Largest retail network of Circuit City went bankrupt
November 11, 2008, 7:38 pm
The second-largest retail network of electronics trade in the U. S. Circuit City was forced to declare bankruptcy. The company Recalled for Chapter 11 Bankruptcy Code, USA. Thus, it suspended the onslaught of creditors and received additional time to develop a plan of financial reorganization. During the Pre-season, Circuit City Stores will remain open. Given the difficult economic situation, falling consumer demand and increasing rates, many sellers may experience serious difficulties. Recall that previously the company has already cut about 20% of its workforce, dismissed thousands of people and closing 155 outlets. Circuit City already took care of that to get around $ 1 1 billion to have any money during the restructuring. Perhaps similar problems will occur in the Russian retail.