It's been a tough year for Borders and its employees. Competition from the the likes of Amazon and Barnes & Noble have made it difficult for Borders to turn a profilt, and as a result, Borders filed for Chapter 11 bankruptcy protection back in February. That's no laughing matter if you're a Borders employee, just don't accuse the book chain of losing its sense of humor.
If you can top a $290 million offer, you can go out and purchase Blockbuster, the bankrupt video rental chain that's now up for sale, CNN reports. An investor group made up of Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management, and Varde Partners made the $290 million offer, and all happen to be creditors of Blockbuster.
Turn out the lights, the party is officially over. Circuit City's chain-wide liquidation sale came to end yesterday, marking the final day of operation for any of the former electronics chain's stores that had remained open in an attempt to clear out inventory.
Circuit City, who fell on rough times last year, did everything it could to try stay in business, including closing down over 150 stores and cutting 20 percent of its workforce, securing a massive loan to pay off debt, and trying to find a buyer interested in keeping the store afloat. But on January 16th of this year, Circuit City announced it would close all of its remaining 567 U.S. stores.
The liquidation sale that followed was met with a bit of controversy when reporter Nydia Han for ABC Action News sent a camera crew into a local Circuit City and found that several of the liquidation prices were higher than Best Buy's regular pricing.
Reaction to Circuit City's departure? Hit the jump and offer up an obituary.
Someone cue up Queen's "Another One Bites the Dust" and don't stop playing until the memory chip market has been fully weeded out. It was only a week ago that Germany-based chip maker Qimonda became the first major memory chip maker to file for bankruptcy, and now Spansion Japan appears to be on the chopping block as well.
Originally spun off by AMD in 2005 to create flash memory, Spansion now owes just shy of $810 million, making it the biggest bankruptcy filing in Japan's manufacturing sector this year. However, the company maintains that its operations will continue on as normal.
"Spansion Inc. does not expect the filing in Japan to materially affect its global operations," the company said Monday. "Spansion Japan Ltd. will continue its operations and intends to pay, in a timely manner, for all goods and services that it obtains after the date of filing."
How the bankruptcy court decides to proceed remains to be seen, but it would have a number of options available, from letting Spansion continue to operate as it restructures, to full-scale liquidation.