Circuit City files for Bankruptcy

---There's no real good section for this thread since I can't post in "Notebook News". Mods, feel free to move it.---

Ouch! That's gotta hurt. http://biz.yahoo.com/ap/081110/circuit_city_bankruptcy.html.

I'm going to start counting how many threads with this topic pop up.

 

Wow I didn't exactly see that coming
Could this be from the bailout?

Oh and will this mean they will be selling items dirt cheap before they finally close?

 

This is from years of bad corporate management.

 

Heh, I posted the same thread in OT.
That makes two threads as far as I know.

Guess they'll combine it or post it in news I guess.

 

Thanks for the info. I was just there today and looked up some the laptops for sale and it appears to me they are unloding inventory. Maybe I'm wrong!!! It doesn't look too good for CC.

 

I never really liked CC. all they have here (Canada) is cheapo acers and gateways - nothing over 1000$. I have always found there stores to be small and crowded and very very limited selection in stock. my favorite is Memory Express and sometimes BestBuy (once and a while)

 

CC is going down

 

Well the good thing is once the liquidation process gets a couple of weeks in, we'll get some great deals on stuff! In my area, 7 stores are closing. Right now things are only 10-20% off

 

I always preferred BestBuy so no hard feelings for me but how did they get to that point? One day all stores are open the next day 155 stores are closed and the next day they file bankruptcy. It doesnt go that way. Someone had to knew that business is not going so well. Ford is in financial crysis for over 10 years now and they are still here.

 

I read about this a couple weeks ago, was going to post but I saw no need since their probably selling the liquidated goods to other vendors rather than us.

But, someone can correct me if I'm wrong

 

They filed for bankruptcy at about 10 AM today, so I want to get a copy of the newspaper you're reading.

 

LOL LOL LOL

 

Well from what I read, they filed for Chapter 11. They're not closing for business.......yet. They are trying to stay open even after the holidays. It'll be hard because all the experts are predicting that this holiday season will be a weak one because of the economy.

But I CC is okay with me for one reason. When the PS3 came out, I couldn't get it from no where but them. They had plenty in stock.

 

Yea but good luck coming out of this one with the credit markets already in a crunch it would be highly unlikely for CC to completely turn around its business model and turn a profit.

What really sucks is that it was so close to Christmas and other holidays that might have let them hemorrhage money for a bit longer.

CC failing is nothing unexpected. I submit my $.02 (pun intended) for your consideration. Remember that this is a solid decline for more than a year


I have nothing against the hard working employees but corporate drove this company into the ground.

Maybe there's some Goodwill in the CC name to be had, but don't look for a quick turnaround anytime soon

 

Radio Shack = CC? I didn't even know they had stores in Canada.

 

As said previously, I'm not surprised. It was a logical transgression and only a matter of time before they declared bankruptcy. Kinda a shame for their employees.

 

Comp USA was the best with more products to choose from but they shut down like a year ago here in Hawaii. Best Buy doesn't have as much choices as Comp USA but it's seems to have more than Circuit City. If I'm not mistaken we only have 2 Circuit City's in the Island of Oahu and 2 Best Buys, So I was already heartbroken to see Comp USA go now if Circuit City closes too, man that leaves us with only Best Buy which I ain't to fond of and if they close then only Office Max or Radio Shack. This ain't good.

 

... I read this two weeks ago at on one the other mainstream websites. There were reports (or leaks) that they were in the process of liquidating their assets and in the article it mentioned poor upper management (obviously), and a "bad corporate culture". Companies just don't decide to file for bankruptcy at 10.AM one random day, so don't be ridiculous.

 

What you read last week was CC that closed 150+ stores and got rid of a few hundred corporate employees. That happened Monday of last week. This week (today at 10 AM), they filed for Chapter 11 and are getting rid of a few hundred more corporate employees. Two entirely different stories.

 

700 people in the headquarter out of work thats sad for them. And many stores will close. Thats bad too

 

Yeah, o.k but that has nothing to do with my original pos t("I read about this a couple weeks ago, was going to post but I saw no need since their probably selling the liquidated goods to other vendors rather than us. But, someone can correct me if I'm wrong "), and you're response to it ("They filed for bankruptcy at about 10 AM today, so I want to get a copy of the newspaper you're reading.".

I was just referring to the strain in their company and their juicy assets at low prices...

jeez....

 

Settle down, nobody either than you two care. Take it up via PM.

 

Actually, just to throw it out there, I don't care either, so no PMs please.

 

I wonder who Best Buy will be competing with, now that CC crashed and burned.

-J.B.

 

BB has not been competing with CC for a while now. Competitors of BB include Walmart, Frys, and online retailers like NewEgg.

 

There was some report about how BB might have trouble this Christmas if the liquidations from closed down CC stores are for really low prices and people go there to get deals instead of BB. Who knows if that's true though....

 

Liquidations are being handled by the same company that did CompUSA when it went out of business. The discounts were far from good. Nothing you couldn't have gotten off of NewEgg for the same price.

 

yeah when Comp USA was shutting down here in Hawaii they only had discounts from 10-20%. It wasn't a big deal. I was expecting more like 50%. Cause everything was just as expensive even with the discount and I'm expecting if Circuit City goes it'll be the same.

 

I stopped at Circuit City today and they had battery for $10 more (after 10% discount) than at Circuit City that is not liquidating and a mouse for $32 after 10% discount that is sold for $25 at Office Depot before $5 rebate.
They will probably make more money during liquidation than when they were normally open.

 

i heard that they have a 1bil loan now to get them back up on their feet... and yes their liquidation sales did suck...

 

This sucks, I used to preach CC to everyone who asked where they should buy this or that. My CC in NH has nice open stores, massage chairs, lots of PS#'s and XBOXes to tryout on their newest big screens, tons of laptops/desktops, everything you want they have it. Bestbuy onthe other hand tended to aggrivate you with their dumb sales people, and higher prices, smaller inventory...

Some sales people are smart but there are always those who are better suited for Mc DOnald's rather than retail....

 

whats funny is i see more adds on tv and in mags than i have before lol...and they are still running new ones

 

*bump*

US Federal Bankruptcy Court clears Circuit City to sell off assets.

Doesn't look good on finding a buyer, if they're already approving asset sales/liquidation. I know they were talking to two interested parties, but their books may have scared them off.

 

wow this sucks so bad Circuit city HAS ALWAYS had better deals then best buy i was lucky when i was in orlando i lived right by a circuit city and best buy and use to compare consistently and then number one thing i noticed was circuit city always had better deals on notebooks and most TV's. That's why it so shocking that they are in this problem. Either way when HHgregg moved to Orlando they killed both Best Buy and Circuit City

They will be missed though and not forgotten.