Maybe I should get me a gub'ment job.

11/10/2008 6:48:26 PM

I just got a 13% raise (my 2nd of the year) and my bonus doubled since last year, guess I did a few things right in life lol

11/10/2008 6:56:49 PM

What kind of work do you do?

11/10/2008 6:58:41 PM

I work at a small cal lab, although we are expecting the next year to possibly be a bit down as companies start downsizing so I have not been promised a bonus for next year

[Edited on November 10, 2008 at 7:01 PM. Reason : .]

11/10/2008 7:01:10 PM

seriously right. over the last 4 years i've averaged 35% raises per year. and yet i still feel vulnerable to all the economic crapulence

11/10/2008 7:01:55 PM

as long as they continue to give out student loans i'm cool. thank god i am in health care, jobs are actually on the rise.

11/10/2008 7:06:41 PM

I believe Dallas school system just recently let go of 600 teachers....they quoted one saying they are loosing the best....they did this because of a huge gap in the budget they didnt expect (program error predicting revenues). This is probably a good thing, the sucky ones got the pink slip.

During times like this, the gov has the best security (might not have the best salary though).

[Edited on November 10, 2008 at 7:11 PM. Reason : w]

11/10/2008 7:06:59 PM

Quote :

"STORE CLOSINGS AND LAYOFFS If you have gift cards, hurry up and use them!! Just passing this along - FYI Ann Taylor closing 117 stores nationwide A company spokeswoman said the company hasn't revealed which stores will be shuttered. It will let the stores that will close this fiscal year know over the next month Eddie Bauer to close more stores Eddie Bauer has already closed 27 shops in the first quarter and plans to close up to two more outlet st ores by the end of the year. Cache closing stores Women's retailer Cache announced that it is closing 20 to 23 stores this year. Lane Bryant, Fashion Bug, Catherine s closing 150 stores nationwide The owner of retailers Lane Bryant , Fashion Bug , Catherine s Plus Sizes will close about 150 underperforming stores this year. The company hasn't provided a list of specific store closures and can't say when it will offer that info, spokeswoman Brooke Perry said today. Talbots, J. Jill closing stores About a month ago, Talbots announced that it will be shuttering all 78 of its kids and men's stores. Now the company says it will close another 22underperforming stores.. The 22 stores will be a mix of Talbots women's and J. Jill , another chain it owns. The closures will occur this fiscal year, according to a company press release. Gap Inc. closing 85 stores In addition to its namesake chain, Gap also owns Old Navy and BananaRepublic . The company said the closures - all planned for fiscal 2008 - will be weighted toward the Gap brand. Foot Locker to close 140 stores In the company press release and during its conference call with analysts today, it did no t specify where the future store closures - all plan ned in fiscal 2008 - will be. The company could n ot be immediately reached for comment Wickes is going out of business Wickes Furniture is going out of business and closing all of its stores, Wickes, a 37-year-old retailer that targets middle-income customers, filed for bankruptcy protection last month. Goodbye Levitz / BOMBAY - closed already The furniture retailer, which is going out of business. Levitz first announced it was going out of business and closing all 76 o f its stores in December. The retailer dat es back to 1910 when Richard Levitz opened his first furniture store in Lebanon , PA. In the 1960s, the warehouse/showroom concept brought Levitz to the forefront of the furniture industry. The local Levitz closures will follow the shutdown of Bombay . Zales, Piercing Pagoda closing stores The owner of Zales and Piercing Pagoda previously said it plans to close 82st ores by July 31. Today, it announced that it is closing another 23underperforming stores. The company said it's n ot pro viding a list of specific store closures. Of the 105 locations planned for closure, 50 are kiosks and 55 are stores. Disney Store owner has the right to close 98 stores The Walt Disney Company announced it acquired about 220 Disney Stores from subsidiaries of The Children's Place Retail Stores. The exact number of stores acquired will depend on negotiations with landlords. Those subsidiaries of Children's Place filed for bankruptcy protection in