155 Circuit City stores close [UPDATE 1/16] STORE CLOSURE! All 567 Stores going!

M

MegaDrive20XX

Segatron Genesis... call me the wizard.
http://kotaku.com/5075005/circuit-city-closes-155-stores

http://money.cnn.com/2009/01/16/news/companies/circuit_city/

Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores

It was only the beginning, but now, it's time to make action of this tragic falling of a company.

LIQUIDATION SALES!!!!!!!!!
 
Re: 155 Circuit City stores close, starting today.

I never did like Circuit City and always favored Best Buy, but it's always kinda sad when companies go down like that... :-\
 
Re: 155 Circuit City stores close, starting today.

I also heard that EA layed off over 600 employees as a result of a poor financial outlook.

A sign of things to come, perhaps.
 
Re: 155 Circuit City stores close, starting today.

I hope not.


But 155 stores closing right off the bat seems a little excessive, though. You would think they could just close down a few at a time and see how they do instead of announcing them all at once.
 
Re: 155 Circuit City stores close, starting today.

mastermario said:
But 155 stores closing right off the bat seems a little excessive, though. You would think they could just close down a few at a time and see how they do instead of announcing them all at once.
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:lol I take it you haven't seen how they've been doing recently then. Their stock is almost worthless at this point. It was either close 20% of their stores or just close them all at once without notice to their employees. They will go under eventually considering how they're doing, but they need to recoup some of the losses.

Although I don't like Circuit City, this just means less jobs. I do feel for the employees.

Also, Sony recently stopped all shipments mid-route and turned them back around because CC is doing so bad right now, they weren't sure if they could pay for the shipments. Hopefully there are some good sales out of this.
 
Re: 155 Circuit City stores close, starting today.

CreepinDeth said:
Also, Sony recently stopped all shipments mid-route and turned them back around because CC is doing so bad right now, they weren't sure if they could pay for the shipments. Hopefully there are some good sales out of this.
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Was that ever confirmed? Last I heard of that it was a rumor... if so, that's sad. :(
 
Re: 155 Circuit City stores close, starting today.

The last time I checked on that Circuit and Sony thing they said it was because of a huge sinkhole by the store or whatnot and it was just one store. BUt then it could have been in response to the Circuity City stores that are closing expeditiously.

They should have just allowed them to be bought by Blockbuster
 
Re: 155 Circuit City stores close, starting today.

http://www.joystiq.com/2008/11/10/circuit-city-shorts-out-files-for-bankruptcy-protection/

Not much of a shocker, but Circuit City files for bankruptcy at $898 MILLION
 
Re: 155 Circuit City stores close, starting today.

Not much of a shocker, true, but again, I hope we don't see too much more of this in the future.
 
Re: 155 Circuit City stores close, starting today.

I very rarely ever went there, so I guess this does not really affect me much, but it still seems kinda sad.
 
Re: 155 Circuit City stores close, starting today.

bankrupty protection seems like one step away from being forced into bankruptcy, they need to make this winter season super profitable or else, they could be bought by some other conglomerate (Sears bought Kmart, Circuity Stores could be an entirely new field and expand their share even more)
 
Re: 155 Circuit City stores close, starting today.

http://money.cnn.com/2009/01/16/news/companies/circuit_city/

Circuit City is going DOWN faster than the Titanic during a winter storm!

Just 30 minutes ago, Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores.

Do you know what this means boys and girls?LIQUIDATION SALES

GET YOUR BOOTY'S DOWN THERE! You're gonna get some INSANE DEALS!

The Sale begins, TOMORROW! SATURDAY! January 17th!
 
Circuit City won't be totally dead. The Canadian firm is still in operation. Also, it's likely that if they restructure after the bankruptcy, they'll be an online-only retailer. Or a company like Best Buy could buy their debt and assume operations.

Bankruptcy doesn't mean the end of the road all of the time. Sometimes a bankruptcy court will come in and force creditors into either taking a structured settlement, a lower settlement payment, or a forgiveness of debts so the company can start fresh. In turn, the company has to restructure in order to become a viable and successful company again.

Circuit City also isn't in trouble simply because of current economy woes. They endured years of mismanagement and poor decision making by the people who ran the company. The economy is simply the icing on the cake.
 
Dart said:
Circuit City won't be totally dead. The Canadian firm is still in operation. Also, it's likely that if they restructure after the bankruptcy, they'll be an online-only retailer. Or a company like Best Buy could buy their debt and assume operations.
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No, they're done. They're completely liquidating the company according to Wikipedia. Some of the stores might be bought by Best Buy and the like, but Circuit City will no longer exist.
 
Also to let you know, the official website circuitcity.com's order of operations will shut down this Sunday.
 
Hinesmdc said:
This means huge sales! :D
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Nope, it doesn't. Right now, they're trying to make their money back, so expect MSRP on all of their merchandise. Towards the end, if there's anything left, then they'll have a huge sale. It's no longer like the old days where, "Everything must go!"
 
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