Circuit City Takes a Dirt Nap

January 16, 2009 at 8:57 am PT

The lights are going out in Circuit City.

Facing a bankruptcy court deadline to ink a deal with a buyer and no willing buyer in sight, the electronics retailer is closing up shop and sacking its entire workforce. “The company had been in continuous negotiations regarding a going concern transaction,” acting CEO James Marcum said in a disheartening statement. “Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company.”

A sad turn of events, but not an unexpected one. Circuit City (CC) filed for bankruptcy in November, and by the end of the year it had already shuttered 155 stores and sacked 17 percent of its workforce.

BlockBuster (BBI) must be thanking its lucky stars it chose to abandon its $1.3 billion gambit for the foundering electronics chain….

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Tagged with: Circuit City, econalypse, John Paczkowski, Yahoo

comments so far. Add yours.

ross richardson

Wow … what a tasteless, sophomoric headline.

I realize an editor might write headlines on John’s pieces, and I suspect that’s the case here since the story is professionally written.

However, it’s John’s name that’s attached. I’d be angry if someone made me look this petty.
http://digitaldaily.allthingsd.com John Paczkowski

Actually, Ross. I wrote that headline. I write all my headlines.

“Dirt nap” is vernacular. And while some folks might find it raw or insensitive, I think it falls within norms of acceptability for the site.

Incidentally, there is a precedent for using “dirt nap” in a tech news headline.
http://humanvoice.wordpress.com tom obrien

Hmmm. This goes all the way back to a chain of events that kicked off when the genius management decided to fire their most expensive (read best) sales people.

http://tinyurl.com/63glu7

Idiots.

Tom O’Brien
Sam Harrison

too bad…management fugged it up while the workers in the stores kept it going

sorry to see it go