late March. Walt Disney in the news release said it has also obtained the right to close about 98 Disney Stor es in the U.S. The press release didn't list those stores. Home Depot store closings (E. Brunswick, Rt 18 just put up their closing sign) ATLANTA - Nearly 7+ months after its chief executive said there were noplans to cut the number of its c ore retail stores, The Home Depot Inc.announced Thursday that it is shuttering 15 of them amid a slumping U.S.economy and housing market. The move will affect 1,300 employees. It is the first time the world's largest home improvement store chain has ever closed a flagship store for performance reasons. Its shares rose almost 5 percent.The Atlanta-based company said the underperforming U.S.stores being closed represent less than 1 percent of its existing sto res. They will be shuttered within the next two months. CompUSA (CLOSED) clarifies details on store closings Any extended warranties purchased for products through CompUSA will be honored by a third-party provider, Assurant Solutions. Gift cards, rain checks, and rebates purchased prior to December 12 can be rede emed at any time during the final sale. For those wh o have a gadget currently in for service with CompUSA, the repair < FONT face=Arial size=3>will be completed and the gadget will be returned to owners. http://www.news.com/8301-10784_3-9834177-7html ; Macy's - 9 stores Movie Gallery - 160 stores as part of reorganization plan to exit bankruptcyThe video rental company plans to close 400 of 3,500 Movie Gallery and Hollywood Video stores in addition to the 520 locations the video rental chain closed last fall. Pacific Sunwear - 153 Demo stores Pep Boys - 33 stores Sprint Nextel - 125 retail locations New Sprint Nextel CEO Dan Hesse appears to have inherited a company bleeding subsc ribers by the thousands, and will now officially be dropping the ax on 4,000 e mployees and 125 retail locations. Amid the loss of 639,000 postpaidcustomers in the fourth quarter, Sprint will be cutting a total of 6.7% of its work force (following the 5,000 layoffs last year) and 8% of company-owned brick-and-mortar stores, while remaining mute on other rumors that it will consolidate its headquarters in Kansas . Sprint Nextel shares are down $2.89, or nearly 25%, at the time of this writing. J. C. Penney, Lowe's and Office Depot /B> are scaling back Ethan Allen Interiors: The company announced plans to close 12 of 300+ stores in an effort to cut costs. Wilsons the Leather Experts - 158 stores Pacific Sunwear will close its 154 Demo stores after a review of strategicalternatives for the urban-apparel brand. Seventy-four underperforming Demo stores closed last May. Sharper Image: The company recently filed for bankruptcy protection and an nounced that 90 of its 184 stores are closing. The retailer will still operat e 94 stores to pay off debts, but 90 of these stores have performed poorly and also may close. Bombay Company: (Freehold Mall store closed) The company unveiled plans to close all 384 U.S.-based Bombay Company stores. The company's online storefront has discontinued operations. KB Toys posted a list of 356 stores that it is closing around the United < /FONT>States as part of its bankruptcy reorganization. To see the list of store closings, go to the KB Toys Information web site, and click on Press Information Dillard's to Close More Stores Dillard's Inc. said it will continue to focus on closing underperforming stores, reducing expenses and improving its merchandise in 2008. At the company's annual shareholder meeting, CEO William Dillard II said the company will close another six underperforming stores this year. "

11/11/2008 10:48:12 PM

i wish i woulda came into ncsu for business management...woulda graduated like 2 years ago before things started really sucking

11/11/2008 10:50:11 PM

I went to an interview a few weeks ago and a couple of days later got ahold of the manager and found out they took away the position he was trying to fill.

11/11/2008 10:59:24 PM

Damn. They closed the Circuit City in my hometown.

11/11/2008 11:57:45 PM

I'm concerned that my former colleagues are going to shoot up the building. We've let go of some angry folks.

11/14/2008 11:06:55 AM

Linens N Things, where I had worked (quit three weeks ago) for three years, is going out of business. That's about 17,000 people or so. They've got pretty good discounts at the moment.

