Adios, Circuit City. You will be remembered forever as a not-good-enough version of Best Buy (even though Best Buy is pretty suspect, too.)
Yes, Circuit City has officially filed for Chapter 11 bankruptcy protection. It did so last week, when we were busy talking about store closings and fake sales.
It is, I think, the biggest tech-realted failure (if that’s the right word to use) of the current economic downturn.
Be sure to watch its stock price this morning.
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Let’s not lose sight of the fact that Circuit City has been getting hammered for years. Best Buy offers better pricing, selection and service in a physical store and Internet stores offer infinite selection and better prices. This is just another example of a bad company that can’t survive a downturn.
jmanley