I TOLD YA SO! According to the press this morning, Circuit City, no. 2 electronics retailer after Best Buy*, filed for Chapter 11 protection. This after closing 155 stores last week and firing 20% of their workforce. It looks like they've decided to tread water in an attempt to reorganize against the fierce competition from Best Buy and mega-conglomerate Walmart.
In my opinion, the beginning of the end was when their former CEO decided that he didn't want to pay "senior" experienced and knowledgeable employees and gave them the choice of leaving the company or accepting a much lower salary (duh?). Of course the smart staff left (probably over to Best Buy) and were replaced with inexperienced people who couldn't tell you much about the products the company sold.
An entire city, almost gone.
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*Remember kids! No. 2 is just another word for POOP!
~via Bloomberg
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