Circuit City Shutting Down The Rest Of Its Stores

[Ian]

Circuit City is going to close its remaning 567 stores. Liquidation sales begin tomorrow and run through March 31st.

http://money.cnn.com/2009/01/16/news/co ... 2009011611

Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise.

The company said it has 34,000 employees.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "We were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company."

In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy (BBY, Fortune 500) - said it had reached an agreement with four companies to start the liquidation process.

The company said the sale would begin Saturday and run until March 31, pending court approval.

The retailer's Web site and call center will cease to operate after Jan. 18.

[Ian]

I stopped at our local Circuit City last night to see what kind of deals they had. They were advertising 10-30% off their jacked up liquidation prices.. which put them back pretty much to where they were before. People were still buying lots of stuff.

Surprisingly, recordable media was pretty cleaned out. Its amazes me that people would be stupid enough to pay $25 for 50 CD-R discs, but I guess those clearance tags make it a good deal to some.

[Dartman]

I haven't even went to mine yet, doubt anything except stuff most people don't want or know what it is will be a deal. I'm so tired of liquidators swooping in then jacking up all the prices and also bringing in their extra crap that wouldn't sell from their last buyout.
The CompUSA closing was like that, many things were selling for more then they were when CUSA was running it, and no warranty on anything.
I've seen the hyper voiced ads already and last week they had a official CC add in the Sunday paper, their very last one I'm pretty sure.
Bet prices at Best Buy aren't going to be as good now that they have lost their main competition...

[Ian]

Check this out...

http://www.youtube.com/watch?v=5dw8ZDMjm04

[Dartman]

Thanks, we both knew that was coming, and stupid people with no clue what crap is really worth still buy it.