Didnt Circuit City go bankrupt yet? - Yes, yes they did :p

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Didnt Circuit City go bankrupt yet? - Yes, yes they did :p

Post by KnightRid » Tue Oct 21, 2008 7:47 am

Argh - they are getting there though. Maybe they should hire some monkeys, they might know more than the cheap labor they hired :)

http://www.marketwatch.com/news/story/c ... 1831FBF5E5}
NEW YORK (MarketWatch) -- Struggling electronics retailer Circuit City Stores Inc. is considering a plan to shut at least 150 stores and cut thousands of jobs to avoid filing for bankruptcy protection, The Wall Street Journal reported Monday, citing unidentified people familiar with the situation.
Circuit City has hired Skadden, Arps, Slate, Meagher & Flom LLP, which oversaw Kmart's Chapter 11 reorganization, as its bankruptcy counsel. The company also has retained FTI Consulting Inc. to develop a turnaround plan and investment bank Rothschild Inc. to guide talks with banks and secure emergency financing, the Journal reported. See related MarketWatch First Take commentary.
"While we would appreciate [Circuit City] for its attempt to stay solvent, we remain highly pessimistic on holiday sales and on consumer spending in 2009," said Standard & Poor's analyst Michael Souers.
A filing from Circuit City would make it the largest retailer to enter bankruptcy protection in several years, the paper reported. Retailers that have filed for bankruptcy protection this year include Linens 'n Things, Mervyn's and Sharper Image.
"We're not going to speculate on rumors and comment beyond our original statement," said Circuit City spokesman Jim Babb in a response to emailed questions.
The company's management team, board of directors, and its strategic financial advisers are conducting a "comprehensive review" of all aspects of its business to determine the best methods of accelerating its turnaround and delivering substantially improved operating and financial performance, the company said in a written statement.
Shares of Circuit City fell 2.6% to 38 cents a share in afternoon trading, erasing earlier gains and wiping out 91% of their value this year.
The declining credit market has yielded the company little luck in securing debtor-in-possession financing, which helps a business in bankruptcy proceedings pay its day-to-day operating expenses, according to the Journal. By shutting the stores, 59-year-old Circuit City could liquidate about $350 million in inventory, which it could use to pay off certain real-estate costs and pressure existing landlords to renegotiate some leases, the paper added.
As of Aug. 31, Circuit City had 714 stores in the United States and 772 stores and dealer outlets in Canada, employing about 45,000 people. It had sales of $11.74 billion in the year ended Feb. 29.
In September, Circuit City withdrew its previous fiscal 2009 outlook and said that it was suspending future store openings beginning next fiscal year to review all aspects of the business ahead of the holiday season, its biggest selling period.
Faced with a slowing U.S. economy, a weakened brand position, along with stiff competition from rivals such as Best Buy Co. and Wal-Mart Stores Inc., Circuit City has lost market share and customer traffic. Cash and short-term investments declined 78% to $92.5 million, while the company incurred short-term debt of $215 million.
The retailer's liquidity position and how its financial performance may be affecting its vendors were repeated topics on management's conference call with analysts in September.
Circuit City, which began to explore a sale of the company earlier this year, said in September that all options were still on the table. It also said that it may focus internally on improving its performance to keep operating independently.
Video-rental chain Blockbuster Inc. abandoned its bid to acquire Circuit City in July. End of Story
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I used to love CC! Now, if you dont know EXACTLY what you want, they cant help you. Most times there arent even any employees in the sections to give advise or guidance, or they have 1 person that can help everyone looking for a new tv....how sad.
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Re: Didnt Circuit City go bankrupt yet?

Post by Skippman » Tue Oct 21, 2008 7:54 am

Personally I've never liked Circuit City. Thier early store layout was so dark and kinda seedy and I guess I've never gotten that image out of my head. I'm glad we have Ultimate Electronics here. Most of the people who work there appear to be enthusists like myself and it's fun to just talk shop.

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Re: Didnt Circuit City go bankrupt yet?

Post by unfaithfulsfan » Tue Oct 21, 2008 1:14 pm

I always referred to it as "Jerkoff" City because no matter where I lived, that seemed to describe the majority of the employees. Honestly I'm surprised they've lasted this long. In reality Best Buy isn't much better. I'll just stick to Newegg for the prices and LR for the opinions/reviews!!

