Goodbye Circuit City.... - DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate

**Dominick Yo** · 01-17-2009, 03:38 AM

First we lose CompUSA, and now Circuit City too...

NEW YORK (CNNMoney.com) -- 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.

Circuit City said employees will receive 60 days notice of the termination. http://money.cnn.com/2009/01/16/news...ion=2009011611

Now, I know the brick and mortar stores have been more expensive, but there is still the value of convenience of having things local. For me, this leaves the only decent electronics store now as Best Buy, who are more expensive and have worse deals. OF course, I have friends who work there (and did at CompUSA), so I really know how this sucks....

Oh well.. off to scour the sales I guess...

**Teeppoodiug** · 01-17-2009, 03:47 AM

Will this effect "The Source by Circuit City" stores we have up here? I assume so. They replaced all our RadioShacks.

edit - RTFA

I guess we keep ours for now...

**lollypopz** · 01-17-2009, 03:48 AM

Sweet. Err the sale is sweet (there's a Circuit City right next to me), but it does suck that best buy and frys will be the only electronic stores for miles.

**Dominick Yo** · 01-17-2009, 03:59 AM

Sweet. Err the sale is sweet (there's a Circuit City right next to me), but it does suck that best buy and frys will be the only electronic stores for miles.

I am jealous that you have a Fry's... like I said.. ALL I have now is Best Buy.. [thumbdown]

**Flieteewell** · 01-17-2009, 05:17 AM

what makes me sad is that Circuit city was started not too far from my work... after all these years its going down and what make me sad the most is the people who are going to be laid off... sad indeed.

**choollaBard** · 01-17-2009, 05:28 AM

Feel terrible for all the workers, however I'm not going to miss it much, all I ever did at Circuit City or Best Buy is touch stuff before buying it online anyways... I guess I'm part of the problem.

It did suck that CompUSA went down though. I did sometimes go in and buy stuff out of the modding/cooling section of the store.

**BGThomasis** · 01-17-2009, 05:53 AM

Not that I'm not a cold hearted bastartd (I am, I really am), but circuit city kinda sucks. Stock was bad, prices were bad, I mean I could have something overnighted and it would cost the same. I would always go in with questions, and just leave frustrated and disgusted because none of the sales staff knew what they were talking about

I had the same problem at Tweeter too (out of business too): they would claim to carry "high end" stuff, but I couldn't get anything else besides crap Sony or low end Pioneer pieces.

**KimLinbert** · 01-17-2009, 08:30 AM

It's sad, but it's also the natural progression of capitalism. Brick and mortar stores simply have too much overhead to maintain decent prices, and it's difficult to warrant purchasing expensive electronics there when they can be had online for upwards of 30% less.

**legal-advicer** · 01-17-2009, 09:26 AM

Wow that is really bad news and shows what state our economy really is in. I never really thought they would completely die (actually deep down I did because I worked there)

I bet Best Buy stock is going to go up big time after this news.

**gkihueonhjh** · 01-17-2009, 10:25 AM

Yup, our Circuit City closed last month. Strangely enough on the big blowout closeout sale there prices were a bit higher than normal. People were eating it up though thinking they got a deal on stuff.

**BGThomasis** · 01-17-2009, 10:35 AM

Yup, our Circuit City closed last month. Strangely enough on the big blowout closeout sale there prices were a bit higher than normal. People were eating it up though thinking they got a deal on stuff.

yeah, they did that when linens and things went out of business: they advertised HUGE 30% sale blah blah blah and put stickers over the original prices, but actually marked them up from normal

**codecouponqw** · 01-17-2009, 11:33 AM

Yup, our Circuit City closed last month. Strangely enough on the big blowout closeout sale there prices were a bit higher than normal. People were eating it up though thinking they got a deal on stuff.

When CompUSA went out, everything in the store was more expensive than could be had online. Needless to say, I didn't buy anything that day. [thumbdown]

**Phighicle** · 01-17-2009, 11:44 AM

good riddens

**legal-advicer** · 01-18-2009, 04:38 AM

I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight!

**codecouponqw** · 01-18-2009, 04:58 AM

I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight!

Probably a good thing I decided not to bother.

**ggdfgtdfffhfyj** · 01-18-2009, 05:14 AM

I went to a local Circuit City...

No useful sales at all. Stay home, buy online, let that mother****er burn.

**KimLinbert** · 01-18-2009, 05:38 AM

I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight!

Reminds you of that store from Zohan, called "Going out of Business."

**Flieteewell** · 01-18-2009, 05:41 AM

You guys are not missing much. Only selected items are on sale at a max of 10%. Worthless sale. Give it few more days

**Hofonom** · 01-18-2009, 07:32 AM

I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight!

I was planning to go to my local CC too, but I got lazy..and I think I am glad I didn't go..the sale seems to be worthless...online stuff still cheaper

**Fertionbratte** · 01-18-2009, 10:20 AM

98% of the items in the store were overpriced but if you really hunted there were a few goods deals, I got a pair of Sennheiser headphones there on sale for $15 after a $10 rebate, they were $35-45 everywhere else. Also, they had the whole all DVD's and CD's $10 the day after Thanksgiving, that was a good deal.

