Circuit City Seeks Approval To Liquidate U.S. Business

[niemo810]

The circuit city near me was always refreshing... they didn't work on commission, so nobody ever bothered me unless I asked for help. I always did my research online before I went in there to buy stuff anyway.

I very much dislike best buy. I don't really know why, I just never really liked going in there. But recently, my girlfriend went in there to buy a macbook (she had $325 in gift cards) and she paid the rest with cash. The chump at the register acted like he, his bleeding chapped lips, and dandruff factory hair (gross!) had never seen cash before. He counted it 13 times. They were 100 dollar bills. How hard is it to count seven 100 dollar bills? Then Mrs. Saleswoman walks over and tries to sell me (mind you, my girlfriend is buying the computer) their "mac package" which apparently is supposed to "improve system performance". I asked her how, specifically, they would improve the system's performance. She told me they would "just speed things up". "But how?", I asked. She didn't know, other than saying "tweaks" over and over again. *sigh* Shut up. Then she tried to sell me (yes, me again) the extended warranty that is "waaaaay better than Apple care." Well, needless to say, we left pretty quickly, because neither one of us wanted to catch "dumb" or "the chappies".

/rant

 

[iVeBeenDrinkin']

I have been an extremely satisfied amazon.com prime customer for 2 years now.

 

[cervaro]

I always liked visiting Circuit City and Best Buy when visiting the US in 2001 and 2003. Shame to see the former go, but the stores I saw in Detroit seemed confused in what they were aiming at compared to Best Buy (this was March 2003). Bought a Toshiba laptop then, and they ended up blocking my UK Visa card for several days without my knowledge when the salesman bypassed the security check to make the sale!

 

[Srai-W]

30,000 job losses?



Crikey! I have never been to the US so never been to a Circuit City or Best Buy, but damn - 30,000 job losses is a lot from one retailer.

 

[FF_productions]

They're sharing at .10 a share. Best Buy's sharing at 30 a share. Talk about getting crushed by the competition.

Who competes with best buy now? That's pretty bad.

I hate best buy, I don't like their pricing, my friend works there, and the mark-ups are RIDICULOUS (must be what keeps them in business).

Beyond all this, the fact that 34,000 employees are losing their jobs just shows how bad things are going right now. Be grateful for your job everyday.

 

[Norco]

I was in Circuit City today and their liquidation prices still sucked, it was pathetic. They used to be my preferred electronics store, but in the last few years their sales have been a joke and I increasingly skipped them in favor of the Best Buy that was built in my city in the last year or two. I'm not a big fan of Best Buy either, but their stores are always much nicer to shop in. For most stuff if I don't need it RIGHT NOW I go online, it's the only way to shop.

 

[-hh]

Liquidation Sales Are A Rip-off

One of many posts saying:

well now, maybe we can get some good deals out of this

The warning:

Don't hold your breath. The same liquidators that sold off CompUSA's assets is managing the Circuit City sales. Their MO is to mark everything back up to the highest list price on the market, then take progressive percentages off from that. Better deals are often to be had from online or even at other B&Ms.

The confirmation:

I was in Circuit City today and their liquidation prices still sucked, it was pathetic...

And FYI - - this bit about Liquidators being rip-offs isn't unique to just Circuit City: its around the third one I've noticed this year.

'Liquidation Sales' today are an attempt to rip-off of the ignorant.

My apologies for shouting. As dXTC pointed out above, the liquidator's practice is to JACK UP prices, to show 'big discounts' from the original MSRP. The reality is that prices at CC were lower last week than today.


The bottom line advice for any value-shoppers remains the same: know what's a good price before you even bother to go.

And if in doubt, use your iPhone to Google it right there in the store.


-hh

 

[drunet]

Watch this - it backs up your point above.

http://www.youtube.com/watch?v=fMiBVlXctM8

 

[isgoed]

Not necessarily, I am sure the 18 year old stoners that made $8.50/hr there can find another job.

I pay 10/hr to mow my lawn or shovel snow.

My store was closed in December so most of us did because other stores needed people for Christmas. But even then I sent out an application to maybe 10-15 different stores and only got an interview with a few and one job offer. I got lucky and I love my new job and they're keeping me after the season but around here nobody is hiring in retail. If I hadn't gotten that job I don't know how I would've have payed for gas to go to actually drive to my college.

