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Cricuit City to be Liquidated

Old 01-16-09, 09:52 AM
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Cricuit City to be Liquidated

Breaking News Banner on MSNBC right now states this. No other word so far. IMO this is bad news. Circuit City was a competitor for BB and now that they are going BB may start raising prices. We will have to see.

Mods, if this is the wrong forum, please move but I think there will be lots of bargains in the days ahead.

**Updated**

Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.

Last edited by MScottM; 01-16-09 at 11:27 AM.
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Old 01-16-09, 09:58 AM
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Re: Cricuit City to be Liquidated

That sucks. I liked my local CC. The employee's were nice.

And I think this belongs in the Store forum.
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Old 01-16-09, 10:00 AM
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Re: Cricuit City to be Liquidated

I will personally not miss this atrocious chain.
Never had anything in stock.
Customer service was on existant.
I would check out a going outta business sale, but
they already have little to nothing in the store!
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Old 01-16-09, 10:13 AM
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Re: Cricuit City to be Liquidated

Does this mean ALL stores are closing?

If its anything like when Media Play went out of business, this could be fun.
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Old 01-16-09, 10:14 AM
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Re: Cricuit City to be Liquidated

Originally Posted by MScottM View Post
Breaking News Banner on MSNBC right now states this. No other word so far. IMO this is bad news. Circuit City was a competitor for BB and now that they are going BB may start raising prices. We will have to see.

Mods, if this is the wrong forum, please move but I think there will be lots of bargains in the days ahead.
I doubt BB can, given the prominence of the internet.
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Old 01-16-09, 10:30 AM
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Re: Cricuit City to be Liquidated

http://finance.yahoo.com/news/Circui...-14083094.html

Use them GCs quick!
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Old 01-16-09, 10:49 AM
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Re: Cricuit City to be Liquidated

This will probably be the same situation as CompUSA. The deals will be weak at first, maybe 10% the whole store. Then finally ending with 75% off. By that time anything worth buying will be long gone.
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Old 01-16-09, 10:52 AM
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Re: Cricuit City to be Liquidated

One less ad for Speedy to post... And I'm sure he's happy after the shit they put him through a year back.
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Old 01-16-09, 10:52 AM
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Re: Cricuit City to be Liquidated

I could care less about CC, but the impact on the economy and unemployment may hurt.
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Old 01-16-09, 10:53 AM
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Re: Cricuit City to be Liquidated

Honestly, I am not surprised by this at all. But maybe CC can redeem themselves and offer good deals online, like CompUSA has done.
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Old 01-16-09, 10:54 AM
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Re: Cricuit City to be Liquidated

Hated the chain! Only bad thing is now BB has no competitors.
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Old 01-16-09, 10:56 AM
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Re: Cricuit City to be Liquidated

Originally Posted by Snowmaker View Post
Does this mean ALL stores are closing?

If its anything like when Media Play went out of business, this could be fun.
I still miss Media Play, but I won't miss Circuit City really at all.

.
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Old 01-16-09, 10:59 AM
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Re: Cricuit City to be Liquidated

Originally Posted by DarthVong View Post
Hated the chain! Only bad thing is now BB has no competitors.
Target, Walmart, and the internets. At least for the stuff I buy, media, etc.
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Old 01-16-09, 11:04 AM
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Re: Cricuit City to be Liquidated

don't think it'll make any difference, BB raised their prices years ago, they knew they beat CC long before this

CC always kept baiting by advertising sale items they don't have in stock, I got tired of it and stopped shopping there
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Old 01-16-09, 11:05 AM
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Re: Cricuit City to be Liquidated

Originally Posted by GizmoDVD View Post
One less ad for Speedy to post... And I'm sure he's happy after the shit they put him through a year back.
Just a poorly run company all around, they won't be missed.
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Old 01-16-09, 11:06 AM
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Re: Cricuit City to be Liquidated

I always thought of CC as a ghetto Best Buy, at least the ones around me. But I do think the lack of competition will hurt consumers.
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Old 01-16-09, 11:15 AM
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Re: Cricuit City to be Liquidated

Originally Posted by Rockmjd23 View Post
Was never a fan of the place, but as an ex retail worker I feel bad for all the employees without a job.
Originally Posted by mike01 View Post
I could care less about CC, but the impact on the economy and unemployment may hurt.
Yeah.
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Old 01-16-09, 11:17 AM
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Re: Cricuit City to be Liquidated

Well, I have $20 in Reward Certificates coming from the CC Credit Card that should be here next week. Hopefully I'll still be able to use them.
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Old 01-16-09, 11:25 AM
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Re: Cricuit City to be Liquidated

