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After failing to find a buyer or a refinancing deal, electronics retailer Circuit City plans a complete liquidation. The move, which follows a November bankruptcy filing, will leave more than 30,000 employees out of work. Also See: Circuit City Timeline

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Money Advertisement

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Illinois Bank Is First to Close in 2009

posted: 6 HOURS 26 MINUTES AGOcomments: 21

filed under: Financial Crisis

In the first bank shutdown of the year, regulators close National Bank of Commerce of Berkeley, Ill. The ongoing credit crunch led to 25 bank closures in 2008, compared to three in all of 2007.

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BofA Profit Drops, Secures More US Aid

posted: 8 HOURS 19 MINUTES AGOcomments: 619

filed under: Earnings, Financial Crisis

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Escalating credit losses drive Bank of America to report a $2.39 billion fourth-quarter loss and slash its quarterly dividend to a penny. The federal government agrees to inject $20 billion worth of fresh capital into the bank, in addition to the $25 billion in rescue funds BofA has already received. Quote: BAC
BloggingStocks: Terms of BofA Deal

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Citi Posts Loss, Splits Up the Company

posted: 11 HOURS 49 MINUTES AGOcomments: 86

filed under: Earnings, Financial Crisis

As it posts a fourth-quarter net loss of $8.29 billion, Citigroup says it is splitting up into two businesses. The bank's move reveals its growing focus on back-to-basics lending and deposit-gathering, and dismantles the "financial supermarket" created a decade ago. Quote: C | BloggingStocks: Will Citigroup Get Third Bailout?
24/7 Wall St.: Citi Got Rebuilt Against Its Will

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Hertz to Eliminate More Than 4,000 Jobs

posted: 12 HOURS 44 MINUTES AGOcomments: 33

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