Circuit City to dissolve

Circuit City to dissolve

Circuit City today announced it will liquidate; it has failed to bring itself out of bankruptcy. The company originally filed for bankruptcy in November of 2008. Acting CEO James A. Marcum said in a statement “Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company.”

Full Story (NYTimes.com)

 

Sad,they offered good prices...

 

Though not unexpected, that is a bit of a shame, what with CompUSA already having gone the way of the dodo. Besides the online retailers, whom does that leave aside from _Bestbuy?

 

That's too bad for Circuit City...to bad for customers. But even more so, for it's employees.

In this economy, w/loss of any job, it hit's hard.

Well...I expect my local CC to have some good liquidation deals..


Cin

 

Micro Center and Fry's Electronics. Unfortunately neither have nationwide presence like Best Buy.

 

There's also Wal-Mart, who has gone more and more into electronics over the past year.

Circuit City is a prime example of a poorly managed company. There's no place for companies like them in a capitalist country.

 

Unfortunately, the Solomons of NYC have, to date, prevented Wal-Mart from opening a store therein (although, mirabile dictu, the same self-proclaimed Solomons have a city-paid program that pays for busloads of seniors to go shop at the Wal-Marts further upstate - go figure), and the Wal-Marts on L.I. don't carry a very good selection of electronics.

I quite agree that the best thing for a poorly managed company is bankruptcy or liquidation - that's the only way the mess gets cleaned up, new companies have room to grow, and the jobs lost from the old company are more than made up for by the jobs created by those new companies.

 

This very sad for years i lived between circuit city and best buy and i ALWAYS went to circuit they always had way better deals on games sometimes circuit had sales store wide on games best buy it was like some new game we like $20 off and stuff

I also felt CC had better pricing on TV's over BB

The only thing BB had over CC was Notebooks there selection was much wider. CC you will be missed and never forgotten.

 

Oh well, some hopefully someone will buy them. Circuit City sucks anyway.

 

The Circuit City close to my house never has anyone shopping there, yet the BestBuy across the street is always busy.

 

Mine too, and the parking lot is always *near empty* yet, one block down the road is Best Buy = Always, a full parking lot with shoppers!

Maybe, some of those that will be losing jobs can go and apply at BB or a nother B&M store ~ and have good luck!

Cin

 

Best Buy has "cooler" commercials.

 

Thankfully in Canada we are not affected. The Source by Circuit City (though I suppose the second part of that name will be dropped) for some reason will remain open and operational.

That isn't all that busy of a store, but there is no other place near here where you can buy that kind of electrical "crap"'. The Source used to be Radioshack, it's the same style store.

Greg

 

lmao i knew it! Someone was telling me that everything inside of the source look like radio shack i never went in is it worth going to?

 

Circuit City has much better deals than Best Buy, at least in my area - sad to see them go, although the liquidation will likely bring some good deals.

 

Uhh ... no? They were trying that all this week. Today was the deadline for them to find a buyer, and they failed to do so.

This is the end of Circuit City.

Nope. Best Buy is under a company-wide hiring freeze, so they won't be finding jobs there.

 

Employee product knowledge at Circuit City used to be decent and overall service much better than Best Buy. Circuit City also used to sell appliances.
Management fired the higher paid employees and re-structured the stores in order to save money. It's been downhill ever since.

Walmart should have purchased Circuit and named the store Wal-e-Mart. Then we could have had low prices and crappy service.

 

you knows it weird but ever since citi(i believe it was citi) started doing business with circuit city it went downhill from there nothing but complaints my dad had bought a notebook there and after they merged with whoever they had his new address then they went and sent bills like crazy to the older house then reported him to the credit bureau despiute the fact my dad changed his address months prior my dad gave it to them good though and the bad credit was removed.

 

1, it's not Citi. It's JPMorgan Chase & Company that backs Circuit City Finance.

2, the financial account is still managed by Circuit City (which would have sent the letters, not JPM), it's simply financed by JPMorgan Chase & Company.

 

Welll i remember when my dad talked to the guys at circuit city they blamed chase they said ever since chase bought them over they've had tons of problems with Bills being sent to the wrong place and they alot of customers because of that.

 

Chase didn't 'buy them.' They took over the monetary financing segment of their Circuit City Card, ie, they provided the money. Circuit City still addresses billing and all that fun stuff. Had Chase taken over the entire segment, you'd see the Chase logo all over the cards (they enjoy slapping their logo onto anything they can get their logo on).

 

Pretty much the same case here. I liked CC though, just because BB is constantly jampacked. I always had a good experience shopping at CC.

 

The prices at the one nearest to my house were downright bizarre. On the one hand, they marked some stuff up by hundreds of percent. Last spring, I was looking for 2 GB DDR2 RAM for my laptop and they had a Kingston stick identical to the one already in the machine for $180. I ended up buying it on Amazon for something like $40.

On the other hand, a year ago or so, I was looking for a router and they had one of the more expensive draft-N variety for $40 or $50 (it cost something like $80 online). I couldn't believe it and the cashier didn't believe it either (tried to charge me $100), but I showed her the sticker and she let me have it for the advertised price.

In NYC and its environs, there is a chain called PC Richards & Son. When I went to school in Manhattan, I also used to go to a store called J&R World. It's pretty big, but I think it's just a single store rather than a chain. There's also RadioShack, though that's somewhat smaller.

 

In the end, none offer more competitive prices than Newegg.