Seems more and more of our believed electronic retail stores are struggling to keep afloat in this internet age. I hate to see Circuit City go under, but the beginning of their end was years ago when they took their salesmen off of commission. Circuit City will soon join the ranks of Comp USA and Good Guys, as a huge electronic retail chain that could simply not compete in today's market. At one time, some of you may remember, they actually had a knowledgeable staff, because they cared if they sold something to you or not. Once they stripped their employees of motivation, they also got rid of any reason people would go to Circuit City, over the more competitive pricing at Best Buy, or helpful online reviews in the comfort of their home. It seems everyone in the economic side of the world knew Circuit City was on the verge of going out, especially with their stock trading as low as 0.29 per share - it was simply inevitable. Jim Marcum, Circuit City President and CEO, had this to say to Circuit City's customer base (pretty corporate that he refers to them as "guests"):
While Circuit City has a long history of being a leader in the consumer electronics industry, we have recently faced significant financial challenges. Despite our aggressive efforts to address these conditions, our company filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code on November 10, 2008.
You can read the rest of his statement here: Circuit City Files for Bankruptcy.