Daily Archives: 2008/11/10

Circuit City BANKRUPT

Circuit City filed for Bankruptcy Monday with Liquidation Likely. Trading of CC shares on the NYSE were halted as shares fell to 11 cents.  Circuit Citys struggles intensified as consumers spend less , credit is tighter and lost market share to rivals Best Buy & Wal-Mart.

The company’s biggest creditors are Hewlett-Packard ($118.8 million) followed by Samsung ($115.9 million)  Sony ($60 million)  Zenith ($41.2 million)  Toshiba ($17.9 million) and others.

General Motors [GM] shares plunged to a 60 Year Low of $3.02 Monday after Deutsche Bank forecast their price would fall to zero , saying that even if there is a Bailout of the Auto Giant , Shareholders would not benefit. Equity shareholders are unlikely to get anything.

GM reported steep quarterly Losses and warned it would run out of cash in the first half of next year and appealed to the US Government for help to save it from Collapse.

DHL announced Monday that it is Cutting 9500 Jobs and Closing its US Service Centers.

In a record bailout of a private company , the Federal Reserve & US Treasury provided another $150 billion in financial aid to former insurance giant AIG. No Banker Left Behind. 

The DJIA closed Down 73 points at 8870.

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