Circuit City going belly up

[jwinslow]

Not finalized yet, but the long-existing smoke is getting pretty strong.

Long story short, don't buy anything big from Circuit City, and don't count on their rebates or gift cards.

Circuit City may close 150 stores - Dayton Business Journal:

Dayton Business Journal

Circuit City could close 150 stores and cut thousands of jobs in lieu of filing for bankruptcy, The Wall Street Journal reported Monday.

The newspaper?s report, which cites ?people familiar with the company,? says the struggling electronics retailer has hired bankruptcy lawyers but doesn?t want to file for Chapter 11 before the holidays.

Circuit City has two stores in the Dayton area, according to its Web site.

Such a filing could hurt the company even further, the Journal says, because many shoppers would be worried that Circuit City wouldn?t be able to honor warranties on big-ticket items such as high-definition TVs and computers.

Circuit City (NYSE: CC) has seen its stock plummet in the last year, with the company unable to keep up with competitors such as Best Buy and Wal-Mart Stores Inc. Shares have lost 95 percent of their value in the past 12 months, closing Oct. 17 at 39 cents.

Circuit City may close 150 stores, slash jobs | News for Dallas, Texas | Dallas Morning News | Latest News

Standard & Poor's analyst Michael Souers said he was maintaining his "Hold" rating on the retailer, but slashed his price target in half to $1.
"While we would applaud (Circuit City) for its attempt to stay solvent, we remain highly pessimistic on holiday sales, and on consumer spending in 2009," he wrote in a research note to investors, adding that he was maintaining his projections that the company would lose $2.65 per share in 2009 and $2.48 per share in 2010.

 

[BuckeyeTillIDie]

Noooo! They have the best deal in regards to buying games.

Every time you buy a game they give you a $10 gift card. Shit.

 

[Hubbard]

Just bought a TV from them like 5 months ago.... I suppose my extended warranty wont be good...

 

[Taosman]

I started a CC thread several months ago. Warned of the possibility. When Netflix backed out of the deal to buy it spelled doom.

 

[BUCKYLE]

Oh no!

 

[Taosman]

Can we blame this on Ty Willingham? Or is he ineligible because of his recent dismissal? Screw it. I'm blaming Ty!

 

[MililaniBuckeye]

Can we blame this on Ty Willingham?

Blame DickRod.

Might turn out to be a good opportunity for HDTV buyers...wait until they have to dump the high-end jobs at near-cost and then even if they last only a few years you've gotten your money's worth...

 

[gregorylee]

Oh no!

 

[Jake]

Just bought a TV from them like 5 months ago.... I suppose my extended warranty wont be good...

Probably about as good as the 10 year warranty on Shamwow.

 

[elliemae]

Probably about as good as the 10 year warranty on Shamwow.

The dude that does those ads! Could he be any more annoying as he shouts the commercial? He reminds me of Garrett Morris on SNL in the late 70's doing the news for the hearing impaired,shouting it!

 

[Gatorubet]

 

[jwinslow]

I started a CC thread several months ago. Warned of the possibility.

they've been on the brink of disaster for at least a year... they're just starting to admit it more publically now.

 

[CleveBucks]

They just opened a store near Hilliard a couple months ago, and it's on the closing list. No wonder these idiots are having trouble.

 

[Fungo Squiggly]

They just opened a store near Hilliard a couple months ago, and it's on the closing list. No wonder these idiots are having trouble.

Ditto that for the Grove City store. Why the fuck would you continue to expand like this when you know you are in bad shape already?

 

[jwinslow]

Couldn't happen to a nicer business. Fire all of those who are too good at their jobs (and make too much in commission), and bring in dolts you can pay less.