2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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As of May 31, Circuit City operated nearly 700 U.S. stores and had 775 stores and dealer outlets in Canada. In its last fiscal year, it lost $320 million on sales of $11.7 billion.
Blockbuster has more than 7,700 stores worldwide. It lost $85 million last year on revenue of $5.54 billion.
The rental chain faces tough competition from the mail-delivery service of Netflix Inc. and cheap DVDs for sale at discounters such as Wal-Mart Stores Inc. Since Keyes was hired last year, Blockbuster has moved to cut costs and limit losses in its online service, Total Access.
Before news of Blockbuster's decision, shares in the movie-rental chain rose a penny to close at $2.51. In after-hours trading, they rose 29 cents, or 11.6 percent, to $2.80.
Circuit City shares fell 34 cents, or 11.8 percent, to $2.55 in regular trading--skidding to a 52-week low of $2.47 during the day. They dropped another 35 cents, or 13.7 percent, to $2.20 after-hours.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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