11/14/2008 11:46:03 AM

Quote :

"seriously right. over the last 4 years i've averaged 35% raises per year. and yet i still feel vulnerable to all the economic crapulence"

ha. 2 days later, the company i'm with let 1/3 of their workforce go. my contract is cut short to 30 days

[Edited on November 14, 2008 at 11:48 AM. Reason : ^ we went to check them out last weekend. most stuff is only 10% off. lame]

11/14/2008 11:47:39 AM

Quote :

"They closed the Circuit City in my hometown."

all of their stores in ATL are closing - I think there's 13 of them - so far the discounts are 10-30% with all of the stuff you'd want still at 10% so going back in a week to see if it's any better

11/14/2008 11:51:57 AM

^When I picked up my last paycheck, they had signs in the back that said "80% off original price," so have patience. Everything was at least 10% off to start, more depending on the item.

11/14/2008 11:52:44 AM

Quote :

"NEW YORK – Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The plans, posted on the company's Web site, are being discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees. The company said total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels. The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter. Shortly before the town hall meeting in New York, Citigroup Chairman Win Bischoff said at a business forum in Dubai, United Arab Emirates, that it would be irresponsible for Citi and other companies not to look at staffing in the event of a prolonged economic downturn. "What all of us have done — and perhaps injudiciously — we've added a lot of people over ... this very benign period," Bischoff said. "If there is a reversion to the mean ... those job losses will obviously fall particularly heavily on the financial sector," he added. "Certainly they will fall particularly heavily on London and New York." In his comments to the Associated Press, Bischoff did not rule out the likelihood that Citi's leaders would go without bonuses this year — a move that would effectively amount to a substantial pay cut for the company's executives. "Watch this space," he said when asked about lost bonuses. On Sunday, Goldman Sachs Group Inc. said seven top executives, including Chief Executive Lloyd Blankfein, opted out of receiving cash or stock bonuses for 2008 amid the ongoing credit crisis."

11/17/2008 9:12:50 AM

funny how a month ago they were trying to buy wachovia and now this

from p1

Quote :

"Citigroup [C 11.21 -0.61 (-5.16%) ] cut 11,000 jobs during their third quarter, which brought the total number of jobs cuts in 2008 to 23,000. Citigroup also is drawing up lists of employees in a division including investment banking who will be let go in another round of layoffs, people with direct knowledge of the matter told Reuters. The layoffs are part of Citigroup's previously announced plans to reduce headcount by about 9,100 across the company by next October."

[Edited on November 17, 2008 at 9:16 AM. Reason : .]

11/17/2008 9:15:36 AM

^ especially considering this

Quote :

"The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter."

11/17/2008 9:23:48 AM

citigroup has balls

big, stupid, balls

[Edited on November 17, 2008 at 9:27 AM. Reason : -s Ø]

11/17/2008 9:27:01 AM

11/17/2008 9:28:31 AM

anyone know if any of the citigroup layoffs are effecting Primerica? i did a project there at the corp. hq in duluth, ga earlier in the year and just wondering how the guys i worked with are doing

11/17/2008 9:30:08 AM

great- "big balls" has become the official anthem for all things layoff/closing/bankruptcy for me now

11/17/2008 10:18:52 AM

my company laid off one, and cut pay to a bunch of salary employees

12/4/2008 12:26:33 PM

Quote :

