Circuit City Takes a Dirt Nap
by John Paczkowski
Posted on 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….
PREVIOUSLY:
- Circuit City Reschedules Black Friday for This Wednesday
- And Be Sure to Give Our Best to CompUSA When You See It
- Game Over, Schoonover
Comments
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.
Posted by ross richardson at January 16th, 2009 at 9:19 amActually, 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.
Posted by John Paczkowski at January 16th, 2009 at 10:01 amHmmm. 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
Posted by tom obrien at January 16th, 2009 at 10:08 amtoo bad…management fugged it up while the workers in the stores kept it going
sorry to see it go
Posted by Sam Harrison at January 17th, 2009 at 10:43 am