Circuit City is not yet done with its announcements. Last week, the 59-year old store said that it is closing 155 of its stores in order to remain profitable. Today, the company said that it is also filing for Chapter 11 bankruptcy protection. Best Buy and Walmart is expected to benefit from this.
Originally posted on November 10, 2008 @ 1:48 pm
Remember when Circuit City was a favorite in “Good to Great†by Jim Collins? Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter’s 5 Forces Model)? It’s time we recognize that the old approach to management doesn’t work in a rapidly shifting competitive world. There are winners in today’s market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.com