Years ago I worked at a Circuit City-like big-box retailer in Washington state called Future Shop. I was there through the bitter end when they shuttered the U.S. stores, and I worked through the liquidation. Toward the end there wasn't much left. Employees would hide things they wanted so they could get the larger discounts later in the sale, but for the most part we treated the customers well.
Qimonda, an affiliate of Germany-based Infineon Technologies, is seeking protection under Chapter 11 for its U.S. unit, the company said Monday. Separately, a research report was released today forecasting dim prospects for chipmakers in 2009.
The U.S. unit of Qimonda AG, one of the world's largest memory chip manufacturers, said in a statement that it is seeking bankruptcy protection. "The US subsidiaries Qimonda North America Corp. and Qimonda Richmond L.L.C. filed for creditor protection under Chapter 11 on February 20, 2009," the company said in a statement Monday. "No disruptions to operations, … Read more
Sirius XM Radio's chief executive may lose his job if the company chooses to file for bankruptcy protection.
A group of creditors tells The Wall Street Journal that it will seek the removal of CEO Mel Karmazin if the company chooses bankruptcy over a deal with an investor that would allow it to remain solvent.
"Creditors will act quickly and definitively if they perceive that management is acting in their own interest and not in the best interest of the estate," Edward Weisfelner, a partner with Brown Rudnick, the law firm representing the creditor group, told the … Read more
Midway Games has filed for Chapter 11 bankruptcy.
A recent "change in ownership triggered accelerated repurchase obligations relating to two classes of Midway debt, which Midway anticipated it would be unable to satisfy," the company said Thursday in a statement. In December, Midway announced that investor Sumner Redstone sold an 87 percent stake in the company to Mark Thomas in exchange for $100,000 and the assumption of $70 million in debt.
"This was a difficult but necessary decision," Midway CEO Matt Booty said in a statement of the bankruptcy filing. "We have been focused … Read more
Charter Communications announced Thursday it plans to file for Chapter 11 bankruptcy as part of an agreement reached with its debt holders.
The announcement runs counter to the success its largest investor and Chairman Paul Allen received when he co-founded Microsoft with Bill Gates. Since that time, however, Allen has run into bumps along the way with his other investments.
Charter, which announced its plans to file for Chapter 11 while the markets were open, ended the day down a whopping 48.1 percent to close at nearly 3.5 cents a share.
By April 1, Charter plans to file … Read more
I don't get it, the satellite company claims 19 million subscribers, and if they were paying the same rate as I do, $12.95 a month, that works out to close to $3 billion a year in income. They also have ads on all the nonmusic channels, which have to be generating income as well. Oh, wouldn't you think the ads on Howard Stern's show … Read more
Sirius XM Satellite Radio, the financially troubled radio service, is busy preparing for a possible bankruptcy filing, according to a published report.
Sirius is staring at a significant debt crisis. According to a story that appeared on Yahoo finance, financial research firm, Moody's, "thinks there's a 'high likelihood' that Sirius will fail to repay or refinance its debt in 2009."
Sirius' debt comes due on Tuesday, according to the … Read more
After exploring other options, Circuit City said Friday it will begin liquidating all remaining stores.
About 30,000 employees face layoffs as the rest of its 567 stores are closed. The fates of outstanding warranties, its Firedog repair service, and Canadian stores are still to be determined, according to the company.
The nation's second-largest consumer electronics retailer filed for bankruptcy in November and initially closed 155 retail outlets in an attempt to get its roughly $2 billion debt under control. Just a week ago, Circuity City announced it was in talks for a sale with two "highly interested&… Read more
Nortel Networks, once a high-flying telecommunications equipment maker, filed for Chapter 11 bankruptcy protection Wednesday.
Nortel has been struggling to regain its footing since the last economic downturn in 2001 and 2002, which hit the telecommunications industry particularly hard. But the recent credit crunch may end up as the death knell for the company, making it difficult for Nortel to fund its operations. At the same time, customers have also pulled back drastically on spending for the company's voice-only equipment.
For the past several months, Nortel's management team has been trying to cut spending. The company has also … Read more
This was originally posted at ZDNet's Between the Lines.
Circuit City said Friday that it is in talks with "two highly motivated and interested parties" about selling the company as a going concern. Meanwhile, Best Buy, the largest electronics retailer in the U.S., reckons it continues to take market share.
Circuit City asked the bankruptcy court to approve procedures that officially would sell Circuit City in total, by business units, or by assets such as inventory.
In a statement, Circuit City said:These interested parties are considering providing additional financing to allow the company to sustain … Read more