More Lay-Offs as retail giant Circuit City calls it quits

With lay offs and foreclosures as ubiquitous as hay in a barn, it’s no surprise that the retail industry is suffering hard times. If the consumer doesn’t have a job or enough money to pay his mortgage, how is he going to buy a big screen T.V?

Circuit City just announced that they were closing all of their stores in the U.S. They’ll be having liquidation sales in the remaining 567 stores. Presently, Circuit City employs around 34,000 employees in the U.S. That’s another 34,000 lay offs we can expect in 2009.

Baltimore is home to 6 of the Circuit City stores, making them a substantial member of Baltimore’s retail community. Economic conditions are expected to decline in the city as a result of the retailer’s decision to file for Chapter 11.

Unfortunately, Circuit City is not the only victim of the recession. Many retail locations, in Baltimore specifically, have already closed. In some areas, the town is a ghost of its former self.

Still a major sea port, Baltimore maitains some tourism appeal, however, with the absence of so many retailers, tourists might opt somewhere else. It is apparent that retailers will have to begin utilizing different approaches to attract customers in today’s economy.

You can be more prepared to think up your own approaches to business by reading Employment Crossing.