Circuit City isn’t the only brick and mortor retailer stuggling as Tweeter might soon be shutting down. The retailer’s CEO was replaced by a restructuring firm exec and sent out a nice little letter to all the employees.
“in light of the current extreme economic conditions and the company’s recent performance,” and that the move “is in the best interest of the company, as well as all other parties in interest.”
The move he is referring to is a “temporary transition period” – sounds like transition to the unemployment office to me. The retailer was just bought out of its 2007 bankruptcy but apparently this whole financial crisis hasn’t helped sales. So know the question is: who will go under first? Circuit City or Tweeter?