As the credit crisis deepens and stocks plummet, it's not just financial institutions that are struggling for their survival. The Consumerist reports that, after a series of major blows, Circuit City may now be facing bankruptcy.
Within the last few months alone, the electronics retail chain has reportedly fired its CEO, seen Blockbuster withdraw a $1.3-billion buyout offer, and posted losses of over $239 million for its second fiscal quarter. Oh, and Circuit City's stock price has plummeted from $4.91 at the end of May to just 43 cents yesterday.
To make matters even worse, the store chain has now lost "a recommendation from a firm that advises manufacturers on whether to ship goods to retailers," according to the Washington Post. The move reportedly signals "concerns that Circuit City may have trouble paying its vendors." The Consumerist points out that the new CEO has hired advisers to help breathe life back into the company, but in light of current economic conditions, Circuit City could indeed be circling the drain.
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