"Morrisville, N.C. — Venture-backed Integrian, which is focused on mobile video technology, has been sold to one of its equipment suppliers, sources tell WRAL Local Tech Wire. As a result of the deal, which is expected to close this week, some 30 of the company’s 70 employees are being laid off. The buyer is Catalyst, a New York-based company with operations in the Triangle and in Mexico. Catalyst makes the high-tech gear for Integrian. Chief Executive Officer Pete Durand also has left Integrian along with some top vice presidents, according to the sources who asked not to be identified. One source is a company insider with intimate knowledge of what occurred. Durand left the company on Tuesday and is pursuing other opportunities, the sources said. Company officials this week have remained closemouthed about the deal despite requests for comment. A formal announcement is expected Thursday. Matt Mikula, who had been vice president of operations, has taken the CEO spot, according to the sources. Integrian raised some $50 million in venture capital and was backed by Triangle-area VC firms Intersouth and Wakefield Group. Motorola also was an investor. Credit Suisse was part of a financial syndicate that helped Integrian raise $36 million in capital, $30 million of which was spent to acquire an Australian firm. Local Tech Wire reported on Nov. 14 that Integrian was seeking a buyer. At that time, Durand denied rumors that the company was about to shut down. “We have a lot of people looking to acquire this business,” Durand said. “I’m in discussions on the merger-and-acquisition front. We definitely have people trying to buy the company.” Durand dismissed any talk that the company might close. “We’re not shutting our doors today,” he said. “That is not something we have discussed right now.” Integrian recently did convert $14.8 million from debt to equity in the firm as part of a restructuring, Durand added. PricewaterhouseCoopers reported in its most recent “MoneyTree” venture survey that Integrian had raised that amount in new financing. “There wasn’t new funding,” Durand said. “We converted a bridge [financing] note.” Integrian has raised more than $60 million, including the debt conversion, from investors since it launched in 1999. Intersouth, which is based in Durham, and Wakefield Group in Chapel Hill are Integrian backers along with Polaris Ventures, Motorola and Credit Suisse. The firm raised more than $14 million in venture capital before making a big acquisition move in 2005 that didn’t work out. The Australian firm, Innovonics, concentrated on technology for video surveillance in environments such as railroad stations. Integrian shut down that part of the business last November and cut its head count by about half. Integrian also acquired two other companies over the past three years, Signal Innovations Group in RTP and Digital Safety Technologies."

12/4/2008 3:19:28 PM

A slew of large-scale job-cut announcements came Thursday, with AT&T (T, Fortune 500), DuPont (DD, Fortune 500), Viacom (VIA) and Credit Suisse announcing they would cut a total of nearly 21,000 jobs. All cited the weak economic conditions for the cuts.

12/5/2008 8:36:02 AM

Quote :

"NEW YORK (CNNMoney.com) -- Dow Chemical Co. said Monday it will streamline its business by cutting about 5,000 jobs, closing plants and shedding assets. In response to poor market conditions, Midland, Mich.-based Dow (DOW, Fortune 500) said it will eliminate about 11% of its global workforce. The company also said it planned to close 20 facilities and shed high-cost assets and several non-strategic businesses. Dow said it will also scale down its headquarters and revamp its corporate structure. The company said it expects the restructuring, which will be effective in January to save $700 million in annual costs by 2010. It said the savings would be in addition to the previously announced $800 million a year from the anticipated Rohm and Haas acquisition. "Today's restructuring is designed to support the Dow of tomorrow," said Dow Chairman Andrew N. Liveris, in a statement. "However, we are accelerating the implementation of these measures as the current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn." Shares of Dow Chemical rose nearly 3% in premarket trading."

12/8/2008 11:08:08 AM

Quote :

"BOCA RATON, Fla. - Office Depot Inc. will close about 9 percent of its North American stores over the next three months and open fewer locations next year in an effort to cut costs, the office supply chain said Wednesday. The plan to shutter 112 stores will reduce the chain's base to 1,163. It plans to close 45 stores in the Central U.S., 40 in the Northeast and Canada, 19 in the West and eight in the South. Office Depot also will close six of its 33 North American distribution facilities. Meanwhile, the Delray Beach, Fla.-based company said it plans to shut another 14 stores next year while opening just 20 new sites, half of what it planned. Office Depot will take related charges of $270 million to $300 million in 2008 and 2009. The struggling retailer considered store closings in October, when it reported a third-quarter loss due to slumping sales as consumers and small businesses cut back spending. Office Depot shares, which have tumbled more than 82 percent since the beginning of the year, were unchanged in pre-market trading Wednesday at $2.43. "

12/10/2008 9:44:39 AM

Quote :

"OVERLAND PARK, KAN. - Sprint Nextel, the U.S. wireless carrier ranked the worst in customer satisfaction for two years running, might close as many as 20 call centers in 2009 as CEO Dan Hesse seeks to fight off the recession. Calls about bills and handsets probably will drop 20 percent in 2009, the same as this year, amid service improvements, Chief Service Officer Bob Johnson said. Sprint simplified billing and directed more people to online help sites, so fewer centers are needed, he said. The moves would cut the number of call centers by half since 2007. Hesse made customer satisfaction a priority after taking the helm at Sprint, which has lost almost 3 million contract subscribers this year. "

