CE chain slump a sure sign of US recession

摘要

If that doyen of investors (and rich-list topper) Warren Buffett says the US is in recession, then listen up. His record on such stuff is too good to ignore. However, if you prefer evidence of a more technological character, consider the plight of the country's consumer electronics (CE) sector. It is supposed to be an economic 'firewall' and it is true that, while much of American retailing twitched and tumbled over the last 18 months, big CE chains generally fared better. However, the signs are that their turn has come. Sure, Circuit City, the US number two specialist, has long seemed hell-bent on being its own worst enemy, closing many stores and laying off thousands of its most experienced staff because, by its own admission, their salaries were "too high". Its top executive, Philip Schoonover, was named among the worst CEOs of the year by influential Wall Street Journal columnist Herb Greenberg.