Update: Circuit City has posted a statement on their web site here mentioning that all the store chains liquidated and closed between now and March 2009.Circuit City also posted the number of staff it expects to be let go:
"Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business."
Are you also shutting down your operations in Canada?
- No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.
How many people are losing their jobs as a result of this action?
- Circuit City employs approximately 34,000 associates in the U.S.
Will Circuit City offer PC services and repairs at liquidation stores during the closing sale?
- Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.
As of this morning Circuit City has begun liquidation of all merchandise in all of its 567 stores nationwide. The chain has already closed 155 stores across the U.S. in November and December alone, and continues to plan a closure of more stores in the months to come.
The company previous filed for bankruptcy protection back in November just before holiday season hit, noticing a short coming of customers due to the economic down fall.
After major movie chain Blockbuster placed a bid of $1 billion to takeover to create 9,300 stores to sell electronic gadgets and rent movies, but later withdrew their bid in July after the economic conditions went downhill, the company was authorized by U.S. Bankruptcy Judge Kevin Huennekens to liquidate all stores if a buyout was not achieved.
Circuit City currently has $3.4 billion in assets nationwide, and $2.32 billion in liabilities as of August 31.
Circuit City's web site currently displays "We're updating our site, with new products and special offers".
I know it's crap, but when I needed something, I knew it was the place I needed to go.
I know it's crap, but when I needed something, I knew it was the place I needed to go.
No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.
Oh lord!! Please just let it die already!!!
I know it's crap, but when I needed something, I knew it was the place I needed to go.
No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.
According to the bankruptcy filings, Jan 23 the court decides the fate of The Source in Canada.
Just like all across Canada. Circuit City purchased Radioshack and rebranded it The Source by Circuit City.
Those will face an imminent doom soon as well.
Maybe I'll look at Blockbuster and blame them for messing CC up.
As of this morning Circuit City has begun liquidation of all merchandise in all of its 567 stores nationwide.
Last I checked, Puerto Rico was still part of the United States.....
is incorrect. it should read:
We'll the original story said they have begun liquidation as of friday january 16, 2009, they even had a news video of it (in source), until the announcement was made, and I applied the update.
Last edited by lylesback2 on 17 Jan 2009 - 05:18
Everything at the stores I went to this morning were already 10%, 20% and 30% off, all sales final.. etc etc
So long CC, can't wait to see if I can pick up some deals during liguidation.
Too bad about all the lost jobs though. America is going to have no choice but to start discovering socialism. Otherwise, we're in for another Great Depression. What you're seeing right now is only the beginning of the economic problems America is about to face thanks to all the corporate, financial, and legal corruption promoted by the Clinton and Bush administrations and the lobbyists who have taken over the US government.
You guys do realize that Best Buy has something like 30x more revenue than NewEgg, right? Even Circuit City had almost 5x the revenue of NewEgg. Revenue = Sales, not Revenue = Profit.
Best Buy makes more profit than New Egg has total sales.
People seem to forget that NewEgg is popular among 18-35 computer hobbiest males and IT people. It isn't a big company. They've got 1500 employees whereas Best Buy has 150,000. That also gives you an idea of size... Best Buy employs 4 times more people than Circuit City, and 100 times more people than New Egg. Want to hear something even scarier? Wal-Mart employs 2.1 million people... Yep, Wal Mart is 1400 times larger than NewEgg by employee count and they have almost 200 times more revenue (which isn't bad considering the average item at New Egg has to be vastly more expensive).
Last edited by Schmoe on 18 Jan 2009 - 06:40
Edit: I was right. Just heard on the news that LA alone is expected to loose over 150,000 jobs, new york around 160,000 (mostly banks) this year...and some areas of the country will see double digit unemployment numbers. the end is near!
Last edited by SirEvan on 19 Jan 2009 - 22:45
Sales prices like acer 22" lcd monitor x223wbd ... ONSALE Now $299. ... linksys befsr41 ... ONSALE Now $56
Belkin gold series Cat5 network cable... 14' $29.99 ... 1g ddr2 667 pqi $29.99...
This is NO sale, this is a retail gimmick to get the unknowing stupid sheep in the door to screw them yet again as they have been doing for quite some time now.
I dont expect much of a sale even if they are going bankrupt... considering there are still stores in canada. The unsold items will just be trucked up north and sold there when all the dust settles. The suppliers of CC will get nothing in the end, the employees lose their jobs ( what little of jobs they had to begin with ) and the corporate boys will get a big fat bonus for saving millions of dollars by claiming chapter 11 and screwing everyone they owe money to.
Dont waste your time if you are looking for a deal... there are none to be had. Just go newegg or tigerdirect, stay at home and forget the crowded streets and incompetent sales guy...
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