Sunday, March 8, 2009

Circuit City

It's funny how duplicitous, or milquetoast, or wimpy financial journalism is when investors, arguably the most important consumer of financial journalism, are anything but.

Circuit City bit the dust today. No more. Ask a professional investor and they'll tell you that Circuit City got killed by better service from Best Buy at the high end and lower prices from Walmart on the low end and that's all you need to know.

Reuters takes the following slant:

"Circuit City's going-out-of-business sales that began Jan. 17 were expected to last up to eight weeks. But last week, liquidators said the process would be completed early, closing the doors of the once-vaunted consumer electronics chain's more than 500 stores for the last time on Sunday.

Dennis Patel, who said he was the first employee hired at the North Bergen store when it opened nine years ago, watched as customers hovered over the paltry selection.

"It's a sad thing for us employees," he said, attributing the chain's failure to the economy and competition."

Futures are looking green for the morning.

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