Whos liquidating circuit city

This week, Saks announced it would cut about 1,000 jobs and Neiman Marcus said it plans to lay off 375 people.

Pharmaceutical, health care and technology firms this week have indicated that they are cutting staff.

stores on Saturday, the largest retail casualty yet in a recession that is expected to claim more victims.

- What began 60 years ago as a humble television store in this sleepy Southern capital ended Sunday as Circuit City closed its doors for good - its 567 remaining U. In its wake Richmond-based Circuit City Stores Inc.

About 2.6 million jobs were lost in 2008, with layoffs roiling through nearly every industry.

Over the last week, retailers and other businesses have rolled out a steady drumbeat of job cuts.

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They must wait to be paid until secured creditors such as bank lenders are satisfied.

The first of these replacements occurred in Knoxville, Tennessee; Charleston, South Carolina; and Hampton, Virginia.

They operated the stores under the "Lafayette/Circuit City" name and expanded to 15 locations, but the stores were not profitable and were closed in 1986 after spending US million to enter the market.

Circuit City filed for Chapter 11 bankruptcy protection in November with hopes of emerging as a stronger company able to compete in the ever-expanding marketplace; shedding its .32 billion in debt and getting out of older real estate.

Unable to work out a sale or secure new financing, the company will instead spend its remaining days tallying money from the sale of its assets, breaking or assigning its leases and paying off its growing list of creditors.


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