We’ve tried, but we just can’t take it anymore!

Times are tough for everyone these days, and I am constantly hearing about another company failing.  However, I was a little sad to learn that Circuit City was filing Chapter 11 bankruptcy (after it just announced it was closing about 700 stores last week).  I am sure it wasn’t a real shock to anyone though.  I know that most retailers pretty much sweat bullets waiting for “Black Friday” to come along so that they can start showing a profit. 

So what does this mean to you???  Well almost nothing (unless you work for Circuit City or shop there).  There will be a lot more store closures and a ton more layoffs (what else is new).  At a hearing in Richmond, U.S. Bankruptcy Judge Kevin Huennekens granted Circuit City interim approval to secure $1.1 billion in debtor-in-possession loans while it is in bankruptcy protection. Those funds, needed to stock merchandise and pay employees, replace a $1.3 billion asset-backed loan the company had been using.

Circuit City also was granted interim approval to abandon 150 leases at locations where it no longer operates stores, which it said costs $40 million annually.

It’s beginning to look a lot like Christmas…