Monday, November 10, 2008

Circuit City to shut 155 stores to preserve cash

UPDATE: Well, that didn't work out so good - CC just filed for bankruptcy protection

From Marketwatch, November 03, 2008:

NEW YORK (MarketWatch) -- Circuit City Stores Inc. said Monday it's shutting 155 U.S. underperforming stores, reducing future store openings and renegotiating leases to help preserve cash after its liquidity deteriorated and vendors tightened the struggling electronics retailer's payment terms.

The closings will result in a reduction of about 17% in the company's U.S. work force, Richmond, Va.-based Circuit City

As a result of the closings, Circuit City's exiting U.S. 12 markets, and management's considering all available options and alternatives to restructure its business.

Saturday, November 08, 2008

Tuesday, November 04, 2008

Monday, November 03, 2008

Consumer Online Spending Growth Slows to 6%

From Direct, November 01, 2008:

E-commerce growth has declined for five consecutive months in the U.S., according to the marketing research firm comScore Inc. Spending in some product categories has actually shrunk.

Online sales grew 6% overall during the third quarter. That’s down from a 13% rate of rate in the second quarter and a 12% rate of growth in the first quarter, compared to the same quarters in 2007.

The rate of online sales growth for September at 5% was the lowest since comScore began tracking e-commerce sales in 2001.

Symantec plans layoffs as sales fall short

From The Register, October 31, 2008:

Symantec has announced plans to cut its wage bill by 4.5 per cent in a move likely to means hundreds of people will lose their jobs with the security and storage software firm.

Chief financial officer James Beer also detailed previously announced plans to outsource work done by its IT and finance departments during a conference call discussing disappointing financial results.