Circuit City files for bankruptcy and plans on laying off thousands of workers
The downturn in the economy is hard on individuals and businesses. Circuit City, the big electronics store, filed for bankruptcy on Monday November 10. 2008. The company which has reported only one profitable quarter in the last year announced last week that it planned on closing 20% of its stores and laying off thousands of employees. Such layoffs have a ripple effect. Many individuals who are facing bankruptcy are doing so because they have been laid off from work and are unable to pay their monthly bills. Unfortunately many of the Circuit City employees who will be laid off will end up in a financial bind and some may be looking at bankruptcy as an option for relief from debts.
