Circuit City files for bankruptcy

MKZ

http://money.cnn.com/2008/11/10/news/companies/circuit_city/?postversion=2008111008

wingnut4772

It was more than the economic downturn that led to their slide. They have been slipping for years.

ben62670

There goes another one. The factory my buddies wife works at is shutting down Jan 1st. She has been there for 13 years. He has a painting business, and they had the typical FLA building boom. Now there are quit a few ghost towns out there. New baby 5 months. Not good times.

tommyboy

wingnut4772 wrote: »

It was more than the economic downturn that led to their slide. They have been slipping for years.

Exactly, I see no surprises here. Though the economic recession sure sped up the process. When your stock drops to 20 cents, you know your done.

mantis

Such a sad time for everyone involved. I feel for every single employee who is going to lose there jobs. I know first hand as I have watch myself and other at Tweeter go down. So now 2 big power houses in our hobby going away. CC I hope survives but it's not looking good.

Looks like Best buy is going to scoop up all the business. Not much but they should at least level out or increase business. Only time will tell.

Anyone want to have a group scream???

Dan

sucks2beme

Polk is going to need new dealers. Other than Fry's, who else carries
the LSI line? I believe BB only carries a few lower end models.

The next year is going to be a rough ride for everyone.

KrazyMofo24

sucks2beme wrote: »

Polk is going to need new dealers. Other than Fry's, who else carries
the LSI line? I believe BB only carries a few lower end models.

The next year is going to be a rough ride for everyone.

Fry's no longer carry the Lsi7's or 15s. I overheard a salesman saying they will discontinue the rest of the series soon. So I will keep an eye out and hope to get the Lsi9's for a great price.

polkatese

I read this morning that CC is imminent of liquidation. There are two liquidation companies that are bidding to wind down CC (according to an article in LA Times). So guys, stay away from CC extended warranty for those purchases that you make there.

Jstas

On the same note, if you're lookin' for bargains, your opportunity is just up the street. It'll be knockin' soon.

treitz3

I'm surprised that they lasted as long as they did. I was actually expecting this before Christmas. Another one bites the dust.

Anybody have a list of ALL of the companies that have shut there doors and/or filed for bankruptcy in the past year?

markmarc

Look for the LSi series to be placed in Magnolia HiFi shops, since the mother ship Definitive Tech already has a foothold.

Overall, I feel for the workers, it was corporate management's stupidity that led them to it's end.

Motzart

Looks like a opportunity for some to get some sweet deals on Audio/Video stuff if a store in your area is being liquidated!

http://files.shareholder.com/downloads/CC/461540287x0x245809/2BFAC9D9-6CEF-4027-9E51-1C635F42F7A7/110308%20Store%20Closing%20List.pdf

Looks like the one in my area is gonna remain open for now.
Hope so I have a 5yr warrenty on my Vizio I bought from them a few months back.

.

Motzart

markmarc wrote: »

Look for the LSi series to be placed in Magnolia HiFi shops, since the mother ship Definitive Tech already has a foothold.

Overall, I feel for the workers, it was corporate management's stupidity that led them to it's end.

A lot of that being exposed in this economic mess!
Damn suits making a big profit at everyones expense.
Next thing you know the house of cards falls on EVERYONE in the Company.

GREED seems to be the key word these days and we are ALL paying for it.

.

mantis

I'm so tired of hearing this. Most Tweeter employees are still looking for work now CC has to close 2?? Come on you can't tell me you can't pull it together and get things going??? A store that big and powerful can't find a way to survive?

I wish I ran these stores. I would find a way. I got mad Idea's and know most of the flaws.

Dan

Motzart

mantis wrote: »

I'm so tired of hearing this. Most Tweeter employees are still looking for work now CC has to close 2?? Come on you can't tell me you can't pull it together and get things going??? A store that big and powerful can't find a way to survive?

I wish I ran these stores. I would find a way. I got mad Idea's and know most of the flaws.

Dan

The suits need to pull their heads outta their ****'s and worry about the product price and customer base.
Not their fancy condo in the Bahamas or their 4mill home(s)!!

It IS pathetic how these companies have let things spiral outta control.

.

exalted512

Someone on another forum in the dallas/fort worth area said this last week:
"They told us if noone has bought the company by the 16th of this month then they will be liquidating all the stores... So you better get while the gettins good!!!"

Guess we will hear about it tomorrow if its true.
-Cody

mmadden28

Motzart wrote: »

Looks like a opportunity for some to get some sweet deals on Audio/Video stuff if a store in your area is being liquidated!

http://files.shareholder.com/downloads/CC/461540287x0x245809/2BFAC9D9-6CEF-4027-9E51-1C635F42F7A7/110308%20Store%20Closing%20List.pdf

Looks like the one in my area is gonna remain open for now.
Hope so I have a 5yr warrenty on my Vizio I bought from them a few months back.

.

Hmmm, none of the stores in PA or DE are closing and only 2 in NJ? (according to the list anyway).

mmadden28

polkatese wrote: »

...So guys, stay away from CC extended warranty for those purchases that you make there.

But does CC own the Ext. Warranty company? I don't know about CC, but way back when I worked for CompUSA, the ext warranty company was actually a different company. They just worked closely with the company it was sold through.
I don't have one now, but if I did, I'd be making some phone calls to find out for sure and NOW. Some of them allow you to cancel the extended warranty and get some prorated amount or all of it back. now would be the time to do it.

exalted512

I think its a different company, but I could be wrong.
-Cody

higgins79

Their service plans are backed by a third party. I believe it is GE

PhantomOG

Circuit City to liquidate remaining US stores

GSRBOB

Damn i guess its over for them.

MKZ

Lucky that the one next to my place not close yet.

polkatese

sad. those liquidator firms are not interested to give consumers good deals. I have yet to score anything that I would call a great deal at these sales (i.e. CompUSA, GG, etc.) They would jack up the price to MSRP and advertised 10-15% sales off MSRP, remove the high-value items (I supposed sell them to BB) and left the rest (that you don't really want) in the store. Hope the employees get to find comparable employments somewhere else.

GSRBOB

Looks like i wont have enough time for my income tax return to buy that 46 XBR4 they have at my local CC. Oh well.

Hamsterman

Is there any word on when the liquidation starts - stores around me are still full price

polkatese

I would imagine in a few days. I don't think they have formally announce the liquidation rollout plan.

I'll stake out my local CC this morning.

PhantomOG

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

CNN article

engtaz

That stinks. Now were stuck with BB. I hear the audio tolet flushing.

polkatese

yeah, it's dawned on me that BB will be the supreme (and only) big chain B&M that will have the captive consumers dollars for higher-end (i.e. with Magnolia).

CC should request for Bailout FED money, reason: promoting competition in the audio chain retail as not to be monopolized by BB.

I guess my future electronics spending will strictly be through online vendors or Amazon.

Mike Kozak

You might get some deals, but CC can always sell their stock to stores like Best Buy or Walmart if it comes to that. I have a co-worker who has a friend who is/was an accountant with CC and he said back in Nov of last year that the chain was done for.