Bye Bye, Circuit City

[Robert]

Circuit City is one of the largest retail bankruptcies in the current U.S. recession. Its demise paves the way for larger rival Best Buy Inc to boost sales and gain clout with suppliers as the leading electronics retailer.

U.S. Bankruptcy Judge Kevin Huennekens approved the plan to liquidate Circuit City, and the No. 2 retail player in U.S. electronics said it would begin closing stores on Saturday.

"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 to structure a going-concern transaction ... and so this is the only possible path for our company," Vice Chairman James Marcum said.

http://ca.news.finance.yahoo.com/s/17012009/6/finance-circuit-city-liquidate-shutter-stores.html

 

[just strum]

We have two or three near the house, the closest being about three miles. It was convenient to order something on the net and run up 15 minutes later and pick it up. Best Buy isn't too far away, but in a heavy traffic area that makes it a hassle.

 

[thearabianmage]

!!

First Woolworth's over here shuts, now Circuit City in America. This economic slump kinda bites, doesn't it. I've had many a good deal at Circuit City. . .

 

[marnold]

Circuit City has been circling the drain for some time. When I first heard of their problems some time ago, their solution was to open a ton more stores. Ummm, DUH!

 

[WackyT]

I never shopped at CS, but when CompUSA went bye-bye a while back, that really hurt.

 

[tunghaichuan]

I knew they were in trouble last year when they fired all their higher-paid help and hired new employees at minimum wage. After that, it was only a matter of time.

tung

 

[Kazz]

in my opinion CS customer service has sucked since day one. It is no wonder they are going under.

 

[just strum]

who is CS?

 

[Spudman]

Doesn't it make you wonder how these huge companies can do so much volume, shift so much money around and yet have no capital put aside in assets. Where are their savings accounts? How does anybody expect to run a successful business operating as these corporations do? It's a farce.

If you can move the big numbers the way Circuit City did wouldn't you expect to stabilize your company with assets? Again, it just shows how much America has been operating on credit thinking the sun will always shine.

 

[Spudman]

who is CS?

Circuit Sity of course.

 

[just strum]

Thinning the herd.

I wonder sometimes how these places like CC (aka CS) can open up so many stores in such a short time. It appears that that there is no good research done on location of stores. Take Home Depot, we have two near us and the one furthest away is 4 miles. I wouldn't be surprised to see either Lowes or HD (aka HTS) take a dive. Look at what is happening with that coffee shop (I don't drink coffee or at least not expensive coffee, so I don't recall the name).

A lot is corporate greed. I saw it where I worked up until the end of last year.

 

[peachhead]

I've gotten a good deal or two at CC in years past. I just hate that my available selection just got cut in half. All we have left here is Best Buy and HH Gregg, who I refuse to deal with. Thinning the herd, yes; but at the disadvantage of the consumer.

 

[just strum]

I've gotten a good deal or two at CC in years past. I just hate that my available selection just got cut in half. All we have left here is Best Buy and HH Gregg, who I refuse to deal with. Thinning the herd, yes; but at the disadvantage of the consumer.

More will appear.

 

[peachhead]

The interesting part is, we have a new shopping center (everyone else calls it the new mall, but I won't do that because malls are INSIDE- this is outside) and CC was signed up as an anchor. Their building was pretty much finished, even down to the signs on the outside; and about a month before it was supposed to open, CC pulled the plug on it. So, it sits there empty waiting on someone else to pick it up.
So yeah, I guess at some point some other chain will open up here.

 

[street music]

How is stores like Radio Shack staying in business? THere has been two new Tractor supplies go up within 30 miles of my house in the last 6 months?? It's hard to understand some of this stuff. I know that Circuit City never really was able to compete with Best Buy and now who will keep Best Buy in check unless Wal Mart picks up on some of the items.
It's the danger I see down the road if the economic situation doesn't improve soon. There are judges in our area who are going to the Public Service Commission to try and keep my employeer from raising electric rates and we are a non-profit co-op. MY boss says that we will be forced to layoff at least 10 people if our increase isn't approved. I know our fuel cost alone on trucks last more than doubled. What will happen next

 

[just strum]

THere has been two new Tractor supplies go up within 30 miles of my house in the last 6 months??

within 30 miles of your house??? Hell, they still have a lot of filling in to do. I would wait for the additional 10 to 20 before you start questioning.

Also, although there are two within 30 miles, there is one 30 miles away and another 60 miles away for someone located somewhere else.

 

[Rocket]

One down... and now if only Guitar Centers, Inc., (and all their smarmy affiliates,) could follow suit.