Well, Circuit City just closed its door due to Chapter 7 Bankruptcy, and here's my tribute to them.
No, this is not a hate movie on them, this is a love/tribute to them.
IT ALSO HAS NO CONTENT BECAUSE IT IS CALLED A "SPAM FLASH" LEARN TO INTERNETS PEOPLE GOSH FFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUCCCC CCCCCCCCCC---------------
[IF YOU LIVE IN CANADA YOU STILL HAVE CIRCUIT CITY, YOU LUCKY BASTARDS]
How did it happen?:
On November 3, 2008, Circuit City announced that it would close 155 stores and lay off 17% of its workforce by the end of the year as a result of continually struggling to remain profitable. On November 7, 2008, Circuit City laid off between 500 and 800 corporate employees from their Richmond, Virginia headquarters. The approximately 1000 remaining corporate employees would all be consolidated into one building in an effort to further reduce cost and improve profitability. On November 10, 2008, Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.
In bankruptcy court, Circuit City was approved to borrow $1.6 billion to finance operations while it restructures. Court filings revealed that the company had assets of $3.4 billion and debt of $2.32 billion, including a $119 million debt to Hewlett-Packard, and a $116 million debt to Samsung Electronics. Chief executive James A. Marcum said that bankrupcy would allow Circuit City to restructure its business and promised that the stores would stay open and the chain would not be liquidated.
On November 18, 2008, it was announced that Ricardo Salinas Pliego, current owner of Mexican television broadcaster TV Azteca, purchased 28 percent of Circuit City.
On January 10, 2009, it was reported by several media outlets that Circuit City needed a buyer by January 16, 2009 to keep from shutting its doors. This is due to an upcoming deadline reached by the court and creditors. Two unnamed parties had expressed interest in purchasing the retail giant. However, no bidders could be found, and Circuit City's bankruptcy is being converted to Chapter 7, forcing the company into liquidation and the closing of all its stores in the U.S. The fate of Canadian stores, which are run under The Source by Circuit City banner, is not yet clear. InterTAN released a statement on January 16, 2009 confirming that the Canadian stores operated under The Source by Circuit City banner, are not part of the liquidation. Circuit City also confirmed that its Canadian stores are not affected by the liquidation.