#2 electronics retailer, Circuit City, has filed for bankruptcy and is asking for court approval to close its 567 stores. If approved, doors will close by March 31 and its 34,000 employees will receive 60 days notice, pay, and benefits.
I embroidered a Circuit City hanky on November 11, 2008, when it secured a credit line of $1.1 billion with Bank of America, closed 155 stores, and laid off 8,600 employees.
Bank of America is not without its own woes. The banking giant just received another $20 billion in bailout funds from TARP. I have to admit, my anti-number crunching mind can't comprehend how the shifting of funds is working to offset the losses. In any case, bailout funds were granted to absorb the deficit (which, apparently, was much, much higher than forecasted) accrued by the buyout of Merrill Lynch.
By golly, all this time I thought money grew on trees.
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