Circuit City Stores has filed for Chapter 11 Bankruptcy protection. The company will go before the bankruptcy court today in an expedited hearing. BizSense has also obtained the letter sent to employees this morning.
CIrcuit City
Circuit City lays off hundreds
Updated: 9:52 a.m. Electronics retailer Circuit City laid off as many as 1,000 employees at their corporate headquarters in Henrico this morning, according to an employee inside the company. The Times-Dispatch is reporting that the number is between 600 and 1,000.
Circuit City closes three VA stores
Circuit City will close three stores in Virginia as part of a move to preserve cash at the badly bleeding electronics retailer. Two are in northern Virginia and one is in Charlottesville.
Outsted Circuit City CEO departing Richmond?
Richmond has few recruiters who place CEOs of Schoonover’s pay level, and his skills would make him more of a national candidate. Forgetting for a moment that former Circuit City CEO Philip Schoonover might have sold his Goochland home (BizSense has not confirmed it yet), one local recruiter says local companies will be hard-pressed to… Read more »
CarMax and Circuit City: Sniffles and Pneumonia:
It was a rough week for CarMax and Circuit City. CarMax stock shed $2 a share, or about 11%, on news that profits at the company dropped 55%. Meanwhile, Circuit City – the company from which CarMax was spawned – is on life support and looking for a transfusion. Or is it an organ transplant?
BlockCity?
The movie-rental chain Blockbuster announced this week that it wants to buy Circuit City for more than $1 billion. What sort of movie would this be? A horror film? Maybe a romantic comedy? Blockbuster CEO James Keyes said Monday that combining the companies would create a 9,300-store chain that could sell portable entertainment (DVDs) and… Read more »
Circuit City + Block buster =
So Blockbuster wants to buy Circuit City. What sort of movie would this be. A horror film? Maybe a romantic comedy? Blockbuster has been trying to swoon Circuit City with love letters, and now the movie rental company has gone public with its affection, saying it will pay $6 to $8 a share for the… Read more »