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softball
11-10-2008, 11:47 AM
It just gets weirder and weirder....
NEW YORK (CNNMoney.com) -- Circuit City Stores Inc., the No. 2 electronics seller after Best Buy, filed for bankruptcy protection Monday, hoping the move will allow it to stock its shelves in time for the crucial holiday shopping season.
The move comes about a week after Circuit City said it would close 155 stores as it deals with a worsening economic downturn that has left more consumers with less money to shop. The company intends to keep its remaining stores open through the bankruptcy procedings.
Circuit City (CC (http://money.cnn.com/quote/quote.html?symb=CC&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2972.html?source=story_f500_link)) said it decided to file for bankruptcy at this time to ensure that it would have "adequate merchandise flow to stores during the important holiday season."
The retailer said consumers should continue to shop at its stores.
"Chapter 11 is not a closing or liquidation," the company said in an e-mail to CNNMoney.com. "We remain committed to doing a better job of taking care of our guests, and making it easier to shop at Circuit City."
For anyone that's on the hunt for a sweet deal on a flatscreen TV, Circuit City spokesman Jim Babb said it's "safe to assume" that consumers can expect deep discounts on TVs and other products in those Circuit City stores that are being liquidated. (http://files.shareholder.com/downloads/CC/461540287x0x245809/2BFAC9D9-6CEF-4027-9E51-1C635F42F7A7/110308%20Store%20Closing%20List.pdf)
In the rest of its stores, Babb said the company's prices will remain competitive with the market over the coming weeks.
Circuit City said it is seeking approval from the bankruptcy court to honor customer programs such as returns, exchanges and gift cards. "Approval of such programs normally is granted," the company said in the e-mail.
Toby
11-10-2008, 11:54 AM
I haven't been into a Circuit City since Fry's opened a store on this side of Houston a couple of years ago, but I always found that CC's prices were higher than Best Buy, Comp USA and anything online.
kath
11-10-2008, 03:09 PM
We go between Circuit City, Best Buy and Costco out here - no Fry's in our immediate area - we'd have to trek on down to San Diego to find the closest one I think. Less than a city block away from each other in both Palm Desert and La Quinta, I think they are in competition with themselves. Maybe shutting down a few stores, re-grouping and a BK will help. Everyone thought Starbucks was gonna go bye-bye when they started shutting down stores, but it seems to have helped.

Good luck CC! :okthumb:
Hell Puppy
11-10-2008, 09:46 PM
Around here they closed every store that has a Best Buy nearby, which was almost all of them.

Once again, the American public says they want one thing, but they vote for something different with their wallet and their feet. They bitch about bad or complete lack of customer service, support, etc. Circuit City actually provides that. Try to return something you've already used or something really big to Circuit City, then try same thing at Best Buy. There IS a difference.

But you pay a few bucks more for it. But we're Americans, we shop on price and simply bitch about the service or lack there of.

Same reason you have all of the airlines scaling back to operate like Southwest and AirTran to stay in business. We bitch, but when given the opportunity we dont pay for something better.
RawAlex
11-10-2008, 09:58 PM
Same reason you have all of the airlines scaling back to operate like Southwest and AirTran to stay in business. We bitch, but when given the opportunity we dont pay for something better.

However, Americans also seem expect to get paid much more for similar work that is done all over the world for less.


Odd, isn't it?
Evil Chris
11-10-2008, 11:00 PM
What about all those "The Source by Circuit City" stores that are all over the place here in Canada? The old Radio Shacks aren't they?
softball
11-10-2008, 11:17 PM
What about all those "The Source by Circuit City" stores that are all over the place here in Canada? The old Radio Shacks aren't they?

I loved radio shacks. In my past life in tv news, they saved my ass sooooo many times. I have a Gemini award...chris will know this...because Radio Shack had a beta tape that worked in my beta cam when we ran out. I hate this source shit. Beginning of the end.
Hell Puppy
11-11-2008, 12:07 AM
However, Americans also seem expect to get paid much more for similar work that is done all over the world for less.


Odd, isn't it?

No, we have to be paid more so we can afford the payments on the SUV we drive to work from 30 miles out into the suburbs.
RawAlex
11-11-2008, 12:34 AM
yeah, but you want that SUV on a $199 a month lease with zero down and a guaranteed buyback price that is 8k higher than the market will support.

mathee no workee.
DannyCox
11-11-2008, 12:42 AM
Radio Shack! Good old Tandy and Realistic products!
softball
11-11-2008, 01:09 AM
Radio Shack! Good old Tandy and Realistic products!
My first "real stereo".....Tandy
Hell Puppy
11-11-2008, 01:37 AM
yeah, but you want that SUV on a $199 a month lease with zero down and a guaranteed buyback price that is 8k higher than the market will support.

mathee no workee.

Yeah, but that's so we can afford the $10K set of rims.
TheEnforcer
11-11-2008, 11:43 AM
Circuit City was a poor man's Best Buy with much higher prices. No big surprise to see em in trouble.
TheEnforcer
11-11-2008, 11:51 AM
We still have radio shack store in my area.
DannyCox
11-11-2008, 12:04 PM
Circuit City bought Radio Shack here in Canada, but couldn't keep using the name due to a dispute with the US based Radio Shack. They changed the name to "The Source" up here.

I had a Tandy 8K Extended computer back in 1980 and my first cassette player for my car was a Realistic from 1977 ;)

I was always into electronics, and loved buying all my parts at Radio Shack. Back in the day, they had just about anything you needed. I built a short wave radio back in the early 1970's from a Radio Shack kit.
WebBilling.com
11-11-2008, 12:51 PM
Radio Shack is such a useful store - quick and easy when you need that one component or connection...it's amazing what you find in there...

The talking financial heads say CC won't emerge from bankruptcy, and Walmart is making such a Big Name push into electronics...
Evil Chris
11-11-2008, 01:50 PM
Memories...
When my brother and I were kids we'd get electronic gadgets from Radio Shack.
Always something fun. :)
RawAlex
11-11-2008, 04:09 PM
Radio Shack is such a useful store - quick and easy when you need that one component or connection...it's amazing what you find in there...

The talking financial heads say CC won't emerge from bankruptcy, and Walmart is making such a Big Name push into electronics...

I was reading in a recent Businessweek that WalMart in the US was selling upwards to 15% of all flat screen TVs in the market. Considering that TV purchases are likely to be and continue to be a major purchase in the US in the next while with the digital changeover, they are positioned well.

When Walmart ends up with that much of the bread and butter of the electronics stores, you know someone will have to give in.
sexandcash
12-10-2008, 06:25 AM
sad...I love that store :(
it's just so sad how it's happening to everyone....like Mrs. Fields