12/10/2008 9:51:38 AM

12/10/2008	Mohawk Industries	105	Durables
12/10/2008	Procter & Gamble	320	Household
12/09/2008	Praxair	1,600	Chemicals
12/08/2008	Anheuser-Busch Co.
	1,400	Food
12/08/2008	3M 	2,300	Conglomerates
12/08/2008	Wyndham Worldwide
	4,000	Leisure
12/08/2008	Dow Chemical 	5,000	Chemicals
12/05/2008	General Motors 	7,758	Durables
12/05/2008	Legg Mason 	200	Financials
12/05/2008	Cablevision 	100	Media
12/05/2008	Staples 	140	Retailing
12/04/2008	Steel Dynamics 	65	Materials
12/05/2008	Cummins 	500	Capital Goods
12/04/2008	Windstream 	170	Telecommunications
12/04/2008	General Electric	500	Conglomerates
12/04/2008	E.I. du Pont de Nemours	2,500	Chemicals
12/04/2008	AT&T	12,000	Telecommunications
12/032008	Freeport-McMoRan Copper & Gold	1200	Materials
12/03/2008	United Technologies	350	Conglomerates
12/03/2008	Gannett	2,000	Media
12/03/2008	Adobe Systems	600	Software
12/03/2008	Jefferies Group	300	Financials
12/03/2008	Viacom	850	Media
12/2/2008 	United States Steel 	4,175 	Materials
12/01/2008	JPMorgan Chase 	9,200	Banking
12/01/2008	PepsiCo	87	Food
11/25/2008	Dana Holding	50	Durables
11/24/2008	BlackRock	10	Financials
11/21/2008	Berkshire Hathaway	215	Finance
11/21/2008	International Paper	550	Materials
11/21/2008	Western Union	200	Business Services
11/20/2008	Bank of New York Mellon	1,800	Banking
11/20/2008	Whirlpool	100	Durables
11/20/2008	Boeing	800	Aerospace
11/17/2008	Citigroup	52,000	Banking
11/14/2008	Sun Microsystems	6,000	Technology
11/12/2008	Applied Materials	1,800	Technology
11/12/2008	Las Vegas Sands	11,000	Leisure
11/12/2008	Morgan Stanley	2,000	Finance
11/12/2008	Liberty Media	910	Retailing
11/12/2008	Textron	665	Conglomerates
11/11/2008	AK Steel Holding	800	Materials
11/7/2008	Ford Motor	2,600	Durables
11/6/2008	Mattel	1,000	Household
11/6/2008	MGM Mirage	400	Leisure
11/6/2008	Omnicom Group	145	Media
11/4/2008	Hartford Financial Services Group	500	Finance

12/11/2008 12:10:22 PM

big layoffs at lenovo

http://www.bizjournals.com/triad/stories/2009/01/05/daily46.html

1/8/2009 11:22:43 AM

only 100 here from what i heard

1/8/2009 11:23:20 AM

Only 100, but one of them is a friend of mine's husband. It sucks, and this is nothing compared to the blood bath IBM is going to go through on the 23rd of this month.

1/8/2009 11:25:41 AM

Nortel just filed for Chapter 11

1/14/2009 11:00:38 AM

Temporary work relief right here

1/14/2009 1:19:07 PM

rf micro had 2 small rounds... but they're done

they also shifted some production overseas technically. but it was to england so that doesnt count

1/14/2009 1:20:59 PM

rf micro is in a lot of trouble

1/14/2009 1:21:34 PM

I just volunteered for severance yesterday, so now it just has to be approved/granted

My company is laying off a lot of people at my site, and I found a new job, so might as well take that $severance while I can

