Circuit City to shutter 155 stores, locations to go public tomorrow
 

I went to a Circuit City grand opening just last week. Strange times, indeed.

the unemployment ratio is about to explode

I knew they were hurting, but why they would announce this before the holiday season I've no idea. A good holiday sales period could put them right back in the game. Seems to me this would drop their stock hugely and not be a good move towards recovery.

How many stores do they have nationwide?

Has to be quite a lot of stores. I can think of at least 3 or 4 here in Nashville alone.

According to company statements it was this or bankruptcy.

"The idea behind closing the stores before Black Friday is to transfer product from the failing stores to the stronger ones to save some money."

I see tons of missing products, tons of damaged good, and huge shipping bills

Retail thou is dead within a few years there will be no blockbuster, circuit city etc etc wonder what will take over all this millions of SF of retail space?

145 :helpme:helpme

Probably the bean counters looked at the next quarter and said why delay the inevitable? Besides, if you were looking at this from a HR point of view, now would be the best time to do layoffs, because most retailers are hiring for the Christmas rush, so you don't fuck over your employees as badly as you would be if you laid them off in January and no ones hiring. :2 cents:

one of the comment posters in that article said they went to store locator on the CC website, and a store near them wasn't listed, thinking that was a way to find if a store near you is closing.

i did this test, but the local store showed up.

anyone else see this? i guess seeing the list tomorrow will be the real answer.

Linens-n-Things closeout has been great.. been buying alot of good deals.

you can get their bose system with 20+ speakers for $750 at the end of the closing, but you have to rent a scissor lift to take them down. I almost was going to do it, but then i was thinking what a lot of work and then having to do something with all those speakers.

the ones they usually have are the white environmental ones that cost around $100/piece.

so 20 speakers at $100/each, along with the amp and the crossovers for $750 is a great deal (with about $200 for the scissor lift).


Fight the waiting!

thats a good question.more and more i see very big spaces for rent.

It has happened before and it will happen again - big box stores expand too fast and then they have to close some. We end up with tons of empty big boxes and everyone is all upset. Then, somehow a few years later there is a new set of stores that takes over all the empty boxes and the proces starts over. Let's see how many big boxes we can think of that went out last time that got replaced with the targets, circuit cities, best buys, and home depots of today. I'll start - around here it was - caldor, builders square, hechingers, etc.

it will be Best Buy and Fry's gain :2 cents:

I am a little surprised actually!

circuit city caught a bad rap when they refused to stock DVD instead supporting the DIVX format, the result was they lost a lot of customers to best buy and other places and never really recovered. no great loss really fuck em.....

dosent surprise me. there probably have the worst employees of any electronic store I have been to. None of the employees seem to ever want to help out, and most of their time, their answer is "search online" or they try and push you to someone else so they can continue to text message while on the clock.

I really miss Frys. by far has to be one of my favorite stores and if there was one within 2 hours, Id be there at least once a week :thumbsup

This might be good news, I've been looking at buying their stock for a quarter a share, but was afraid of a bankruptcy announcement soon. This should at least delay that and possibly drive up the stock price if it helps them avoid bankruptcy. The more I read about them though, they seem to be widely regarded as one of the worst managed big retailers.

I would imagine companies like that have holidays that boost sales already factored into their plans, and I doubt any retailer is expecting this holiday season to be anything but disastrous now given the state of the economy. More and more people having less and less money.

Two of the biggest employers in Richmond VA are Circuit city and Capital One.

Glad I put my money in the bank and waited to pull the trigger on my investments

Does anyone even shop there? Apparently not...

doesn't surprise me...best buy, compusa, etc all on the chopping block...simply cannot compete with competition such as frys and newegg. low overhead and lower pricing point from sheer volume there won't be many big retail chains left soon. fry's in fountain valley is ALWAYS crowded regardless of time/day

Looks like Best Buy is putting the screws to them

Linens and Things is going out of business because they can't compete with Bed Bath and Beyond

Really weird to see retailers going under or cutting back right before the holidays.

Frys isn't around here at least. I think they are mainly west coast.

Ya I looked and mainly west coast couple in GA and Il and In. thats about it. Next closest is Texas. From my count Frys has 35 or so stores. Best buy has 1150 stores. I doubt Frys is making that much of a dent yet.

Fry's is great because they assume that the customer has some intelligence, and you can get alot of the nuts and bolts kind of things when it comes to electronics

Ya nothing against them, only ever heard good, but I just doubt they are putting much of a ding into best buy yet. Best Buy is pretty damn huge.

