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’BCE to buy The Source from Circuit City
BCE, Canada’s largest telecoms company, said Monday it would buy The Source, a national electronics retailer owned by Circuit City, more than doubling the number of retail locations that are either owned by BCE or have exclusive licences to sell its services.
Brace yourselves for record corporate defaults in 2009
In August last year, Moody’s issued what was then considered a gloomy outlook for corporates in the US. The ratings agency said it expected the global default rate to reach to 6.3 per cent by the following August,
Circuit City files for bankruptcy
Circuit City, the US electronics retailer, filed for bankruptcy protection on Monday, admitting it was struggling to persuade suppliers to keep its stores stocked for the holiday season. With more than 700 stores and 40,000 employees,
Retailers feel the credit squeeze
Retailers are being hit by a double credit whammy – the withdrawal or reduction of their lines of credit with major suppliers, and the loss of credit insurance.
Circuit City cited a lack of credit availability as one of the factors which contributed to its Chapter 11 filing,
Circuit Breaker
Just in time for the holidays, Circuit City, that stalwart of the US consumer electronics landscape, has filed for Chapter 11 bankruptcy, Bloomberg reports.
The filing comes just a week after the retailer said it would close 155 stores and cut 17 percent of its workforce in a bid to contend with tightening credit conditions and slowing consumer demand.
Blockbuster abandons Circuit City deal
Blockbuster on Tuesday abandoned its offer to buy electronics retailer Circuit City Stores, after weeks of investor speculation that the deal was falling apart, reports Reuters. Shares of the video rental chain jumped more than 7% in extended trade after the news.
Icahn ‘supports Blockbuster bid’ for Circuit City
Blockbuster, the video rental chain, said Monday it had the support of Carl Icahn, one of its largest shareholders, for its offer to buy Circuit City, the troubled US electronics retailer. Jim Keyes, chief executive of Blockbuster,