The other shoe has fallen on troubled electronics retailer Circuit City. The company, one of the top five retailers in the US for selling games, has now filled for Chapter 11 bankruptcy protection. This move comes on the heals last week of its decision to close 155 stores in the US.The even worse news? Circuity City announced it would lay off 700 more workers in addition to the workers that would be displaced by the closing of its 155 stores. That means the company has now put 20 percent of its total work force out into the streets. Any way you cut it it all adds up to bad holiday tidings for the company.
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Remember when Circuit City was a favorite in "Good to Great" by Jim Collins. Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter's 5 Forces Model). It's time we recognize that the old approach to management doesn't work in a rapidly shifting competitive world. There are winners in today's market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.comPosted at 2:33PM on Nov 10th 2008 by adam hartung