When the U.S. Stock Market took a big hit and was massivly affected in all forms by what looks to be an oncoming recession. Circuit City filed bankruptcy and closed some of its stores to accomidate. Now what does Circuit City got to do with drifting you may ask yourself? Well, Circuit City was presenting sponsor for Formula Drift.
Yesterday morning, January 16th, 2009. Circuit City officially will be closing all their doors and will be liquidating all its assets to pay back those banks and buissness that it currently owes money to. This in part is due to Circuit City not finding a buyer or another way out of their bankruptcy. This is unfortunate as 30,000 people will be left without a job, adding to the massive amount of unemployed here in the U.S. We contacted Formula Drift back when they first went public with the bankruptcy(November) and was told that Circuit City was not resigning as title sponsor for 2009. This did not mean at the time that they we’re completly leaving Formula Drift, it just meant they we’re remaing a sponsor in a different level. With yesterday’s news, this once again has changed and unfortunatly means they will no longer be able to sponsor FD for 2009.
Circuit City is the second largest consumer electronics retailer behind Best Buy and is another sign of the hard times facing the U.S.