"On Sept. 29, Circuit City reported a loss of $239.2 million that was more than triple from a year earlier after sales fell for the sixth straight quarter.
Losing Share ~
Circuit City's rivals gained market share by offering Apple Inc. and Dell Inc. computers. Larger Best Buy and discount retailer Wal-Mart lowered prices on flat-panel televisions to lure U.S. customers, who are limiting spending because of higher food costs, further job losses and declining home values.
The global financial crisis is making it harder for the chain to stock its shelves and for consumers to finance purchases.
The company took on more debt this year, increasing a $500 million revolving credit agreement to $1.3 billion in January, according to its most recent quarterly filing with the U.S. Securities and Exchange Commission. As of May 31, Circuit City said it still had $963 million available to borrow."