Category: Technology Author : JR Posted: November 10, 2008
Tags : circuit city, circuit city bankruptcy, circuit city chapter 11
Circuit City has officially filed for Chapter 11 bankruptcy protection. The electronics retailer, which revealed plans to close 155 stores just one week ago, made the new announcement (printed in its entirety below) Monday.
In its filing, Circuit City indicates it will continue to operate its stores and pay its employees — at least, those who won’t be affected by the scaled back operation — normally. It also discussed plans for a full “restructuring plan” to let the business become a profitable venture once again.
Circuit City’s bankruptcy filing mentions additional cutbacks within the company’s corporate headquarters as well, with about 700 jobs being cut on top of the 7,800 positions lost from the closing stores themselves. Overall, the filing says, the workforce will drop about 20 percent. And more cuts could be coming, though with the language used, specifics are still anyone’s guess:
“As part of its restructuring efforts, the company will continue to assess the productivity of all assets, review additional cost-cutting initiatives and explore strategic alternatives to maximize the value of the business.”
You can find a full list of the Circuit City store closings here. The complete bankruptcy filing announcement follows.
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Nov 10, 2008
Circuit city’s filing for chapter 1 tells of many things but 2 things in particular – 1) Businesses across many sectors (not just banking) large are getting wacked and 2) after we reach the bottom of this recession, there will be many opportunities for people and companies to stake their claim on the new landscape.
Listen to the tone of airwaves, minus the recent election of President-elect Obama, everything has been so negative! Honestly, think about how negatively our society portrays almost every situation. Acquiring a negative perspective is easy, but stand up and make a statement about yourself – tell yourself you will not victim to this negative jargon! If you find yourself in a hole, ask yourself this question: what will more likely improve your chances of being successful – continuing with a negative outlook or transforming your thought patterns into a positive outlook?
I work with many high level c-level executives that have experienced tremendous success in their life. The one binding characteristic between all of them is that they do not let external, uncontrollable factors influence their inner dialogue and visions for future success. In fact, many of these people use a vision board – a collage of images that symbolize personal goals success – to help them keep focused on their positivity and desired outcomes. I might suggest using one yourself if you are currently in a rut. You should look at the helpful information on how to make one over at http://www.TheVisionBoardKit.com.
Nov 10, 2008
Remember when Circuit City was a favorite in “Good to Great” by Jim Collins? Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter’s 5 Forces Model)? It’s time we recognize that the old approach to management doesn’t work in a rapidly shifting competitive world. There are winners in today’s market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.com