Sung News

Circuit City Gets a Bailout

When did I become a Circuit City blog? After Circuit City filed for Chapter 11 bankruptcy, Bank of America swooped in to give them a loan that will likely keep CC going through the holiday season. The loan, worth $1.1 billion, will bring the debt total to over $2.3 billion. CC owes HP $119 million and Samsung $116 million.

It is amazing how well Circuit City ran themselves into the ground. I have no education or experience in business or begin to understand the inner workings of a multi-million dollar retail chain, but I’m pretty confident that I could have kept their stock value to plunge further than $2 a share.

Sung News

Circuit City Closes 155 Stores

Circuit City, who was valued at one point in 2006 for $25 a share, was offered to be bought by Best Buy for around $12 a share back in January. They refused and right now is facing bankruptcy at 25 cents per share.

Today, they have announced that they will close 155 of their locations, laying off 17% of their workforce. Here is the list of locations that are closing. This is sad news for me since I worked at one in the past and I was falling in love with a location close to me.

The good news is that you can probably get awesome deals if you go there now. Like CompUSA when they were closing. I got a $2,000+ TV there for around $900 on the last day there.