Results tagged “bankruptcy”

As has been anticipated for months, Circuit City announced this morning that they will begin liquidating and closing down all remaining U.S. stores. The chain filed for Chapter 11 bankruptcy protection in November 2008, but was unable to refinance its multibillion-dollar debt or find a buyer. The closings amount to 567 stores, 13 of which are in the Houston area, and a staggering 30,000 lost jobs nationwide. Basic math would indicate an average of 53 employees per store, or close to 700 jobs lost in Houston as a result. Equally depressing is the idea of all the "big box" Circuit City stores that will sit vacant and useless, with special respect to the so-new-you-can-still-smell-the-paint location at Bunker Hill and I-10 that never even opened. Got a Circuit City gift card for Christmas? First, slap the person that gave it to you. And when you're done, get out there and use it while you still can. more ›