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R.I.P. Circuit City

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 10:41 AM
Original message
R.I.P. Circuit City
AP via Yahoo!:



Circuit City to liquidate remaining US stores
By MICHAEL FELBERBAUM and VINNEE TONG, AP Business Writers


Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it had run out of options and will be forced to liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.

"This is the only possible path for our company," James A. Marcum, acting chief executive, said in a statement. "We are extremely disappointed by this outcome."

The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable. And bleak holiday sales results further weakened even the stronger retailers.

Circuit City said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.

"Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders," Marcum said.

Shareholders are likely to receive nothing, as is typical in bankruptcy cases. It was unclear what would happen to the company's 765 retail stores and dealer outlets in Canada.

Circuit City filed for Chapter 11 bankruptcy protection in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season. .......(more)

The complete piece is at: http://news.yahoo.com/s/ap/20090116/ap_on_bi_ge/circuit...





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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 10:43 AM
Response to Original message
1. It is predicted there will be many more like Circuit City this year.
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Beausoleil Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 10:49 AM
Response to Original message
2. Watch out for liquidator markdowns
They can be deceptive.

Otherwise it might be a good time to pick up some good electronics/computer equipment, etc.
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Wiley50 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 11:00 AM
Response to Reply #2
5. They didn't sell computers
which, I believe, was one factor that did them in

But I haven't shopped there since 2 or 3 years ago

when they fired all of their best paid sales staff

and hired essentially scabs at minimum wage
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 11:07 AM
Response to Reply #5
7. CC does and has sold computers.
Bad news is I bought one last week (tiny netbook).

I wonder if they still accept returns.
Likely can get same thing $50 cheaper during liquidation.
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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 11:12 AM
Response to Reply #2
8. No Deals: Notorious CompUSA Liquidator To Run Circuit City Closings
No Deals: Notorious CompUSA Liquidator To Run Circuit City Closings

Your worst suspicions have been confirmed, the liquidator that ran the notoriously awful CompUSA liquidation (they actually raised prices, ) is conducting the liquidation of 155 Circuit City stores.

http://consumerist.com/341677/photos-compusa-raises-pri...


http://consumerist.com/5132952/circuit-city-will-comple...
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YOY Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 10:50 AM
Response to Original message
3. I'd like to say good riddence...but there are more people unemployed because of this...
n.t.
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blue_onyx Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 10:57 AM
Response to Original message
4. Not surprising
I have a family member who bought a plasma tv there about a year ago. It has broken twice and they have been having a hard time getting it fixed the second time. I guess that extended warranty won't be honored by Circuit City now. Hopefully the manufacturer will help them out.
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AlCzervik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 11:05 AM
Response to Original message
6. well that sucks, there's a relatively new one in my town.
let's see that's Mervyns---gone, Circuit City--gone, Gottschalk's-going pretty soon and bunch of homebuilders pulled out of town leaving neighborhoods unfinished and lots of people unemployed.
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leeroysphitz Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-16-09 11:13 AM
Response to Reply #6
9. Idon't even want to think about it. n/t
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