Also some of the kids that had been there for over a year got $1,000 tuition reimbursement per semester, part-timers got that benefit! That's a really big loss for a student.

That's what I mean. People that needs it most get hit the hardest. If you don't stop unemployment you will get a bigger crisis than the mortgage one.

 

[63dot]

In case some of you haven't noticed, here's a sample of recent headlines:

Prepare For Depression Level Unemployment: http://globaleconomicanalysis.blogspot.com/2008/12/prepare-for-depression-level.html

Chief Economist: It’s A Depression: http://www.upi.com/Business_News/2009/01/11/Expert_calling_it_a_US_depression/UPI-11211231704692/

IMF warns of Great Depression: http://www.google.com/hostednews/afp/article/ALeqM5h6Os57hYEifFkfS0_4tWaYPMVJxQ

‘We face deep depression unless we act soon’ - Obama urges Congress to pass ‘$775bn’ rescue package: http://www.dailymail.co.uk/news/wor...gress-pass-775bn-rescue-package.html?ITO=1490

Canadian Prime Minister Stephen Harper believes a depression is COMING: http://article.wn.com/view/2008/12/17/Canadian_Prime_Minister_Stephen_Harper_believes_a_depression/

The Economist: U.S. In Depression, Not Recession: http://www.prisonplanet.com/the-economist-us-in-depression-not-recession.html

Congressman: “If We’re Not Very Lucky Or If We Don’t Do Everything Right, We Could Easily Have A Ten- Or Fifteen-Year Depression”: http://georgewashington2.blogspot.com/2008/12/congressman-if-were-not-very-lucky-or.html

Dr. Doom forecasts depression: http://www.financialpost.com/story.html?id=911549

Rogers: The Elite Are Turning A Recession Into A Depression: http://www.prisonplanet.com/rogers-the-elite-are-turning-a-recession-into-a-depression.html

Batten down the hatches!

Oh, one more.
Systemic Economic Crisis: The Sequence of Global Insolvency Begins: http://www.globalresearch.ca/index.php?context=va&aid=11848

Yes, these are hard times, similar to 81-82, and mid-70s, and can potentially see a decrease in GDP to nearly 5% percent for the next year. But a depression is a GDP loss of 10% percent, regardless of unemployment or Dow. A lot of the depression talk is spin to bash Bush who I am no fan of, but in the end, it's the GDP numbers that say things are below 10% percent, or above it.

On the other hand, if it's not technically a depression, or anywhere close, it's certainly a rough downturn which will be remembered by many as the second great depression.

 

[bbyrdhouse]

Liquidation Sale ... [shrug]

I went in to my local Circuit City yesterday (Saturday 17, January) hoping to find some items at a good discount. What I found was 10% an 20% off ... 20% off was still higher than the Best Buy store's normal pricing right across the street and quite a bit higher than the Wal-Mart half a mile up the street.

A lot of people in the store but not much being purchased...

I suspect that in a couple of weeks they will get a little more motivated and start marking things down to 50%+ off ... then you will find some good deals.

 

[lftrghtparadigm]

saw this earlier.

i can't say its surprising that they weren't able to find a backer given their downward trend over the past few years, and the current economic climate. i never really liked their stores, but the one bad thing about them going away is that this will give Best Buy even more power and bargaining clout when they surely do not need it.

Are you serious?

The ONE THING BAD about them "going away" is the 35,000 irreplaceable jobs that have poofed out of existence. These large retailers are all we have left in this country, we have no other cornerstones for mass employment. We make some cars, thats it, and that is about to go under as well. This is a terrible disaster.

 

[lftrghtparadigm]

I went in to my local Circuit City yesterday (Saturday 17, January) hoping to find some items at a good discount. What I found was 10% an 20% off ... 20% off was still higher than the Best Buy store's normal pricing right across the street and quite a bit higher than the Wal-Mart half a mile up the street.

A lot of people in the store but not much being purchased...

I suspect that in a couple of weeks they will get a little more motivated and start marking things down to 50%+ off ... then you will find some good deals.

Good God what are they thinking? Trying to make enough to pay their employees for the last 3 months? What crooks. Why don't we boycott until they start putting up some "real" sales. Geez.

