It's official... Circuit City has filed in Bankruptcy Court to liquidate its assets. They hope to begin the liquidation on Saturday.
For some, this comes as no surprise. Circuit City has been on the long road to a slow death. In addition to a poor marketing positioning, Best Buy is just knocking the pants off these guys.
In November 2007, Circuit City laid off about 3,400 workers, then offered them to come back for a lower pay rate. What a great way to motivate your sales staff. It doesn't take a Business major to know that was a dirty move.
In 2008 Circuit City closed some of its stores in an attempt to "fix" some of its problems. However, management never came up with a viable marketing plan. It takes more than closing stores to fix what's broken.
So now we have just one electronics retailer... Best Buy. What's a monopoly to do?