1/14/2009 1:23:33 PM

eh i'd say that shareholder perception is driving that fear

but they already have some huge contracts set in stone.... between all the spending theyre cutting, all the supply consolidation, and the fact that moto and DOD arent gonna stop buying the new stuff.

but yeah theyve made some wild moves in the past year, like selling bluetooth to qcomm, and buying up the supply chain.... cutting lots of quality jobs

they'll survive just fine

(plus for most people there, getting fired is like a free 6 month vacation.... except for the no job part. at least they're not fucking people)

rumor has it that they may hire back some of the ones they laid off after 6 months, so it really might end up being a vacation for them

1/14/2009 1:26:36 PM

yeah, i'm just waiting for our layoffs to come. currently i'm investigating the job scene so that i can have some on lock for when i get laid off

1/14/2009 1:26:42 PM

So alot of online poker for me

1/14/2009 1:31:23 PM

hahaa i remember thinking that i would make a career out of online poker. i constantly made money in sit-n-go's... but i could never make myself put in more than 10+1.... so the ROI was great, but i had no balls

then my brother and i built a video poker machine for the game "second life" and made a few thousand!!1

1/14/2009 1:45:25 PM

Just multitable the $10+$1 sngs

1/14/2009 1:50:27 PM

man its been like 2+ years since ive played poker for money online. these days i just stick with the friendly cash games every couple months at someones house. and clean up

1/14/2009 1:51:31 PM

I need to find some friendly cash games. Every game I hear about seems to get busted by the cops or robbed.

1/14/2009 1:57:41 PM

it helps to not have many friends in the town you live in. small games

1/14/2009 1:58:43 PM

I'm ready get up to the DC area to start my gubment job

1/14/2009 3:35:03 PM

Quote :

"Nortel files for bankruptcy protection Posted: Today at 6:41 a.m. Updated: Today at 1:02 p.m. Reeling from the sudden drop in demand for its voice-only telecom-network equipment, Nortel Networks Corp. (NYSE: NT) filed for bankruptcy protection Wednesday. The Toronto-based company, which employs about 2,000 people at its campus in RTP, has been trying to cut costs and sell assets. Nortel spokesman Jay Barta said the Chapter 11 filing in Delaware bankruptcy court will have no immediate impact on the RTP operations, but he said that might change in the future. "We are not announcing any changes specific to Nortel sites or employment connected with this announcement at this time, but as part of our restructuring, we will be reviewing options to reduce costs," Barta said in an e-mail to WRAL News. The bankruptcy filing comes as Nortel, which faces a $107 million payment on debt on Thursday, continues to struggle financially. The largest maker of telecommunications gear in North America, the company has failed to find a buyer for one of its networking divisions, a key factor in its bid to recover financial stability. Creditor protection would give the company more time to explore restructuring options or sell off some of its assets. "Nortel is still very much in business, and we will continue to be 100 percent focused on driving results for all of our stakeholders," Barta said. "We expect to emerge a more focused, financially sound and competitive company." Nortel said in a release that it had been in the process of a turnaround since late 2005 but added that "the global financial crisis and recession have compounded Nortel's financial challenges and directly impacted its ability to complete this transformation." Local analysts said the bankruptcy filing doesn't come as a surprise. Nortel has struggled since the technology bubble burst in 2000, they said. Last month, the company launched a restructuring plan that eliminated 1,500 jobs. Nortel President and Chief Executive Mike Zafirovski said the company filed for Chapter 11 protection with a $2.4 billion Canadian ($2 billion) cash position. "Nortel must be put on a sound financial footing once and for all," Zafirovski said in the statement. The company has been attempting to recover for years from an accounting crisis that affected results and caused shareholder lawsuits, regulatory investigations and the firing of key executives, including former CEO Frank Dunn. Nortel stock, which once traded at more than $1,200 Canadian per share on a pre-split basis during the tech bubble, closed Tuesday at 38.5 Canadian cents a share on Canada's main stock exchange. Nortel once had more than 95,000 employees and a market capitalization of $366 billion Canadian ($297 billion) on the Toronto Stock Exchange. It closed Tuesday worth just $191 million Canadian ($155 million). The Toronto Stock Exchange halted trading of Nortel's shares Wednesday as the stock fell 30 percent in pre-market trading. Nortel’s board met Tuesday night to discuss strategy and the debt payment. One analyst told Reuters that Nortel could pursue bankruptcy even though it still had plenty of cash on hand. "The issue is not whether or not they can pay it. ... It's the idea of, if you know you're eventually going to default anyway, why not do it now and keep the ... interest payments you would have shelled out," Duncan Stewart of DSAM Consulting told Reuters. Copyright 2009 by WRAL.com and the Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. "

1/14/2009 4:14:10 PM

Circuit City to completely liquidate.

