Circuit City to close 567 remaining U.S. stores 60 workers at Crossgates Commons store among 30,000 employees nationwide who will lose jobs
By VINNEE TONG AND MICHAEL FELBERBAUM WITH A, Staff reports First published in print: Saturday, January 17, 2009
Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business — closing its 567 U.S. stores and eliminating 30,000 jobs.
The retail chain has one Capital Region location, at 161 Washington Ave. Ext. in Albany. The Crossgates Commons store has about 60 employees, a store manager said Friday.
The store opened in 2000.
Circuit City is the nation's second-biggest consumer electronics retailer, but now it's the latest casualty of a dramatic pullback in consumer spending that has driven retailers such as KB Toys and Linens 'N Things into bankruptcy.
Analysts believe there will be more such bankruptcies to come.
"This is the only possible path for our company," Circuit City's acting Chief Executive, James Marcum, said in a statement. "We are extremely disappointed by this outcome."
Two buyers — Mexican billionaire Ricardo Salinas Pliego, who controls a chain of electronics stores in Latin America, and the Golden Gate Capital private equity firm — had been looking to buy the company in a shrunken form, with either 350 stores or as few as 180 stores. But financing hurdles and lack of support from vendors prevented Circuit City's sale.
Some employees were told Friday that they would lose their jobs and certain stores would begin close-out sales as early as Saturday.
NYS is already lined up to collect world wide web taxes.........there is no freakin' escape.......
they are going to have to get their taxes from someplace. With all of these stores closing and no one really buying anything, where will they get the money to run the country. This really is very serious!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Not that serious.....it will be a change of 'how business/trade is done'.....watch and see......trade always happens....it's where we put our value.... it used to be on quarters, dimes, nickels, pennies and green backs.....pay attention.....the value will now be held on a plastic card with a pin number..... OR.....no plastic card and just a pin number for transactions to accomodate trade.......watch and see........
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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