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Posted By: Erica Ogg
After exploring other options, Circuit City said Friday it will begin liquidating all remaining stores.
About 30,000 employees face layoffs as the rest of its 567 stores are closed. The fates of outstanding warranties, its Firedog repair service, and Canadian stores are still to be determined, according to the company.
The nation's second-largest consumer electronics retailer filed for bankruptcy in November and initially closed 155 retail outlets in an attempt to get its roughly $2 billion debt under control. Just a week ago, Circuity City announced it was in talks for a sale with two "highly interested" parties. After the talks broke down, the company said, it had no choice but to liquidate all remaining merchandise and shut its doors.
"We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction. 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 to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company," James Marcum, acting president and chief executive officer for Circuit City, said in a statement.
The disappointing, recession-weakened holiday season likely sealed the retailer's fate, although the real problems began before the economic downturn. The retailer had posted several huge losses late 2007 and early 2008, but the rash of bank failures in September and October proved disastrous for it.
The resulting global credit crunch hit Circuit City hard. The retailer buys TVs, stereos, laptops, and other gadgets on credit, usually at a good rate from vendors with the promise to pay them back once the company sells the goods in its stores. But as the company racked up huge losses, and credit became suddenly more expensive, vendors stopped giving Circuit City reasonable financing rates.
Saturday, December 13, 2008
Posted December 2nd, 2008 by Andrew Boxall in Mobile Phone Handsets
We heard about it at the end of last week, but we had no idea just how exciting Nokia’s announcment would be! Christmas has come early this year as Nokia has revealed their brand new N-series handset, the N97 - and we couldn’t have wished for anything better! Take a look at the headline features:
Key Features of the new Nokia N97
- Touch display (3.5″ of it) which slides and tilts to reveal a full QWERTY kepboard plus d-pad for easy navigation.
- 5 Megapixel Camera
- Carl Zeiss integrated optics coupled with a dual LED flash
- A massive 32GB of internal memory with MicrSD support for further memory expansion
- Integrated Assisted GPS
- WiFi and HSDPA
- DVD quality video capture and 16:9 display
The N97 is a cutting edge smartphone that includes support for their OVI service as well as the Nokia Music Store. Nokia have called the N97 “the most advanced mobile computer” and have done well to keep ahead of current mobile phone usability trends. With more and more people using their phones to browse the net, to access email accounts and share photos online we expect that the likes of the N97 will become the most demanded everyday phone. GPS has also become a standard on handsets and more and more people are expecting their phones to have integrated GPS. App developers are also aware of this and the number of cool GPS reliant applications is growing at a phenomenal rate.
Nokia have divulged that the expected release date for the N97 is in the first half of 2009 and is expected to hold a pre-tax price tag of 550 Euros. So if you are wanting to get this handset soon after public release expect to take out a higher tariff package if you want it for free.