The company's advisers are trying to line up additional financing but so far lenders have shown little interest, the paper said.
"The management team, board of directors, and its strategic financial advisers are conducting a comprehensive review of all aspects of our business to determine the best methods of accelerating our turnaround," Circuit City spokesman Bill Cimino told the paper without giving details of the plans.
Let the Mauling of America commence. Yes we need half the retail space we have but the potential danger is in serial failure. How'd you like to be Best Buy? At first blush you are losing a competitor but what about selling this holiday season into the teeth of a recession with CC going through the 25%-60%-90% final sale clearance cycle? And let us not forget the problem of real estate. You remember, real estate. These stores who aggressively expanded have very high cost basises that don't go away just because they close a store. In the cases where the own the footprint they'll be forced to mark to market and undoubtably trigger loan covenants. They in turn will take down strip owners and often municipalities who also invested in the hopes of covering their costs of infrastructure with sles and property taxes. Oooops. And just like CSI and CSI: Miami and CSI:NY there's even a theme song. No, not "Who's Next?" rather "The Song Remains the Same."