What killed them was that weird commercial a while back. Notice the creepy ass father at the end seemingly clueless that his daughter just had a daydream about going backstage with a rock band.

What killed Circuit City was their decision to get rid of all the commissioned sales people (the only ones that knew anything), because they thought they could compete with Best Buy by imitating their hiring of essentially worthless hourly employees. All the Circuit City sales guys that were making decent money took their knowledge and CC paid training to Best Buy and other retailers, and Circuit City was left with the very people that were being "performance managed" out of jobs 3 months earlier.

The decision to do it now is because there is not a lot of profit in selling $20 DVD players during the holiday season. You have to sell millions of them to make anything on them, so regardless of the sales dollar numbers, Christmas is far less profitable per dollar than the rest of the year.

best buy and online places like amazon took CC down. also the loss of quality employees hurt. mervyns and now circuit city...

frys is great and awesome prices but the customer service isn't the best. kind of like a candy store for nerds. they even sell XXX dvd's too... porn + electronics = paradise

Fry's consumers are more tech savvy, like "prosumer" vs consumer, you can actually buy components and stuff for overclocking, water coolers etc. i'd think they'd want to expand into more metro areas or tech industry heavy areas - check out this ad (the prices)

http://ads.ocregister.com/rop/web/oc...gory.php?id=22

still family owned also but posted 2.4B annual sales

I have a wonderful and all signs show would be a highly profitable business that could easily move into such locations nearly anywhere in any city. Not have to remodel much, very little zoning issues or complaints. Products are in high demand and have not even begun to really climb the upward curve they will be taking. Not to mention, very good chance it could get state and federal funding via loans, grants, and much more. Start up would not be overly expensive and within the realm of reasonable. The model could easily be franchised to other locations and cities anywhere in the US.
Started a business plan on it recently. Just can not post much more about it in such places as I know it could get jacked. If someone is that curious and could be a stable investor in the first one, they could contact me.

Think it is weird now, just wait until the massacre after the abysmal after thanksgiving numbers all the way up to the Christmas and the small period beyond when they wait on gift cards. To many are credit tight, have job issues, bills inflating, rates on cards they do have may have been jacked to 29.9% APR (compounded). Plus even stores are being more stingy on giving out their own credit cards.
Hell my local Mervin's is closing right now, everything is 25% off and will drop again on Thursday as my inside guy told me, he will know rate latter today. However you can not use your Mervin's card to buy the stuff, nor your mervyn's coupons you build up as being a card holder.
I figure by next Thursday we will be doing a run on Mervin's to buy all the gift stuff we will need, plus any household stuff, and perhaps stock up on some sheets, blankets, white t-shirts, socks, and underwear. There goes most of my Christmas money I would be spending on others right there. Also at a major savings and if my guy is correct on his assumption of the discount - talking about 35 to 55 percent off in assorted areas.

Radioshack is doing real bad they are starting to close stores and they have tons of stuff for the tech savvy person, obviously frys and radio shack are apples and oranges

http://finance.yahoo.com/q?s=RSH

I should have gone with my instincts, Circuit City stock is up 40% today.

just the beginning - many predict a shit ass xmas retail sales wise many more chains to go down in december.

Real stores find it hard to compete with e-commerce stores, especially in a downwards economy. Renting a building goes per 5 or 10 years lease. Shoplifting sucks too. It only attracts local buyers and it's much harder to market then nationwide or worldwide.

I entered my local Circuit City on a weekend and it was empty. It's simply better if they close down the store and let someone else take up the space.

Yep Mervyns is out of business in 2 cities I frequent. The one in Aliso Viejo had a 90% clearance weeks ago - and were selling FIXTURES.
Same with Cypress. They are done.

These retailers had no business being open to begin with so no loss.

their stock is at .02

worthless.

they've retained a bankruptcy firm already.

stick a fork in them.

Convert them into data centres, of course... :thumbsup

http://www.datacenterknowledge.com/a...o-data-center/

good video there - watched it the other night..

Don't think so, their stock closed at .36 today and they closed the stores to fend off bankruptcy for now.

Fry's is always busy here too. They have better customer service the Circuit City, Best Buy, etc.

Everyone I have been to sucks, no surprise that the are closing some down.

cool. buy that stock. good luck with that.

Which reminds me. I need to get to the linen n things to stock up on some things

the one near me survived but I still don't shop there