Subscriber Content Preview
  • NOVEMBER 11, 2008

Retail Losses Sap a Jobs Safety Net

more in Economy »

Circuit City Stores Inc.'s bankruptcy-court filing Monday underscores how this economic downturn may differ from others in recent memory: The U.S. retail sector is losing its place as the employer of last resort for the newly unemployed.

Circuit City, the country's second-largest electronics chain, had already announced it would cut 6,800 people as it conducts going-out-of-business sales at one-fifth of its outlets. On Monday, the company filed for Chapter 11 bankruptcy protection, and said that the number of job losses was likely to rise to 8,000.

Circuit City is the latest of at least 14 major retail chains, including Linens ...

Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

www.djreprints.com

Most Popular