boblin119 Posted November 10, 2008 Share Posted November 10, 2008 (edited) Just heard on cnn that circuit city filed for bankruptcy this morning. Better start using those gift cards! They said that, right now they have enough, to honor the gift cards and pay their employees. Wonder how long that will last? http://money.cnn.com/2008/11/10/news/companies/circuit_city/index.htm?postversion=2008111008 Edited November 10, 2008 by boblin119 Link to comment Share on other sites More sharing options...
siczlo Posted November 10, 2008 Share Posted November 10, 2008 All these stores closing mean less competition. And more people without a job. Link to comment Share on other sites More sharing options...
rachealb Posted November 10, 2008 Share Posted November 10, 2008 this stinks. At least our rewards cetificate finally came- we are going to go try and use it today Link to comment Share on other sites More sharing options...
ObiRich Posted November 10, 2008 Share Posted November 10, 2008 Horrible timing on their part. Since the majority of thier best deals are in conjunction with a rebate, I will have to think long and hard about whether to risk a better deal there with a rebate or pay more somewhere else without one. If I'm not the only one thinking this way, it could really hurt their holiday sales. It's too bad they have sunk this low. I really like CC. I've actually bought more high ticket items there (65" projection TV, laptop, and desktop) there than at BB, as at least in the case of the computers, theirs were slightly better specs for the same price. Link to comment Share on other sites More sharing options...
PentiumMMX Posted November 10, 2008 Share Posted November 10, 2008 This probably means my nearest Circuit City is going down. If so, I think I'll have to scoop up some DVDs before they go down. Link to comment Share on other sites More sharing options...
wnc_mom Posted November 10, 2008 Share Posted November 10, 2008 Lets shope a CC this holiday season and bring them back up at least so they have a chance! they are relying on this holiday season!!! Link to comment Share on other sites More sharing options...
wnielsen1 Posted November 10, 2008 Share Posted November 10, 2008 The small silver lining here is that it is a Chapter 11 (restructuring) filing and they have a commitment for a $1.1B line of credit that will enable them, hopefully, to pay employees & vendors on an ongoing basis. That being said, I am almost certainly avoiding most CC rebates on BF items, which unfortunately, is about half the ad each year. Link to comment Share on other sites More sharing options...
wnc_mom Posted November 10, 2008 Share Posted November 10, 2008 i think they will have great deals this year...they may not even have rebates this year due to this. Link to comment Share on other sites More sharing options...
mario44222 Posted November 10, 2008 Share Posted November 10, 2008 (edited) http://news.yahoo.com/s/ap/20081110/ap_on_bi_ge/circuit_city_bankruptcy;_ylt=A0LEapbVXhhJkwsBS0Gs0NUE Yahoo says: It said it decided to file for bankruptcy protection because it was facing pressure from vendors who threatened to withhold products during the holiday shopping period. The company also said it cut 700 more jobs at its headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers. Circuit City filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan. Its Canadian operations also filed for similar protection. "Without immediate relief, the company is concerned that it will not receive goods for Black Friday and the upcoming holiday season, which could cause irreparable harm to the company and its stakeholders," Besanko said in the filing. So its possible items for Black Friday might not come in time. Edited November 10, 2008 by bigjimslade added source of quote Link to comment Share on other sites More sharing options...
Dlions720 Posted November 10, 2008 Share Posted November 10, 2008 It does suck but I just got this for $799.96 Samsung 56" Series 6 DLP HDTV (HL-56A650) Customer rating: 4.3• 1080p resolution • 3 HDMI inputs • HD tuner • SRS TruSurround XT • 3D technology • Cinema Smooth Light Engine $1499.99 Link to comment Share on other sites More sharing options...
Guest CS.Dean Posted November 10, 2008 Share Posted November 10, 2008 We saw this with K-Mart a few years back and they found a brilliant leader who brought them back from the brink. May CC should hire him to do the same for them Link to comment Share on other sites More sharing options...
chr05angel Posted November 10, 2008 Share Posted November 10, 2008 where did the 56" samsung for 799 come from? your local CC? Link to comment Share on other sites More sharing options...
cc1824 Posted November 10, 2008 Share Posted November 10, 2008 I hope ours doesn't close I love BF at my CC; I go every year I don't care for BB Link to comment Share on other sites More sharing options...
