January 16, 2009

Circuit City bites the Dust

Another store gone from Lakewood Center. No surprise really as Circuit City has been dying slowly for years. They like all the weak and marginal compnies will be killed off in this 2-3 recession. Oh well no big deal as all Circuit City's business was being eaten up by Best Buy which we also have in the mall just a few hundred yards away from the Circuit City location. No idea what will happen to the rather isolated Circuit City building in the Lakewood Mall parking lot (it never was a good location). I suspect it will be better to demolish it due to its odd location. And heaven knows in the next 6 months there will be plenty of vacancies in the Mall to fill up due to the dismal Christmas season and deepening recession.

After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City reported that it will liquidate. This will throw more than 30,000 employees onto the street, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II. Circuit City had 567 stores in the United States.

Circuit City said it will provide more details in the near term about the liquidation of its stores and Firedog services. Surely a bankruptcy will be filed shortly.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
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