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Circuit City Woes Mirror Industry Challenges
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Written by Daniel   
Tuesday, 11 November 2008 11:23
Circuit City is facing an uncertain future -- and, if recent retail predictions are to be believed, more electronics retailers both online and off may be fearing a similar fate.

JR Raphael, PC World
PC World
Nov 10, 2008 2:33 pm

The nation's second largest electronics store announced plans to file for Chapter 11 bankruptcy protection Monday. The news came just one week after the company decided to shut down 155 of its locations, eliminating somewhere in the vicinity of 8000 jobs. Monday's announcement also indicated more cutbacks could be on the way.

How serious could those cutbacks be? Just ask Circuit City's competitors. Electronics chain Tweeter is in the process of closing its remaining stores right now, about one year after it filed for bankruptcy. And CompUSA closed most of its stores at the start of the 2007 holiday season. Only 16 locations remain open today, following a sale to Systemax subsidiary TigerDirect earlier this year. Sharper Image, Mervyn's, and C-Mart have also shuttered their businesses in recent months, and even Best Buy -- the relative winner in its league -- has seen shares drop more than 50 percent this year.  [Comments...]
 

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