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Re: Didnt Circuit City go bankrupt yet?

Post by vicaphit » Tue Oct 21, 2008 4:30 pm

I got the orange box for $40 the day of release at CC... They are good for cheap games!
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Re: Didnt Circuit City go bankrupt yet?

Post by Soliex » Wed Oct 22, 2008 10:14 am

Everytime I go to CC looking for something in particular, im always on my own to find it.

They dont take the time to train employees properly. I avoid CC whenever possible.

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Re: Didnt Circuit City go bankrupt yet?

Post by Darkstar » Wed Oct 22, 2008 10:20 am

I like any store i can get a good deal at, CC has had some good deals in the past but its been awhile since i have gone to a brick and mortar store. Like Jack said Newegg is hard to beat and i think most B&M's have been losing customers to online retailers. As a rule i dont expect to get much help from employees in retail outfits, but if i have problems i just go to the top to get them resolved. :)

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Re: Didnt Circuit City go bankrupt yet?

Post by pmanipole » Wed Oct 22, 2008 10:47 am

i agree that newegg is the best.

whenever i go to CC to buy something in their flyier it is always gone and they do not give rainchecks. they try to do the bait and switch ever freaking time

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Re: Didnt Circuit City go bankrupt yet?

Post by Skippman » Wed Oct 22, 2008 11:10 am

I don't really shop at brick and morter store anymore for electronics. I have several friends who are small retailers and do custom home theater installation stuff who I buy all my electronic from. For PC parts I use New Egg and Directron. The only thing I buy from B&M stores is my BluRay's. For CD's I go to Vintage Vynal. Doesn't help I listen to some esoteric music. :lol:

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Re: Didnt Circuit City go bankrupt yet?

Post by Nobahar » Wed Oct 22, 2008 11:19 am

I hate best buy and circuit city equally, they rip people off so bad. And they won't let you buy anything substantial without trying to cram an extra warranty down your throat, which doesn't even cover the product should something happen. Essentially they just want you to give them extra money and provide nothing for it other than a pain in the ass with eventual option of replacing your hardware for another one of the same type, assuming you jump through all their hoops.

The money I save on taxes makes up for the shipping cost, I hope they both go bankrupt.

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Re: Didnt Circuit City go bankrupt yet?

Post by w00fd06 » Wed Oct 22, 2008 1:14 pm

I personally liked the older CC, they had more stuff then, though, where i live they'd get someone to come in with their tuned car and showcase it... they sure were pretty.....

But more recently CC has been cutting back, the store looks bland and isn't as full of electronics as the name would suggest.

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Re: Didnt Circuit City go bankrupt yet?

Post by Kougar » Wed Oct 22, 2008 1:55 pm

I wouldn't say I liked CC, but they certainly were a far cry better than BB. They wouldn't defraud or lie to you outright, and their computer service department never had nearly the colorful customer abuse stories GeekSquad is infamous for. Not to mention BestBuy doesn't have much of the computer hardware Circuit City did... no more CompUSA, and no Fry's Electronics locally. Without CC that only leaves the local PC chain if I need parts that don't make sense paying shipping for.
KnightRid wrote:Argh - they are getting there though. Maybe they should hire some monkeys, they might know more than the cheap labor they hired :)
I guess that is what happens when you fire your most experienced employees that had 10-20 years of experience and dedication with the company? Don't tell me everyone forgot CC fired all those people because they made a few cents above a certain paygrade such as of $16.36 instead of $16 an hour or whatever. If you know that 15 years of working for a company means that little to them, I'm sure the remaining employees don't give a you-know-what about the company outside of their paycheck. :lol:
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Re: Didnt Circuit City go bankrupt yet?

Post by alister » Wed Oct 22, 2008 3:51 pm

vicaphit wrote:I got the orange box for $40 the day of release at CC... They are good for cheap games!
If you can find them in stock. There shelves are usually bare especially when it comes to PC games, at least the one in my area.
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Re: Didnt Circuit City go bankrupt yet?

