This clip is a sort of medley of all of Circuit City’s dashed dreams and hopes, as told through their ads from nearly two decades ago. Look at the first one, the ad that announced their arrival to the New England area. What do the eager young bucks in it promise and how have those promises stood the test of time?
bankruptcy
Why Circuit City Is Dead
By 10.23.08
If you were confused about why Circuit City might close 150 stores, this customer complaint sent in by William O’Donnell makes it pretty clear: Circuit City sucks. They try to get out of price-matching with a nearby B&H, out of the 3 hard drives he went through, one was missing parts and one wasn’t even the right drive, and they try to tell him that it’s supposed to come missing parts. Basically, when they don’t know what they’re talking about, they just make some shit up to make their lives easier. That’s what happens when you cut costs by firing anyone who knows what they’re doing. Here’s Will’s tale:
Circuit City May Close 150 Stores, Fire Thousands
By 10.20.08
The Wall Street Journal is reporting that beleaguered retailer Circuit City is considering a plan to close 150 stores and cut thousands of jobs in an effort to avoid bankruptcy.
Days Before Bankruptcy, Lehman Brothers Approved $100 Million Parachute
By 10.15.08
The Times of London says that a mere three days before Lehman Brothers went bankrupt, the firm approved $100 million in payouts to departing executives.
Liquidation: Linens 'n Things To No Longer Sell Linens, Things
By 10.15.08
Plans to auction off Linens ‘n Things were scrapped Monday night, says the Wall Street Journal, dooming the housewares retailer to liquidation by the end of the year. Apparently, no bidder was willing to offer more than the 475.5 million dollars offered by a group of liquidators who wanted to shut the retailer down.
Is Circuit City Going Bankrupt?
By 10.9.08
Since the end of May, Circuit City’s stock has lost about 87% of its value; the company has fired its CEO, lost a $1.3 billion takeover offer from Blockbuster, and posted quarterly losses of $239.2 million. Now the Washington Post says that the company lost a recommendation from a firm that advises manufacturers on whether to ship goods to retailers — meaning that Circuit City may be having trouble paying its vendors. Are they ready to go under?
Mother's Cookies Goes Out Of Business, Kills Off Circus Animals
By 10.9.08
If you’re a fan of those pink and white frosted Circus Animal cookies from Mother’s, either stock up or start priming your nostalgia, because this week the company closed its doors abruptly. They’ve cited the expected reasons—the rising cost of raw materials, and an inability to borrow in the frozen credit market.
5 Scams To Watch Out For During A Recession
By 10.6.08
The LA Times says that recessions are boom times for scammers looking to take advantage of desperate people. They’ve listed 5 common scams that do well in a poor economy. They include bankrupcy scams, foreclosure scams, and fake home-based businesses.
Mrs. Fields Files For Bittersweet Bankruptcy Protection
By 8.16.08
Mrs. Fields, the sweet old woman with the cookies, filed for Chapter 11 bankruptcy protection today because flour and milk have become too expensive. Besides, you people aren’t splurging on luxuries likes sweets or meals out anyway thanks to the ongoing non-recession inflation thing that also killed off Bennigan’s.
Bennigan's Files For Chapter 7 Bankruptcy, Closes Restaurants Nationwide
By 7.29.08
Bennigan’s all around the nation have abruptly closed today, after the chain’s parent company filed for bankruptcy. The Chicago Tribune
By 7.2.08
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Anyone got $15 billion laying around? Merrill Lynch says GM needs it. Bad. [Reuters]
If Wells Fargo Calls To Offer You An Equity Loan On Your Car… Say No.
By 6.3.08
Over on the Credit Slips blog, Elizabeth Warren posted an email from a bankruptcy lawyer who was stunned at the horrible deal one of her clients got from Wells Fargo on an equity loan on a car.
Dealing With Frontier's Bankruptcy
By 5.20.08
Now that the airline with the fuzzy animals on their planes has also declared bankruptcy, you might be in the same position as reader Scott. Scott had Frontier cancel his flight and send him an email with a link to get a refund. While it’s nice that Frontier made the refund option easy, a refund doesn’t get Scott any closer to his destination, and a second ticket would cost Scott a bit more than he initially paid. Thanks to a little bit of research and 35 minutes on the phone, Scott was able to get Frontier to rebook him on a different airline. Find out how, inside.
Is Hollywood Video Bringing Back "Silence Is Acceptance" Magazine Subscriptions?
By 5.16.08
An anonymous disgruntled employee sent us a long list of complaints about Hollywood Video, which can be summed up with “we’re desperate to earn some money, so any tactic is fair game.” Among them is this gem.
Linens 'N Things Marks Product Up $10 During Free $10 Gift Card Promotion
By 5.9.08
Jim from Blueprint For Financial Prosperity writes:
All-Business Class Airline EOS Is Out Of Business
By 4.27.08
Bankruptcy isn’t just for discount carriers anymore! The all-business class carrier EOS filed for Chapter 11 bankruptcy protection yesterday, and will fly its last flight tonight. Eos envisioned a beautiful world, one where business elites traveled unfettered by proles and crying babies, unless the babies were crying for more gold. That vision lies shattered, hopeless pummeled by rising oil prices and stingy business travelers who will now have to share planes with the rest of us.
