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Circuit City Closing 155 Stores - Files For Bankruptcy

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Circuit City Closing 155 Stores - Files For Bankruptcy

Postby Ian on Sun Nov 02, 2008 10:03 pm

I can't say that I'm too surprised. Unless they're having a really good sale on something (which is rare), I hardly ever shop at Circuit City.

http://consumerist.com/5074161/breaking ... 155-stores

According to anonymous insider tips, Circuit City is closing 155 stores and withdrawing from 12 markets. This will be officially announced tomorrow at 8am, says our source. A scan we received of a letter distributed to CC employees helps corroborate the story. The tipsters say that store employees were told this morning. No information was provided at that time about severance pay. Employees in certain departments, like car installation, and Firedog, will likely be out of a job within 48 hours. Warranties will still be honored. A Consumerist commenter on this post says this story is true, and a few posts in Google Finance forums also attest to the store closing. One post there says the store closings will be effective 12/31/08. The news wouldn't be entirely unexpected as...

WSJ reported on Oct 20th that the retailer was considering closing 150 stores. On Friday, Oct 31, CC was warned it get delisted from the New York Stock Exchange because its stock price averaged below $1 for 30 days.

Suffice to say, even if the store closings don't get announced tomorrow, Circuit City is officially fried.
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Re: Circuit City Closing 155 Stores

Postby Ian on Mon Nov 03, 2008 4:47 pm

Here's the list of stores that are closing:

http://news.yahoo.com/s/ap/20081103/ap_ ... ngs_list_1

Surprisingly, they're not closing any of the ones in Madison.
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Re: Circuit City Closing 155 Stores

Postby redk9258 on Mon Nov 03, 2008 8:47 pm

I have to say, I have NEVER bought anything from CC. My wife bought a TV and VCR (remember those) from them before we got married. For years they were calling and trying to sell extended an warranty. This is why I never bought from them. When I turn down the stupid extended warranty the first time that should be the end of discussion. That is almost as bad as Radio Shack always wanting your address and phone number. I like when Larry The Cable Guy talks about buying a VCR from Radio Sahck and the salesman asking for his address. He says something like "We'll what are you going to do... come over and watch porn with me?" Anyway, maybe they'll had some good stuff for their going out of business sale.
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Re: Circuit City Closing 155 Stores

Postby Dartman on Mon Nov 03, 2008 9:24 pm

I've bought a few things from them over the years, usually when they have a sale or smokin' price. I've never had any issues taking anything back that I didn't want after all or anything. I recently bought a Panasonic Blu ray player as a demo for 160, and a Denon 757 dvd/SACD/DVDAudio player as a Demo as well for under 70. Their price drops on Demo's and things are nation wide so if the price drops and they still have it your good to go.
Best Buy plays the slower store get the better prices game so one store can have the Dual HD-Radio for 30 bucks, and another store 20 miles away or just down the street will be full retail.. This actually happened for me, I got 5 radios for family and friends after playing the game back to get them at others stores.
I think the competition is good, if enough of these type of stores fold, we may never get the deals like we can at times now again.
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Re: Circuit City Closing 155 Stores

Postby Wesociety on Tue Nov 04, 2008 10:21 am

Same deal as with CompUSA for me, sad to see them go because of the decreased competition and the occasional sale, such as Black Friday deals, etc
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Re: Circuit City Closing 155 Stores - Files For Bankruptcy

Postby Ian on Mon Nov 10, 2008 11:02 pm

CC has filed for bankruptcy now. I give em another 4 months.. maybe 6 at the max.

http://online.wsj.com/article/SB122632305224313513.html

A week after announcing that it would liquidate 155 U.S. stores and lay off thousands of employees, Circuit City Stores Inc. succumbed to mounting pressures and filed for U.S. Bankruptcy Court protection Monday in its home state.

Circuit City said it sought bankruptcy law protection because its standing with suppliers crumbled in a matter of days after it disclosed its worsening financial state and store closings Monday. As a result, many electronics makers either stopped shipping to the company or demanded payment in advance.
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Re: Circuit City Closing 155 Stores - Files For Bankruptcy

Postby Dartman on Mon Nov 10, 2008 11:25 pm

Yep, that's a bummer. I hope they pull through like I said I have gotten some good things from them before and their discontinued item policy is way better then Best Buy's.
Maybe I need to hit my local store and see if any deals are to be had.
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