Circuit City (CCTYQ) is a specialty retailer of consumer electronics, or should I say "was"! Circuit City (CCTYQ) today announced after failing to secure financing from creditors that it would liquidate its remaining stores. The bankrupt retailer had a poor business model, despite over $10 billion in sales this past year, failing to effectively compete with Wal-Mart (WMT) and Best Buy (BBY), both of whom will benefit greatly from the demise of Circuit City (CCTYQ).
Circuit City (CCTYQ) is the first of my short picks of the year to declare bankruptcy.... who will be next?
8 hours ago