JohnnyLaRue Posted November 10, 2008 Share Posted November 10, 2008 Well the writing was on the wall. I question if I bought an item on BF there and it breaks/defective can I return it? This is another friend now that I know that lost their job this year due to the economy. Link to comment Share on other sites More sharing options...
BrotherFlounder Posted November 10, 2008 Share Posted November 10, 2008 K-Mart was saved, yes. CompUSA was saved, yes. But Circuit City has already had at least one potential investor (Blockbuster, via Carl Icahn) look at the books and withdraw their bid. Also, the current speculation is that their current management has run the company into the ground. If Circuit City is saved, it will be at the eleventh hour, at a very cheap price, and will probably be only in one or two regions. There's still going to be massive layoffs and store closings, just like CompUSA. I really hope that I'm wrong, and that CC does survive, but I think they're done. And with this economy, they won't be the last. Here's hoping that their employees find new jobs quickly. Well the writing was on the wall. I question if I bought an item on BF there and it breaks/defective can I return it?Best Buy will provide factory warranty service on models purchased from CC that BB also carries. (That flyer is on their Atlanta, GA area location pages; I assume it's on the Phoenix and Kansas City pages as well.) Link to comment Share on other sites More sharing options...
xandsfaith Posted November 10, 2008 Share Posted November 10, 2008 They are actually under new management. And it has acted swiftly. I think they have anew CEO who is very dedicated to acting now and not waiting for thing to run it's course. They fired over 500 upper management Friday to make sure that the same boneheads are not in charge. The new credit line enables them to get BF merchandise and hopefully get out of all those bad leases(which are they main problem). If those leases are gone this company can survive and that is a big reason for the BK. Nothing but the 155 stores are closing now and hopefully that will be all thats needed for them to come back leaner and meaner. Hopefully this will be another K-mart. They asked the BK court to honer all Gift cards, warrenties and promotions in stores thata re not closing. As I hate rebates no matter where I shop, hopefully more of thier merchandise will be without on BF. I am betting they will be VERY competitive shopping season. Link to comment Share on other sites More sharing options...
jamieva Posted November 11, 2008 Share Posted November 11, 2008 There was an article in the Richmond paper yesterday, where CC is headquartered. One of the things they point to is that CC went to "B" class real estate in a lot of markets, thinking customers would go to them wherever they are. Best Buy went into A real estate and better staked out the prime real estate in each market where the populations were growing. CC was also late to put CDs and DVDs in their stores. Link to comment Share on other sites More sharing options...
xandsfaith Posted November 11, 2008 Share Posted November 11, 2008 The court has allowed them to walk away from 150 dead leases(leases they have been paying where no store has been for a while)....that in itself is big. So they will save over 40 million just on those leases. Count the new stores they will be liquidating and their leases and a lot of money is now being saved. Now they need to see what stores are in the ebst locations and buy more up to date merchandise. There is room in the market for CC. they just have to be aggressive and train their staff. Link to comment Share on other sites More sharing options...
Mastadon Posted November 11, 2008 Share Posted November 11, 2008 The court has allowed them to walk away from 150 dead leases(leases they have been paying where no store has been for a while)....that in itself is big. So they will save over 40 million just on those leases. Count the new stores they will be liquidating and their leases and a lot of money is now being saved. Now they need to see what stores are in the ebst locations and buy more up to date merchandise. There is room in the market for CC. they just have to be aggressive and train their staff.I hope so. CC has always treated me well. I usually try to shop there first. Link to comment Share on other sites More sharing options...
JohnnyLaRue Posted November 11, 2008 Share Posted November 11, 2008 Best Buy will provide factory warranty service on models purchased from CC that BB also carries. (That flyer is on their Atlanta, GA area location pages; I assume it's on the Phoenix and Kansas City pages as well.)Thanks, just got to make sure the model I buy is the same. The CC near me is closing for good. Now BB is the ONLY closest electronic store near me. I would have to drive to the next town over to go to Fry's. Link to comment Share on other sites More sharing options...
Dlions720 Posted November 11, 2008 Share Posted November 11, 2008 yes, circuit city Link to comment Share on other sites More sharing options...
KrystalMae1231 Posted November 11, 2008 Share Posted November 11, 2008 Our in our town is staying open......For now anyway. We also have a best buy. Our town isn't very large maybe 100,000 people or so, but it is cheap to live here so that could be a lot of why ours is still here. Link to comment Share on other sites More sharing options...
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