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At the beginning of 2001, photographer Phillip Toledano began taking pictures of recently abandoned offices, and the things people had left behind. He saw it as economic archeology. Phillip wanted to document the human cost while it was happening and he did. 

“There is something very strange about walking into a recently abandoned office. The heavy, Pompeii-like stillness, punctuated only by the occasional sound of the air-conditioning, turning itself on. A coat-hanger waiting patiently for a coat. A limp happy-birthday balloon on the floor. A drawer stuffed with take-out menus. Everywhere, signs of life, interrupted.”

More info and images after the jump. (more…)

Seeking to avoid extreme pressure from its creditors, Midway Games has filed for Chapter 11 bankruptcy today. They’ve avoided Mortal Kombat with its creditors and the fall of the 51 year old game publisher is not imminent. Investor Mark Thomas bought the company from Sumner Redstone last year for cheap but it triggered a chain of events that have left the company crippled. (more…)

And there you have it, people. Circuit City’s shutting down its remaining 567 stores and putting roughly 30,000 people out of a job. This happens just a two months after they shutdown 155 stores. No word yet on the fate of outstanding warranties, its Firedog repair service, and Canadian stores. The retailer had posted several huge losses late 2007 and early 2008, but the onslaught of bank failures in September and October really hit them hard. Remember their incident with Sony delivery trucks?

A week after closing 155 stores, the nation’s second largest consumer electronics retailer has filed for chapter 11 bankruptcy in Virginia.  The move gives them a cushion that will allow them to devise a restructuring plan and get back on its feet.  The company’s still going to stay open through the “holiday” season although there isn’t anything jolly about filing chapter 11.

Did you get a Circuit City Advantage Protection Plan?  Don’t worry, the filing will not affect that at all.  Hopefully.

Thanks CRN! [image courtesy of ripten]

Senator Obama calls what happened today “the most serious financial crisis since the Great Depression.”  We’d say it definitely ranks up there.  Just a few hours ago, Lehman Brothers was forced to file for federal protection by filing for bankruptcy, while another financial giant was bought out.  Bank of America bought out Merrill Lynch & Co. for $50 billion in an all-stock deal.

Both events hit the market pretty heavily, but not as heavy as was speculated.  Voters rank the economy as their number 1 concern heading into the election in November, and they’re looking to see who would help them the most in a time for economic relief.

What’s next?  AIG just got approved for $20 billion and is seeking more from the Federal Reserve to avoid a drop in credit rating.  The financials are in turmoil and only time will tell how long it will be before recovery begins, but who knows which other firms will tumble before that begins.

Source:  yahoo