 

[lftrghtparadigm]

Yes, these are hard times, similar to 81-82, and mid-70s, and can potentially see a decrease in GDP to nearly 5% percent for the next year. But a depression is a GDP loss of 10% percent, regardless of unemployment or Dow. A lot of the depression talk is spin to bash Bush who I am no fan of, but in the end, it's the GDP numbers that say things are below 10% percent, or above it.

On the other hand, if it's not technically a depression, or anywhere close, it's certainly a rough downturn which will be remembered by many as the second great depression.

That is 1/100 of the available information to tell you why a complete and total depression is imminent. If you don't believe that now, and are someone who reads (not just ignores anything and everything thats not iPhone news), then you must be in fantasy land, because there is no other perspective at this point.

 

[lftrghtparadigm]

I just want to point out that of this writing 74 people have found this news to be positive in some way, and have rated it as such.

Just wanted to point out how absolutely pathetic that it is.

Thanks

 

[ccuk]

To be honest, I despise people that do not have a sense of humor.

CC closing is no big loss. Just like CompUsa closing was no big loss. CC is old and outdated. The stores in my location have horrible selection and horrible customer service.

I also despise companies like CC and wal-mart who pay their employes minimum wage with no benefits. Maybe losing a dead end job is a good thing.

I have a great sense of humor, your comment however was a mere steropying remark with no merit at all.

The closing of the stores may be of no loss to you, but to those who have just lost their jobs and have families to support... it is actually a big deal.

Learn some tact.

 

[wonderbread57]

oh my holy gayzor. 30% off!! pardon me while I trample civilians for 30% off something I could get for the same price online with free shipping and option to return to a company that will still exist in 30 days.

Liquidation should mean everything is a buck, then you'll have some justified trampling.

 

[Razeus]

I have a great sense of humor, your comment however was a mere steropying remark with no merit at all.

The closing of the stores may be of no loss to you, but to those who have just lost their jobs and have families to support... it is actually a big deal.

Learn some tact.

...well those some people with family's to support should have thought about that before running the company in the ground. The market decided their fate, they should have responded. This isn't something sudden, CC has been on the ropes for a while now.

 

[yippy]

...well those some people with family's to support should have thought about that before running the company in the ground. The market decided their fate, they should have responded. This isn't something sudden, CC has been on the ropes for a while now.

I don't think he was referring to corporate, a lot, like most of the employees, were just sales/stockroom workers who had zero power over policy. They are the ones who will hurt and it isn't their fault.

 

[tmoney468]

Good God what are they thinking? Trying to make enough to pay their employees for the last 3 months? What crooks. Why don't we boycott until they start putting up some "real" sales. Geez.

You do realize that CC isn't handling the liquidation right? It's a third party company, so raising the prices has nothing to do with CC.

I feel bad for all those who are going to lose their jobs, 34K for one company is a lot of people to lose in one day. I actually preferred CC to Best Buy, I can't frankly stand BB at all.

 

[mac jones]

catch "dumb" or "the chappies".

/rant

Yes the Chappies is a dangerous contagion. Anyone who has this (because of the recent severe weather) should be shunned.

Can we quarantine them?

 

[product26]

stopped by the local store last night, it was pretty busy. But even at only 10% off the prices cant compare to newegg....

 

[ccuk]

...well those some people with family's to support should have thought about that before running the company in the ground. The market decided their fate, they should have responded. This isn't something sudden, CC has been on the ropes for a while now.

Thank you for your oh so wise critique. As yippy rightly pointed out my comments were aimed squarely at those with no decision making power with regards to how the company is/was run, and therefore directly become a casualty of the whole debacle.

 

[angemon89]

stopped by the local store last night, it was pretty busy. But even at only 10% off the prices cant compare to newegg....

Heck, some of the prices don't even compare with Best Buy even at 10% off.

Maybe when things are at 50% off I will visit again. Too bad there wont be much left.

 

[pdjudd]

The same liquidators that sold off CompUSA's assets is managing the Circuit City sales.

Actually Gordon Brothers handled CompUSA. It appears that these guys are doing Circuit City.

Their motives though, to mark up prices before discounting, will probably be the same. Thats just what liquidators do though.