Image via WikipediaAccording to The Consumerist, Circuit City will be closing around 150 stores and completely removing itself from a dozen markets by the end of this year. Click the link above to see the letter that was sent to store employees.
According to anonymous insider tips, Circuit City is closing 155 stores and withdrawing from 12 markets. This will be officially announced tomorrow at 8am, says our source. A scan we received of a letter distributed to CC employees helps corroborate the story. The tipsters say that store employees were told this morning. No information was provided at that time about severance pay. Employees in certain departments, like car installation, and Firedog, will likely be out of a job within 48 hours. Warranties will still be honored. A Consumerist commenter on this post says this story is true, and a few posts in Google Finance forums also attest to the store closing. One post there says the store closings will be effective 12/31/08. The news wouldn’t be entirely unexpected as…
WSJ reported on Oct 20th that the retailer was considering closing 150 stores. On Friday, Oct 31, trucks carrying SONY goods to Circuit City were ordered to turn around and come back to the SONY warehouses due to concerns about CC being able to pay for the inventory. That same day, CC was warned it get delisted from the New York Stock Exchange because its stock price averaged below $1 for 30 days.
Suffice to say, even if the store closings don’t get announced tomorrow, Circuit City is officially fried.
That’s just a sign of these times, folks. Calculated Risk helps us to draw a larger picture:
And from BusinessWeek: Mervyns to liquidate remaining 149 stores
Regional department-store chain Mervyns LLC said Friday it will close its remaining 149 stores and will hold going-out-of-businesses sales beginning Saturday.
Here is a partial list of companies that have closed stores (or bankruptcy / out of business): Linens ‘n Things, Steve & Barry’s, Sharper Image, Starbucks, CompUSA, The Disney Store, Wilson’s Leather, Talbots, Ann Taylor, Bombay Co. and on and on …
This is more bad news for mall owners.
Look at that list. While our government is busy as beavers bailing out their dishonest cronies in the banking industry, the rest of us are going under. Who do you work for? How long do you think that will last?
Back in March I started thinking that this whole thing was a planned affair, planned for years by a core group of folks intent on literally taking over the world through debt manipulation.
I’ve been hesitant to write that opinion here. I have insinuated it many times, but never came outright to state it. That hesitancy is eroding, folks.
I am Jon. We’ve been had. And the plan seems to be to ‘have’ us as much as they can.