The journey is over for Borders. The company failed to find a buyer and will cease to exist in about two month’s time. All of Borders’ 399 stores will close down. Waldenbooks locations are also expected to close. Liquidation for Borders stores could begin as early as Friday.

Remember Swoopo? It’s the company that popularized the pay-for-bids auction site. At the time it was a great way for tricking suckers users into paying a lot of money for the chance to buy a high-cost item at a lower cost. Turns out three years later the company isn’t doing too well. On Wednesday Swoopo’s more »

Just last week it appeared like a bankruptcy was the inevitable for satellite provider Sirius XM, but how quickly things can change. Liberty Media Corporation has just stepped in and saved them with a loan for a whopping $530 million. The loan will be given in two parts with the first beginning immediately.

The first part consists of $280 million, of which $171.6 million will go to pay their debts. The second part will be $150 million with another $100 million going towards the outstanding loans from XM Satellite Radio.

New reports are claiming that Sirius XM is “within days” of filing for Chapter 11 bankruptcy. According to a New York Times report, the company is currently “working with advisers to prepare for a possible bankruptcy filing.” So, as of now, they are considering the option, which means they have not begun the process, still this is not good news.

On the flip side, the report also mentions that this could also be a calculated move to convince Charles Ergen (owner of Dish Network and EchoStar) to make a solid offer to purchase. Ergen has already made an offer in the past, it came shortly after Sirius and XM merged.

It seems as though you have to go out of business these days to make any money. The companies hired to liquidate Circuit City’s remaining stock announced today that sales have reached an astounding $450 million over the past two weeks. They expect that the liquidation sales will end sooner than expected due to the astounding number of shoppers that have turned up to snatch up their discounted electronics.

Circuit City officially announced today that they are moving to request the court’s permission to liquidate. The company was still employing over 30,000 in the US and hopefully, many of them saw the writing on the wall. Today’s announcement isn’t that much of a surprise.

The company filed for bankruptcy protection back in November of last year. In December, the company listed 567 stores in the US and if I am reading this right 765 stores and dealer outlets in Canada. Does Canada even have 765 people? Do each need their own big box store? I think I’ve located Circuit City’s folly.

The bricks and mortar retail giant that once was – Circuit City – announced Chapter 11 bankruptcy protection back in November. Now, the company has issued an update stating that they are putting themselves up for sale as a “going concern” – meaning the company will continue to operate as a business entity but is more »

Just last week, Circuit City announced plans to close a fifth of its stores. This morning, they just filed for Chapter 11 protection in the U.S. Bankruptcy Court. The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 billion in liabilities. The company said it more »

Satellite radio took a hit this past week as WorldSpace filed for Chapter 11 bankruptcy. Only two weeks ago, both Chief Operating Officers resigned.

WorldSpace is a subscription-based service that broadcasts news, sports, music and educational programming to over 150,000 people. They charge $5.00 – $10.00 per month for their plans and provide more than 100 channels. WorldSpace offers the only satellite radio service outside the U.S. (except Japan and South Korea). Sirius XM is the licensed provider of satellite radio here. Judith Pryor, Senior Vice President of Worldspace, told me that they do not expect for the U.S. to ever be in their market. With a reorganization and probable sale in its immediate future, it is uncertain who their audience will be.

Keep reading for the rest on Worldspace and how Sirius is in trouble too…

It is looking like Helio customers may soon be making their monthly payments to Virgin Mobile. Recent reports coming from a Helio “tipster” are claiming that we can expect to see some of their corporate stores and kiosks begin to close very soon. It has also been mentioned that Helio and Virgin were looking towards more »