Light Fading For US Electronics Giants
The top two electrical retailers in the US are in serious trouble.
The largest, Best Buy, said Wednesday that falling consumer spending has caused it to lower earnings forecasts. Calling this the most difficult climate it has ever seen.
Best Buy sees same-store sales for the four months remaining in its 2009 fiscal year dropping by as much as 5% to 15%.
The second largest, Circuit City, filed for Chapter 11 bankruptcy protection Monday.
The company attempted earlier this month to stem its financial troubles by closing 155 stores and shelving plans for new stores.
The largest, Best Buy, said Wednesday that falling consumer spending has caused it to lower earnings forecasts. Calling this the most difficult climate it has ever seen.
Best Buy sees same-store sales for the four months remaining in its 2009 fiscal year dropping by as much as 5% to 15%.
The second largest, Circuit City, filed for Chapter 11 bankruptcy protection Monday.
The company attempted earlier this month to stem its financial troubles by closing 155 stores and shelving plans for new stores.
