Circuit City goes into liquidation

[Chomsky]

Re: Circuit City goes into liquidation

http://www.msnbc.msn.com/id/28691963/?GT1=43001


THey couldn't refinance or find any buyers...

From their web page:

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.



Please check back later for updates about the status of our website. In the meantime, we hope the information below will help answer most of your questions.....

How many people are losing their jobs as a result of this action?

• Circuit City employs approximately 34,000 associates in the U.S.

[raja]

Re: Circuit City goes into liquidation

Jim, I know for a fact that in December when the trouble with CC first became known publicly, their fire sale prices in Manhattan were still higher than the prices at Best Buy and P.C. Richards (a NY chain) for the same items.

Some of these stores are just overpriced to begin with. It was the same story with the Mervyn's chain here in California. It went bust a couple of months ago - but their liquidation prices were still higher than at Ross Stores and Walmart.

So check it out if you'd like, but I don't think you'll be seeing too many bargains. CC was always and in death is still a ripoff joint.

FWIW, whenever I've shopped for stuff -- e.g., big screen TV -- I always found better prices at CC that BestBuy . . . and we always ended up buying at CC.

[Basil]

Re: Circuit City goes into liquidation

FWIW, whenever I've shopped for stuff -- e.g., big screen TV -- I always found better prices at CC that BestBuy . . . and we always ended up buying at CC.

I have been shopping or several electronics items lately and have found that CC's prices were not even close to the lowest available. Sometimes 30-40% above what I could find with a little time searching the web. This is why CC is going under, they just could not adjust their model to compete. Even when they began going under, most of their prices were not close to competitive. They may have been better than BB, but there is almost always someone selling items for significantly less than both of them. I'll bet BB will soon be a thing of the past as well.

For myself, you need a significant discount to justify the risk assumed by not being able to return the item that you buy from CC. I will be looking for a few items from them, but do nto have my hopes up.

[we_are_toast]

Re: Circuit City goes into liquidation

Typically, liquidations of inventory is handled not by the company, but by an outside firm that specializes in store closings.

Any of these liquidation companies publicly traded? I think they are about to enter a major Poom.

[zoog]

Re: Circuit City goes into liquidation

Typically, liquidations of inventory is handled not by the company, but by an outside firm that specializes in store closings. Once the outside firm takes over the store to liquidate it, the corporate office no longer has control of the pricing. The liquidator returns all pricing to MSRP and then starts a progression of mark downs in 10% increments until all inventory is sold. Because of the pricing structure returning to MSRP, prices are initially usually higher than other stores (e.g. Best Buy) or even the Circuit City price prior to the store going into liquidation. Its a suckers game where the large yellow and black "Store Liquidation Sale" signs draw people in who assume they are getting the best price.

If there is something that you are planning to pick up, you will need to watch it closely and hopefully the item will be in stock by time prices get to 50-60% off of MSRP.

Local news mentioned that indeed a third party company is handling the Circuit City liquidation. As dbarberic and other posters have noted, and I have read elsewhere, the "deals" often aren't. Local report also indicated the stores would not be closing until sometime in March, so there's no need to rush down there and stand in line.

[c1ue]

Re: Circuit City goes into liquidation

I swung by my local CC - 10% discounts across the board.

There was a line, but no one was buying anything but very small items that normally don't have much of a discount.

Will be watching...

[flintlock]

Re: Circuit City goes into liquidation

Good riddance to a store with a sleazy sales philosophy.

Those big box electronics retailers can't pull off their shenanigans anymore, the internet made even the dumbest consumer more educated than their average sales rep. What do they have to offer besides a free showroom for internet sales companies? Certainly not pricing. They relied on financing and overpriced warranties to move their products. EZ financing has gone by the wayside, and the word is out on rip off warranties. So very little is left. Look for smaller specialty shops to take over the higher end, the rest of us will be left with Amazon.com and the like.

Look for a steady list of bankruptcies for any company that relied on credit to push a sale. Unfortunately, that made up a huge part of the US economy.

[rachits]

Re: Circuit City goes into liquidation

I swung by my local CC - 10% discounts across the board.

There was a line, but no one was buying anything but very small items that normally don't have much of a discount.

Will be watching...

The first few weeks will have crappy discounts. When there are decent discounts, the store will be empty of the good stuff.

Also, whatever you do, don't believe the "was priced" numbers. They are made up.

[c1ue]

Re: Circuit City goes into liquidation

Week 2 update:

TVs - LCD and otherwise - now 15% off (10% before)

Laptops and most computer equipment still 10% off

miscellaneous crap like accessories etc now up to 30% off.

By and large the store is still quite well populated; the only major grouping I saw which appears sold out is portable DVD players.

Lots and lots of browsers though - and a significant number had foreign accents. This may not mean anything in SF, but might mean tourists are also browsing.

Also heard a number of couples just checking out prices even though they apparently already owned.

The single large ticket purchase I witnessed - the young lady wanted to pay cash for some type of TV and had to go to the register.

[sunskyfan]

Re: Circuit City goes into liquidation

I have went by three times ... their "sale" is a JOKE ... don't waist your time.

[Slimprofits]

Re: Circuit City goes into liquidation

I have went by three times ... their "sale" is a JOKE ... don't waist your time.

CC sucked in life and in death.

[c1ue]

Re: Circuit City goes into liquidation

Weekly update:

20% off LCD TVs
25% off plasma TVs
computers and computer parts still 10% off
accessories now up to 50% off; most stuff still 20% or 30%

Inventory is still very full - only the lowest end cameras are apparently sold out.

Previously empty portable DVD player stand is filled again.

Netbooks are another exception - only the highest end one is left ($499.99 list, now selling for $450).

Basically it looks like everything is there still - in fact to me it appears there is MORE stuff stacked in corners than before.

[FRED]

Re: Circuit City goes into liquidation

Weekly update:

20% off LCD TVs
25% off plasma TVs
computers and computer parts still 10% off
accessories now up to 50% off; most stuff still 20% or 30%

Inventory is still very full - only the lowest end cameras are apparently sold out.

Previously empty portable DVD player stand is filled again.

Netbooks are another exception - only the highest end one is left ($499.99 list, now selling for $450).

Basically it looks like everything is there still - in fact to me it appears there is MORE stuff stacked in corners than before.

We''re sticking with our Fed cuts dollar, Fire sales vs FIRE sales, Duh-flation, and Bezzle shrinks again forecast.

Not until March/April do the real sales appear.

By July 2009, the inventory is mostly gone.

By the summer and Winter of 2009, far fewer retailers, and the sales are over.

[srivatsan]

Re: Circuit City goes into liquidation

I visited one CC nearby and found that their product is not "well discounted". I find that better deals for the identical products is available online like Amazon.com. Therefore, I find that CC is NOT good even when they are closing... Same lines to their sales before liquidation.
Srivats.

[c1ue]

Re: Circuit City goes into liquidation

Haven't gone by the local CC in several weeks - went by today.

LCD TVs: 25% off
Plasma TVs: 30% off
30% to 50% on miscellaneous accessories
computers still only 10% off

almost all digital cameras/camcorders are now gone; 4 rows now reconsolidated to 1.

Tons of LCD computer monitors everywhere.

Lower end TVs all gone. High end ones still pretty much all there.