Items tagged with Circuit City

It's baaaaaack! Barely two months after Circuit City, a long standing icon in the world of consumer electronics, shut its doors for goods, the doors are back open...online, anyway. After the bankrupt company was forced to liquidate everything, Systemax -- the same company responsible for sites such as TigerDirect.com and the revival of CompUSA -- managed to purchase Circuit City's Internet domain names and trademarks for around $6.5 million.Since making the purchase, it has re-created a Circuit City website that will see the brand name live on. From a business standpoint, it's a brilliant move.... Read more...
It appears that Circuit City’s liquidation sales have been successful. So successful, in fact, that the stores are running out of inventory sooner than expected. As a result, liquidators have announced that all of the chain’s remaining stores will close this Sunday. The shutdowns come about a week ahead of schedule, and two weeks earlier than originally planned. Even after the stores close, there’s still a lot to be done, however. The company’s wind-down process is expected to last two years while crews liquidate remaining assets, shut down the final businesses, and reconcile claims against the... Read more...
After filing for bankruptcy protection in November, Circuit City was hopeful that it would be able to reorganize and reemerge. Now, only a day after the company held an auction that was suppose to be the retailer’s last chance to survive bankruptcy as an intact, though smaller chain, the company announced it has hired four liquidators to sell all remaining merchandise in 567 stores before going out of business for good. While some people will certainly be excited about the potential to pick up electronics, TVs, and computers at closeout prices, the news is certainly grim to all of the company’s... Read more...
America’s third largest electronics retailer with 721 stores in the U.S. and 770 in Canada, has petitioned for Chapter 11 protection in U.S. Bankruptcy Court in Richmond. After losing money in five of the last six quarters and announcing last week it would close 155 stores, Circuit City is seeking bankruptcy protection amidst fears that it would not be able to pay its vendors. The company presently owes Hewlett-Packard Co.$119 Million and Samsung Electronics Co. $116 million.A deal earlier this year that involved Blockbuster Inc. buying the retailer fell through when a preliminary offer was withdrawn.... Read more...
If you are thinking of taking advantage of Circuit City's closing of 155 retail store locations to score a sweet deal on a new HDTV, the folks over at HD Guru warn that not only are deals not to be had, but that you might actually wind up paying more for it and potentially taking home a lemon. HD Guru visited a Circuit City in Massapequa, New York that is closing, to investigate what deals were to be had. What they found was alarming. At this particular Circuit City location, HDTVs were being sold at ten percent off "pre-closeout" prices. The only problem is that the pre-closeout prices were actually... Read more...
A number of rumors were circulating around the web on Sunday, with more than one site saying that on Monday Circuit City will be announcing the closure of 155 stores around the nation. It's just another bad news item for the struggling retailer, which according to a form filed with the SEC Thursday, has been warned by the NYSE that its stock was "below criteria" because the average closing price was less than $1 per share for the 30 previous days. With that warning, Circuit City has six months to get the stock's price up. As long as the average 30-day closing price is more than $1 sometime during... Read more...
Blockbuster is offering to buy Circuit City. They made the offer privately in February, and made it publicly today; a defacto appeal to Circuit City shareholders to pressure the board to sell. If you were on the Lusitania, would you accept a ride on the Titanic?  Circuit City is struggling, Blockbuster  still has rental-movie money to throw around, but can read the video-on-demand writing on the wall. Let's play Corporate-Speak Bingo with Chairman and CEO of Blockbuster Jim Keyes' statement. "Our proposal offers Circuit City a significant premium to its existing stock price and creates... Read more...
Some retailers have been offering credits or trade-ins for returns of HD-DVD players, but you always need to buy a new Blu-ray player in exchange. Circuit City is going them one better, extending its 30-day return policy to 90 days for HD-DVD players.Circuit City Stores Inc. is getting on the Blu-ray digital video format bandwagon by tripling the period in which customers who purchased a rival HD DVD player can return them.The nation's No. 2 electronics retailer has instructed its stores to "take care of our customers" and accept returns of HD DVD players within 90 days of purchase, spokesman Jim... Read more...
DailyTech is reporting that Circuit City is cutting back its workforce by about 3400 "overpaid" workers.  Employees terminated in these cutbacks will get four weeks severance pay plus they can reapply for their old jobs at a lower wage after 10 weeks.  Hopefully this won't have a negative impact on the level of customer service. "Hot on the heels of the announcement that CompUSA and Tweeter are closing 126 and 53 stores respectively is word that Circuit City is firing 3,400 employees and bringing in lower-cost workers to fill their roles. The company says that the move is... Read more...