The Credit Crunch that Stole Christmas: Taking Down Target (NYSE: TGT)
November 13th, 2008
If you were working at Circuit City, chances are you knew that something was going to happen when Blockbuster announced it had made an unsolicited $1 billion bid for the company in mid April 2008. That still probably didn´t help soften the blow when the company declared bankruptcy on Monday. Today the company announced that Bank of America would be providing a $1.1 billion credit line for the company, which Bloomberg cited Circuit City as saying would ¨…help pay for its emergence from bankruptcy next year¨. But this brings up the larger thematic issue: is this an isolated event or the telling of more events to come? (more…)
