The Archives
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11.10.08Circuit City declares bankruptcyFrom the Associated Press: Circuit City Stores has filed for bankruptcy about a week after it said it would close 20 percent of its stores. The Richmond, Virginia-based electronics retailer has been struggling as nervous consumers spend less and credit has become tighter. It filed for bankruptcy protection on Monday. Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan. Circuit City says it has more than $1 billion in assets and more than $1 billion in liabilities. Courts do not require companies to provide more specific figures in filings. The company says ...
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09.29.08Circuit City posts wider lossFrom Reuters: Electronics retailer Circuit City Stores (CC.N: Quote, Profile, Research, Stock Buzz) posted a wider quarterly loss and withdrew its financial outlook as it reviews its business ahead of the key holiday shopping season, sending its shares down 8 percent. The company, which last week announced the immediate exit of its chairman and chief executive officer, also said on Monday it would suspend store openings beginning with its 2010 fiscal year to focus on turning around its operations. "These guys face a big uphill climb," said Joe Feldman, managing director of Telsey Advisory Group. "The busiest time of the year is fast ...
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08.27.08Olive Garden warns on profitFrom the Wall Street Journal: A surprise warning on earnings by Darden Restaurants Inc. suggests that sit-down restaurants will continue struggling through the fall after a dismal summer. On Tuesday, the parent of Olive Garden and Red Lobster said its earnings for the fiscal first quarter ended Aug. 24 would be below Wall Street's expectations, and lowered its profit forecast for the year ending May 31. It's another sign that the second-half econoic recovery of 2008 is more likely to be fantasy than reality. Offering all-you-can-eat breadsticks isn't going to be enough as the consuming public tightens their collective beltstrings while watching inflation ...