Sale! Everything must go!

More good news..sort of

Translation: Sale! Everything must go!

I thought the juxtaposition made by Whalin was odd also. He started off saying that their closure was a sign of how bad things are for retailers (which, they are bad). But then cited poor management decisions by the company itself.. which they did. Recall a few years ago, Circuit City fired virtually all of its long-time staff (salespeople generally) and then offered to bring them back at reduced salaries and/or commissions. This is the opposite of intelligent management. The same sort of arguments advanced by GM with the "recession is killing us" excuse isn't going to fly here either. GM was a poorly run corporate giant. I don't have any idea why they deserve several billion tax dollars even as a loan. Ok, yes its difficult to create advance loans for short term needs during this particular recession. But I would think the logical thing to do is to only give those out to companies (and banks for that matter) that are well-positioned to not only survive, but recover and eventually thrive. A poorly managed company isn't one of those sort. At least Circuit City gets to fail and have its resources distributed amongst the survivors. I'm waiting to see if that's the eventual outcome of GM.

Citigroup is also splitting back out of its supermarket of finance model. Which is a good thing.