CCTAU 3,872 Posted January 16, 2009 Share Posted January 16, 2009 I never purchased much of anything from them anyway. I just never felt comfortable in their stores. Friday, January 16, 2009Circuit City to Liquidate Remaining US Stores Kathryn Buschman Vasel Circuit City (CC) has reached a deal to be fully liquidated after failing to find a buyer or a refinancing deal. The electronics retailer reached an agreement with liquidators to sell the merchandise in its 567 domestic stores. "We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction,†said James Marcum, vice chairman and acting president and chief executive officer, 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." People with Circuit City warranties might be out of options. "If the warranty is from manufacturer, they should be fine," said Jack Gillis, director of public affairs for the Consumer Federation of America. "You will need a proof of purchase, like an original receipt, but if they have a service contract from the company then they may be out luck." However, the company reported it wasn't changing it Circuit City Advantage Protection Plan. The plans have been backed by third-party independent companies for more than 15 years and will not be impacted by Circuit City’s liquidation. News of the liquidation sent shares falling 8% to 3.2 cents each in midday trading on the New York Stock Exchange. Court papers showed the retailer appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators. Consumers looking to snag a good deal should proceed with caution. "In some cases -- and shoppers found this with Linens-N-Things -- [the store] will actually raise prices with certain popular items, so the key is to make sure you know the general price of the item so you know it's a good deal," Gillis said. Gift cards will continue to be accepted at stores and online. In November, the Richmond, Va,-based company filed for Chapter 11 bankruptcy protection, falling victim to tight credit markets and slowdown in consumer spending. The judge set today as a deadline to reach a deal with a buyer. The company received approval to proceed with an auction to sell itself last week. Circuit City told the court it was in talks with two undisclosed parties that could either buy the company or provide financing. The store said liquidators will start arriving in stores this weekend and closing sales will start as early as Saturday, Jan. 17. Closing sales will run as long as it takes to clear existing inventory, but are expected be over by the end of March. According to reports, private-equity firm Golden Gate Capital was a leading bidder for the 59-year-old retailer. It made an offer, but requested 30 days to analyze the business, according to reports. The retailer has been struggling for some time. A week before filing for Chapter 11 bankruptcy protection, it announced it was closing 155 U.S. stores, which will result in the layoff of 17% of its work force. Link to comment https://www.aufamily.com/topic/55492-circuit-city/ Share on other sites More sharing options...
otterinbham 0 Posted January 16, 2009 Share Posted January 16, 2009 Terrible customer service. Guys who knew next to nothing. Then, if you bought something, you had to sit around on the loading dock and wait for them to haul the cotton picking thing out. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573517 Share on other sites More sharing options...
DKW 86 8,215 Posted January 17, 2009 Share Posted January 17, 2009 Wait, Circuit City has a business model that didnt work. Why didnt they get a bailout like the Big Three? Their business model doesnt work either. Opps, I forgot that Circuit City doesnt have UAW members working there. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573589 Share on other sites More sharing options...
tigernt'town 4 Posted January 17, 2009 Share Posted January 17, 2009 one of my friends bought a 50" plasma from circuit city and when the screen went out a month later, he took it back and could not even get anyone to talk to him for three hours, i rejoice for this news, locally i hope and pray for a best buy to come. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573606 Share on other sites More sharing options...
WinCrimson 61 Posted January 17, 2009 Share Posted January 17, 2009 one of my friends bought a 50" plasma from circuit city and when the screen went out a month later, he took it back and could not even get anyone to talk to him for three hours, i rejoice for this news, locally i hope and pray for a best buy to come. YESSSSSSSSSS I was thrilled to hear that Circuit City has gone belly up. They've always been behind Best Buy and it's about time we got one here. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573628 Share on other sites More sharing options...
WarTiger 4,120 Posted January 17, 2009 Share Posted January 17, 2009 I guess it all goes to personal experiences. Personally, you couldn't pay me to walk into a best buy store. The one here at least, the people don't want to help anybody, and they know very little about what they are supposed to be selling... I've ALWAYS bought all my electronics from circuit city. I just replaced two tv's and a home theater system in my house and they were the only ones that took the time to walk me around the store and show me the best thing for me, and that was with them KNOWING it would be another month of two before I bought anything. Naturally I went back to Circuit City and bound a 67" LCD DLP set, a 40" LCD and a home theater from them. They discounted EVERY item for me and gave me free delivery. I guess I'll be buying all my electronics online from now on. I HATE best buy and have had terrible experiences there and won't even go in their stores. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573655 Share on other sites More sharing options...
TitanTiger 22,249 Posted January 17, 2009 Share Posted January 17, 2009 I worked at Circuit City for a few months and I've always shopped Best Buy since. That said, if anyone goes today to a store and happens to think about it, see if they carry the Brother MFC-7820N laser printer/copier/scanner/fax. Their site is down right now so I can't check on what their price is. If it's really cheap I might get one. If not, I'll wait for my birthday or something. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573660 Share on other sites More sharing options...
BamaGrad03 0 Posted January 17, 2009 Share Posted January 17, 2009 You'll have to go into the store. They aren't going to sell anything through their website anymore. I went by today. Looks like they really haven't knocked the prices down too much. And it just happened yesterday, so most of the sale prices aren't even marked yet. I'd give it a week or so. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573677 Share on other sites More sharing options...
BZ770 2 Posted January 17, 2009 Share Posted January 17, 2009 Last year I went into CC to buy a 32" tv for 499 off their website price, in the store it was 549 they wouldn't honor their online price from the day before so I walked. Side note. In Baldwin County at the new Bass Pro Shop complex they just constructed a new CC store that never even opened. THe CC in Mobile is at the Festival Centre and it already has about a 25% occupancy rate. Watch commercial property be the next bust. Link to comment https://www.aufamily.com/topic/55492-circuit-city/#findComment-573703 Share on other sites More sharing options...
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