Recent Blog Posts
-
Fannie Mae Losses Continue
Nov 06 20096:04 am EDT -
Insider-Trading Case Grows with Arrests
Nov 05 20093:46 pm EDT -
Crisis? What Financial Crisis?
Nov 05 200911:44 am EDT -
Harley Narrows Plant Options
Nov 05 20096:26 am EDT -
Mad Chrysler Men
Nov 04 20096:21 pm EDT
Sep 22 2008 6:30pm EDT
Pulling the Plug at Circuit City
Circuit City, the floundering electronics retailer, pushed out chairman and chief executive Philip Schoonover tonight.
In a press release, the new chairman, Alan King, said the move was made to accelerate the company's turnaround.
At the same time, the company said it expects its second-quarter loss to be less than the $170 million to $185 million it had previously forecast. That figure excludes unusual and noncash charges.
Circuit City is scheduled to release results for that quarter, which ended August 31, next Monday.
by Mark Stein
Also on Portfolio.com:
- Did Lehman Brothers Steal $8 Billion?
- S.E.C. No Evil
- A Bomb Disposal Expert Explains How to Handle Stress
- Wall Fall Down: Who Will Survive the Panic?
