My family bought our first sound system from Circuit City. It had a 6 CD changer that I thought was pretty sweet. Those were better times for the electronics super store who just secured a $1.1 billion credit line from Bank of America to buy more time. The credit line was secured to help pay for merchandise and pay salaries.
Here are some stats from the article:
- $119 million owed to Hewlett-Packard
- $116 million owed to Samsung Electronics
- Closing 155 stores
- Layoff of 20% of 43,000 employees
The holiday season just around the corner. We will see if people decide to splurge or save this year.
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