01-17-2009, 03:38 AM	#1
Dominick Yo Join Date Oct 2005 Posts 485 Senior Member	Goodbye Circuit City.... First we lose CompUSA, and now Circuit City too... NEW YORK (CNNMoney.com) -- 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. Circuit City said employees will receive 60 days notice of the termination. http://money.cnn.com/2009/01/16/news...ion=2009011611 Now, I know the brick and mortar stores have been more expensive, but there is still the value of convenience of having things local. For me, this leaves the only decent electronics store now as Best Buy, who are more expensive and have worse deals. OF course, I have friends who work there (and did at CompUSA), so I really know how this sucks.... Oh well.. off to scour the sales I guess... Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 03:47 AM	#2
Teeppoodiug Join Date Oct 2005 Posts 476 Senior Member	Will this effect "The Source by Circuit City" stores we have up here? I assume so. They replaced all our RadioShacks. edit - RTFA I guess we keep ours for now... Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 03:48 AM	#3
lollypopz Join Date Oct 2005 Posts 410 Senior Member	Sweet. Err the sale is sweet (there's a Circuit City right next to me), but it does suck that best buy and frys will be the only electronic stores for miles. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 03:59 AM	#4
Dominick Yo Join Date Oct 2005 Posts 485 Senior Member	Sweet. Err the sale is sweet (there's a Circuit City right next to me), but it does suck that best buy and frys will be the only electronic stores for miles. I am jealous that you have a Fry's... like I said.. ALL I have now is Best Buy.. [thumbdown] Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 05:17 AM	#5
Flieteewell Join Date Oct 2005 Posts 397 Senior Member	what makes me sad is that Circuit city was started not too far from my work... after all these years its going down and what make me sad the most is the people who are going to be laid off... sad indeed. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 05:28 AM	#6
choollaBard Join Date Oct 2005 Posts 516 Senior Member	Feel terrible for all the workers, however I'm not going to miss it much, all I ever did at Circuit City or Best Buy is touch stuff before buying it online anyways... I guess I'm part of the problem. It did suck that CompUSA went down though. I did sometimes go in and buy stuff out of the modding/cooling section of the store. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 05:53 AM	#7
BGThomasis Join Date Oct 2005 Location United Kingdom Posts 420 Senior Member	Not that I'm not a cold hearted bastartd (I am, I really am), but circuit city kinda sucks. Stock was bad, prices were bad, I mean I could have something overnighted and it would cost the same. I would always go in with questions, and just leave frustrated and disgusted because none of the sales staff knew what they were talking about I had the same problem at Tweeter too (out of business too): they would claim to carry "high end" stuff, but I couldn't get anything else besides crap Sony or low end Pioneer pieces. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 08:30 AM	#8
KimLinbert Join Date Oct 2005 Posts 457 Senior Member	It's sad, but it's also the natural progression of capitalism. Brick and mortar stores simply have too much overhead to maintain decent prices, and it's difficult to warrant purchasing expensive electronics there when they can be had online for upwards of 30% less. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 09:26 AM	#9
legal-advicer Join Date Oct 2005 Posts 615 Senior Member	Wow that is really bad news and shows what state our economy really is in. I never really thought they would completely die (actually deep down I did because I worked there) I bet Best Buy stock is going to go up big time after this news. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 10:25 AM	#10
gkihueonhjh Join Date Oct 2005 Posts 407 Senior Member	Yup, our Circuit City closed last month. Strangely enough on the big blowout closeout sale there prices were a bit higher than normal. People were eating it up though thinking they got a deal on stuff. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 10:35 AM	#11
BGThomasis Join Date Oct 2005 Location United Kingdom Posts 420 Senior Member	Yup, our Circuit City closed last month. Strangely enough on the big blowout closeout sale there prices were a bit higher than normal. People were eating it up though thinking they got a deal on stuff. yeah, they did that when linens and things went out of business: they advertised HUGE 30% sale blah blah blah and put stickers over the original prices, but actually marked them up from normal Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 11:33 AM	#12
codecouponqw Join Date Oct 2005 Posts 547 Senior Member	Yup, our Circuit City closed last month. Strangely enough on the big blowout closeout sale there prices were a bit higher than normal. People were eating it up though thinking they got a deal on stuff. When CompUSA went out, everything in the store was more expensive than could be had online. Needless to say, I didn't buy anything that day. [thumbdown] Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-17-2009, 11:44 AM	#13
Phighicle Join Date Oct 2005 Posts 482 Senior Member	good riddens Share Share this post on Digg Del.icio.us Technorati Twitter
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01-18-2009, 04:38 AM	#14
legal-advicer Join Date Oct 2005 Posts 615 Senior Member	I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight! Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-18-2009, 04:58 AM	#15
codecouponqw Join Date Oct 2005 Posts 547 Senior Member	I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight! Probably a good thing I decided not to bother. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

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01-18-2009, 05:14 AM	#16
ggdfgtdfffhfyj Join Date Oct 2005 Posts 501 Senior Member	I went to a local Circuit City... No useful sales at all. Stay home, buy online, let that mother****er burn. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-18-2009, 05:38 AM	#17
KimLinbert Join Date Oct 2005 Posts 457 Senior Member	I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight! Reminds you of that store from Zohan, called "Going out of Business." Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-18-2009, 05:41 AM	#18
Flieteewell Join Date Oct 2005 Posts 397 Senior Member	You guys are not missing much. Only selected items are on sale at a max of 10%. Worthless sale. Give it few more days Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-18-2009, 07:32 AM	#19
Hofonom Join Date Oct 2005 Posts 364 Senior Member	I just got back from eating near a CC and when we drove past wow that place was packed! You couldn't see an open parking spot in sight! I was planning to go to my local CC too, but I got lazy..and I think I am glad I didn't go..the sale seems to be worthless...online stuff still cheaper Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote

01-18-2009, 10:20 AM	#20
Fertionbratte Join Date Oct 2005 Posts 368 Senior Member	98% of the items in the store were overpriced but if you really hunted there were a few goods deals, I got a pair of Sennheiser headphones there on sale for $15 after a $10 rebate, they were $35-45 everywhere else. Also, they had the whole all DVD's and CD's $10 the day after Thanksgiving, that was a good deal. Share Share this post on Digg Del.icio.us Technorati Twitter
	Quote