I don't think BBY will be raising their prices. There are bunch of Wal-Mart’s and lots of local stores all around the U.S. plus the internet. Also you can always PM any printed competitor ad price at BBY. I feel bad about CC going out of business but I never feel comfortable at any CC store. I don't know if anybody feels the same way but I thought CC stores always had dim lights and lower ceilings than BBY. It is not going to be good for economy that’s for sure but we might FINALLY get some decent deals from CC...
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Old 01-16-09, 11:28 AM
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Re: Cricuit City to be Liquidated

Hopefully ours will have a fire sale. 50% Blu would be nice.
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Old 01-16-09, 11:28 AM
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Re: Cricuit City to be Liquidated

I'm one of the few, but I actually liked CC. I was always treated well, and I got a ton of great deals. It was also the best place for me to pricematch: convenient location, extra 10% off, and never any hassles.
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Old 01-16-09, 11:29 AM
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Re: Cricuit City to be Liquidated

Circuit City to liquidate remaining US stores
Jan 16 12:05 PM US/Eastern
By MICHAEL FELBERBAUM and VINNEE TONG
AP Business Writers

Bankrupt Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it failed to find a buyer and will 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.

The liquidation of Circuit City is the latest fallout from the worst holiday shopping season in four decases. People have slashed their spending since the financial meltdown in September as they worry about their job security and declining retirement funds.

Other recent casualties include KB Toys, which filed for bankruptcy in December and is liquidating stores. Department store chains Goody's Family Clothing and Gottschalks Inc. both filed for bankruptcy this week—Goody's plans to liquidate, while Gottschalks hopes to reorganize.

Industry experts expect more bad news in the coming months as spending likely will deteriorate further.

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.

"Very, very sad," said Alan L. Wurtzel, the son of company founder Samuel S. Wurtzel, and the chief executive from 1972 to 1986, board chairman from 1986 to 1994 and vice chairman until 2001. "I feel particularly badly for the people are employed or until recently were employed."

Wurtzel has previously said Circuit City didn't take the threat of rival Best Buy Co. seriously enough and, at some points, were too focused on making a profit in the short term instead of building long-term value.

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.

It had been exploring strategic alternatives since May, when it opened its books to Blockbuster Inc. The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a 9,300-store chain to sell electronic gadgets and rent movies and games. Blockbuster withdrew the bid in July because of market conditions.

Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of this year.

Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores. The company already closed 155 stores in the U.S. in November and December.

U.S. Bankruptcy Judge Kevin Huennekens had given the company permission to liquidate if a buyout was not achieved. The company still needs final approval of a liquidation from the court.

The liquidation is the latest big blow to the nation's malls, which have suffered from a rise in vacancies as a slew of chains from Mervyns LLC to Linens 'N Things have liquidated. But analysts say that the demise of Circuit City, whose stores range in size from 20,000 to 25,000 square feet, will hurt the fortunes of mall operators even more.

"It will bring to market a glut of big box spaces across the country," said John Bemis, head of Jones Lang LaSalle Inc.'s retail leasing team. "It will have one of the largest impacts on big box real estate across the country."
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Old 01-16-09, 11:37 AM
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Re: Cricuit City to be Liquidated

Originally Posted by Snowmaker View Post
If its anything like when Media Play went out of business, this could be fun.
What happened when Media Play went out of business?
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Old 01-16-09, 11:38 AM
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Re: Cricuit City to be Liquidated

How could Best Buy raise their prices further? Shit, everything there is retail already. $30 Blu-ray disks, full MSRP audio equipment, and TVs priced higher than any other retailer/etailer I have seen.

Circuit City was the worst. Management should be shot. Sadly, they were good 10 years ago. It just went downhill after that. I feel bad for the out of work employees, but the company sucked. Good riddance.
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Old 01-16-09, 11:42 AM
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Re: Cricuit City to be Liquidated

Originally Posted by Willh51 View Post
Hopefully ours will have a fire sale. 50% Blu would be nice.
when they closed some individual stores I went in the last week before closing armed with my iPhone. Every price at circuit city was beat by a reputable on-line merchant.

Blu's were 40% off of RETAIL and the selection sucked.

The Sony 400 disk DVD Changer was $300...same as Vanns, Crutchfield, etc.

Boston Acoustics HTIB was more expensive than all but one on-line retailer I checked.

Portable HDs were more expensive than what anyone on this board could pay on-line.

They can;t even liquidate properly.
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