Several days ago it was rumored that financially troubled electronics retailer Circuit City might be filing for bankruptcy soon. Today the company, one of the largest retailers for PC games, announced that it would be closing 155 stores in the US (you can read the entire list of closing stores at this PDF link). All the closed stores are expected to be shut down completely by the end of 2008. You can expect to see massive sales at those locations beginning on Wednesday (the affected stores will not open on Tuesday) The results of the store closings will include the layoffs of 17 percent of the company's workforce. Circuit City has been in financial straits for some time as it has unsuccessfully competed with its main rival Best Buy.
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Does anyone remember that Circuit City, just a few years ago, was the best performing company in Jim Collins' book "Good to Great"? Obviously, Mr. Collins' approach to management is worth some reconsideration given the fall of Circuit City. It would seem a new approach to management would be worth considering. Read more at http://www.ThePhoenixPrinciple.comPosted at 9:46PM on Nov 3rd 2008 by adam hartung