Circuit City closes permanently March 8th
updated 09:00 am EST, Fri March 6, 2009
Circuit City closes stores
Electronics chain store Circuit City announced on Thursday it will permanently shut down all 567 of its stores across the country as of Sunday, March 8th, earlier than previously announced due to the record-high shopper turnouts for going-out-of-business sales. Some locations have already closed due to sold-out stock, as shoppers cleaned out store shelves since the sales began on January 17th in an attempt to liquidate $1.7 billion in inventory.
The closures were originally expected to take place on March 14th at the second-largest consumer electronics retail chain store in the US.
Back in November, Circuit City filed for bankruptcy as mounting pressure from suppliers, competition from Best Buy and the worsening US economy were too much for the chain to endure. Prior to this announcement, the company had closed 155 stores on its own terms in a bid to raise cash and avert its eventual bankruptcy.
The first Circuit City-branded store was built in New York in 1991, though the company dates back to 1948 as the Wards Company.
Fresh-Faced Recruit
Joined: May 2005
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There are two more days to sell the inventory, and I have to say, at least based on the NY City (Union Square) store, the liquidation company is doing one h*** of a job, and people are just suckers.
I've been dropping by this store for the past month or so, as they were 'slashing' price, since 'everything must go'. I haven't bought a thing, since the prices were NEVER slashed. Last night, about 80% of the floor space was cordoned off, with empty shelves. What little merchandise was left (a few larger LCD HDTVs, some laptops, camcorders, accessories) was selling at FULL RETAIL prices, with the exception of a few very minor things.
Yellow price stickers had enormously inflated 'original' price, with a 'final sale' price at about 20-40% of that 'original' price. For example, a cheap netbook was 'slashed' all the way down to -- $450 (!!???). And it appears that they'll probably clear everything by the end of the week. In today's economy. With these prices. Which confirms that people are fools and have no clue how to do their homework and learn the value of things they buy.