Quote :

"Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business - closing its 567 U.S. stores and cutting 30,000 jobs. The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys, Mervyns LLC and Linens 'N Things into bankruptcy. Experts believe there will be more to come. "This is the only possible path for our company," Circuit City's acting Chief Executive James A. Marcum said in a statement. "We are extremely disappointed by this outcome." The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable. Negotiations for an acquisition went past midnight on Thursday, a Circuit City lawyer said in court. Two buyers - Mexican billionaire Ricardo Salinas Pliego, who controls a chain of electronics stores in Latin America, and the Golden Gate Capital private equity firm - had been looking to buy the company in a shrunken form, with either 350 stores or as few as 180 stores. But the company couldn't secure the necessary financing or support from vendors. Employees were being notified Friday that they would lose their jobs and, if a judge gives final approval to the liquidation, stores would begin the closing process as early as Saturday. "Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders," Marcum said. Shareholders are likely to receive nothing, as is typical in bankruptcy cases. Circuit City said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators. They provide for 70.5 percent return on merchandise. It was unclear what would happen to the company's 765 retail stores and dealer outlets in Canada. Circuit City lawyer Gregg Galardi of Skadden, Arps, Slate, Meagher & Flom LLP told a judge there are still bids for the Canadian business. "Very, very sad," said Alan L. Wurtzel, the son of company founder Samuel S. Wurtzel, and the chief executive from 1972 to 1986, board chairman from 1986 to 1994 and vice chairman until 2001. "I feel particularly badly for the people are employed or until recently were employed." Wurtzel has previously said Circuit City didn't take the threat of rival Best Buy Co. seriously enough and, at some points, were too focused on making a profit in the short term instead of building long-term value. Credit Suisse analyst Gary Balter told investors that Circuit City's demise will help Best Buy cement its position as the market leader. "Losing Circuit (City) and what had previously been an $11 billion business, in addition to share gains from other smaller outlets, should help to partially offset weaker consumer spending as well as further secure Best Buy's position as the leader in the space," he said. The liquidation of Circuit City follows the worst holiday shopping season in four decades. People have slashed their spending since the financial meltdown in September as they worry about their job security and declining retirement funds. KB Toys filed for bankruptcy in December and is liquidating stores. Department store chains Goody's Family Clothing and Gottschalks Inc. both filed for bankruptcy this week - Goody's plans to liquidate, while Gottschalks hopes to reorganize. Industry experts expect more bad news in the coming months as spending likely will deteriorate further. The Circuit City move will also hurt the nation's malls, which have suffered from the rise in vacancies as other chains have liquidated. But analysts say that the demise of Circuit City, whose stores range in size from 20,000 to 25,000 square feet, will hurt the fortunes of mall operators even more. "It will bring to market a glut of big box spaces across the country," said John Bemis, head of Jones Lang LaSalle Inc.'s retail leasing team. "It will have one of the largest impacts on big box real estate across the country." Circuit City filed for Chapter 11 in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season. It had been exploring its options since May, when it opened its books to Blockbuster Inc. The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a chain to sell electronic gadgets and rent movies and games. Blockbuster withdrew the bid in July. Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of this year. Under court protection, it broke 150 leases at locations where it no longer operates stores and closed 155 stores in the U.S. in November and December. But it also got permission from U.S. Bankruptcy Judge Kevin Huennekens to liquidate if the company could not find a buyer."

1/16/2009 3:12:03 PM

set em up

1/16/2009 5:08:54 PM