floor space from the Zody's department stores as well as other department stores, began acquiring retail stores and turning them into Circuit City Superstores.
The first of these replacements occurred in Knoxville, Tennessee; Charleston, South Carolina; and Hampton, Virginia.
Circuit City became the largest retailer to fall victim to the expanding financial crisis Friday, announcing it will shut down its remaining 567 U. stores at the cost of 34,000 more jobs after failing to sell the business. Wurtzel and himself a former chief executive of Circuit City.
The closure of the nation’s second-biggest consumer electronics retailer spells more trouble for the nations malls, and is the latest casualty of an unprecedented pullback in consumer spending that has claimed KB Toys, Mervyns LLC and Linens ’N Things. “I feel particularly badly for the people who are employed or until recently were employed.” Richmond, Va.-based Circuit City had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable.
Wards experimented with several retail formats in Richmond, including smaller mall outlets branded "Sight-n-Sound" and "Circuit City".
One of the company's early slogans was "Circuit City — Where the Streets are Paved with Bargains".
The company continued to grow and acquired stores in other locations including Albany, New York; Mobile, Alabama; Washington, D. During the 1970s and early 1980s, it also sold mail-order under the name "Dixie Hi Fi", advertising in hi-fi magazines.
Circuit City's job losses will bolster the growing unemployment rate, which has risen from 5 percent in December 2007 to 7.2 percent last month and has been predicted to climb to as much as 9 percent this year.
About 2.6 million jobs were lost in 2008, with layoffs roiling through nearly every industry.
It recently closed 155 stores, and now has about 567 U. During its auction this week, Circuit City sought a deal with Salinas to operate a smaller group of 180 stores, but that attempt failed as the retailer lacked necessary support from trade vendors and financing to continue operating.
Circuit City's liquidators will continue to accept gift cards throughout the liquidations, Galardi told the court.