Post by vicaphit » Fri Oct 24, 2008 4:24 pm

PC game shelves are always full at mine. I got Far Cry 2 there on Wednesday, they were offering a free Game Guide with it, but the shipment hasn't come in yet. The guy at the checkout noted my receipt if I want to go back to get the guide for free.
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Re: Didnt Circuit City go bankrupt yet?

Post by Dragon_Cooler » Sat Oct 25, 2008 5:31 pm

Honestly i would rather go to CircutCity than bestbuy. Best buy is the worst retail store ever known to man. Everyone I know personally has had a bad experience there from rude service to trying to rip them off.

Sorry for anyone that works at bestbuy, nothing personal. LOL

It was kind of sad to see compusa go under, I would have preferred CC go under before them. Though compusa had prices that could inflate the US, it was still nice to have them there.
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Re: Didnt Circuit City go bankrupt yet?

Post by Skippman » Sat Oct 25, 2008 6:32 pm

Wholey crap! It's Dragon Cooler!

CompUSA was good for things like mice and stuff. Where you need to have the hands on to decide if you want to buy them or not.

I know lots of people love New Egg but thier shipping prices are starting to get to me, along with the "$3.00 Priority Handling" thing. They wanted to charge me $9.00 just to ship me a DVD drive. I got the DVD Drive, a dual bay fan controller, a CCT, and 3 sets of SATA cables shipped from Directron for $12.00. So basically for the same price as New Egg's shipping and "priority handling" I'm getting all of that shipped. Ordered today, it'll be here Wednesday at the latest. Ordered my GPU on a Friday from New Egg, took 2 days longer than Directron. Pays to shop around sometimes I guess.

At least Best Buys good for movies and CD's. They've got easily twice of a selection if not more here in St. Louis. Gotta get my BlueRay fix somewhere.

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Re: Didnt Circuit City go bankrupt yet?

Post by Alathald » Sat Oct 25, 2008 6:39 pm

I got a good deal at bestbuy once cause they were trying to rip me off :)

I had 2 coupons, one for PC software et al and one for PC accessories et al...I grabbed Bioshock and a Razor eXactMat mousepad and took them to the cashier. He says 'sorry sir, the Razer pad isn't compatible with this coupon' so I get irate and argue with him. Finally I says 'just put it back' and he sets it aside. Next up is Bioshock. Guess what? NOT SOFTWARE! Whatever I buy it anyway (managed to used the first coupon on the game :roll: ). He bags the game and the pad...think I ever said anything? :snakeman:

And that is how I got a free Razor eXactMat :mrgreen:
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Re: Didnt Circuit City go bankrupt yet?

Post by Nobahar » Sun Oct 26, 2008 4:07 pm

It must suck to work for best buy, given that you have to suggestive sell something you know is crap and also deal with not honoring any of your customer's coupons or return receipts. It used to be better a long time ago.

Best buy actually helped me rip off B&N once. The only thing I tend to buy are books, movies I never watch after I see it the first time unless it is on cable tv or something as a rerun, and cd's well, I just don't listen to music :roll: right? Well when I was younger I tended to always get best buy gift certificates for Christmas or even birthdays. Well one time I got something obscure like a 15 dollar gift certificate, not enough to buy anything substantial. So I bought a cd that was around 12 bucks (they gave me the change in cash) and returned it at B&N for store credit where the price was 22 for the same cd, then I used that to buy books :P

I think I was 15 :p Nowdays if I ever get a gift card I just use it to buy other people gifts, or if I see something really good for black friday.

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Re: Didnt Circuit City go bankrupt yet?

Post by Illuminati » Mon Nov 03, 2008 9:11 am

The plan to close stores and cut their workforce has now been announced... http://www.reuters.com/article/newsOne/ ... 5120081103
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Re: Didnt Circuit City go bankrupt yet?

Post by Darkstar » Mon Nov 03, 2008 11:22 am

and the investor site has a list of the stores they are closing;

http://files.shareholder.com/downloads/ ... 20List.pdf

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Re: Didnt Circuit City go bankrupt yet?

Post by skier » Mon Nov 03, 2008 12:31 pm

kyle, that's a pretty sick story, i wish i could have something like that happen, all i do is find stray dollar bills here and there, like i found a $20 on top of a local mountain :mrgreen:
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