Author: Vinnee Tong
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Shockwaves from Circuit City’s closure will be broad, long-lasting
Circuit City will finally flicker out when its last 567 stores close this year, but the bankruptcy of the nation’s second-largest electronics retailer will ripple across the U.S. economy for years. In its wake will be 18.71 million square feet of vacant space in a faltering real estate market. More than 40,000 workers will be…
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Circuit City to liquidate remaining US stores
Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, said Friday it had run out of options and will be forced to liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.”This is the only possible path for our company,” James A. Marcum, acting chief executive,…
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Tribune bankruptcy buys time to fix finances
NEW YORK – Tribune Co.’s bankruptcy filing gives the struggling newspaper and television station owner time to put its finances in order, and complete the difficult task of finding buyers for some of its troubled properties amid a dismal advertising environment.Tribune – owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies…
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Circuit City files for bankruptcy protection
RICHMOND, Va. • Circuit City Stores Inc. filed for bankruptcy protection Monday, hoping the move will help it survive as it heads into the busy holiday season. Under Chapter 11 protection, the nation’s second-biggest electronics retailer can keep operating while it develops a reorganization plan. Its Canadian operations also filed for similar protection. The company…
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CEO Richard Fuld to leave Lehman by year-end
NEW YORK • Richard Fuld will step down as chief executive of failed investment bank Lehman Brothers Holdings Inc. by the end of the year and won’t receive severance or a bonus, a spokesman said Wednesday. He will stay on as chairman of the board. Fuld faced growing pressure to give up the job of…
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Lehman workers adjusting to new owners
NEW YORK • One week after Lehman Brothers filed the biggest bankruptcy in U.S. history, a big chunk of its work force is getting used to the idea of working for someone else. Lehman Brothers Holdings Inc. filed for Chapter 11 a week ago on Monday, and since then, Lehman has sold its North American…
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Weak dollar makes doing business in U.S. a bargain
NEW YORK – Thanks to the weakened dollar, the U.S. has leapfrogged France, Britain and other European countries as a cheaper place to do business.A study released Thursday by the auditing and consulting firm KPMG shows that the U.S. moved up on the list of most cost-efficient places around the world. Researchers compared 136 cities…
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IHOP has plans for Applebee’s
Paige Maupin, riding Ziggy, rounded the final corner in a barrel race at John Metcalfe Memorial Park. Photo by