Circuit City Stores Inc
Which retailers will thrive in 2009 and which will have an uphill battle? A survey of customer satisfaction during the holiday season may shed light on those issues.
Amazon and Netflix delighted online shoppers, according to the annual Top 40 Online Retail Satisfaction Index from ForeSee Results and FGI Research. Meanwhile, satisfaction with Web sites for Circuit City, Gap, Home Depot, HSN, Neiman Marcus, and Overstock fell below industry standards.
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While the nation's top three automobile giants are trying to convince the government that they need a bailout, other businesses are doing what they can to stay afloat even if it means slashing thousands of positions.
Today, Sony joined the growing list of companies who have had to cut a percentage of their workforce to stay competitive. Sony announced Tuesday that it will slash 8,000 positions between now and March 2010 in its electronics business, cut operation costs, and cut inventory.
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AT&T, one of the largest phone companies in the world, has fallen victim to economic turbulence. AT&T announced Thursday it will cut four percent of its workforce, or 12,000 jobs.
With 303,530 employees worldwide and $120 billion in pro-forma revenue in 2007, AT&T said the cuts are the result of a poor economy and an effort to reorganize and focus on specific businesses within the company, including wireless, broadband and video.
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In a last-ditch effort to keep operating, consumer-electronics giant Circuit City has filed for bankruptcy protection in both the United States and Canada.
Just days after the Richmond, Va.-based company announced it would close 155 of its 770 retail stores and cut 20 percent of it U.S. workforce, Circuit City on Monday said it has faced significant financial challenges and needs to file for Chapter 11 protection in the United States, while seeking protection under the Companies' Creditors Arrangement Act in Canada.
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Consumer electronics chain Circuit City is implementing plans for massive layoffs and closing 155 stores this week. The technology retailer is joining a list of other businesses that have had to close their doors because of a weakening economy and a less-promising holiday shopping season.