Printed from http://www.electronista.com

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.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

  1. vasic

    Fresh-Faced Recruit

    Joined: May 2005

    +3

    Closeouts

    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.

  1. fizzy

    Fresh-Faced Recruit

    Joined: Mar 2009

    +1

    like CompUSA

    Must be the same ones that did CompUSA. They offered a printer I wanted at a "final closeout" price that was a few percent off their normal price, but still more than any number of Internet retailers, who would deliver it to my doorstep even. I didn't even bother to go to the Circuit City sale, "closeouts" are never worth it. And what if there's a problem with the item? Where are you going to take it back?

  1. testudo

    Forum Regular

    Joined: Aug 2001

    0

    Doing their job

    Liquidation companies are not in business to give people great deals on merchandise. They are in business to sell off all assets at the highest possible return (as they are under order from the courts to perform this tasks, and Circuit City's creditors would like to get back some of the money they are owed).

  1. testudo

    Forum Regular

    Joined: Aug 2001

    -3

    Re like compusa

    And what if there's a problem with the item? Where are you going to take it back?

    No, but most, if not all, items come with a manufacturers warranty. It's there for a reason.

  1. lockhartt

    Fresh-Faced Recruit

    Joined: Apr 2000

    0

    Misleading info

    Circuit City made its first appearance in the state of NY in 1991, but Circuit City stores have been around since the early '80s in Virginia. I've personally been shopping Circuit City stores since 1985... though that's obviously over now (and after checking out the "clearance" prices, it was over when they closed pre-liquidation).

  1. Go Bells

    Fresh-Faced Recruit

    Joined: Jun 2004

    0

    Doing their job?

    Liquidation companies BRING IN a large part of the inventory they are selling in the store-- CC most likely sent back (to distribution) the inventory in their stores (they didn't pay for it since it was still on their shelf.. Stores usually have most items on consignment and pay based on sell-through reports they give back to their disty partners..

    So, most of these "liquidators" are companies that bid on the chance to "set up shop" in the stores-- They sell the inventory that is in place (paid for already by CC) and they also bring in a ton of inventory of their own to play the "Huge Discount" game--- This happens all the time in the furniture business too--


  1. flask

    Fresh-Faced Recruit

    Joined: May 2004

    0

    why I stopped going there

    I can't speak for the general public, but I personally stopped shopping at Circuit City because I got tired of the pushy salespeople. Since this happened in several different CC stores, I assume they were trained that way. Unlike most retailers these days, where you can't find a sales associate when you need one, at Circuit City it was next to impossible to simply browse the store without some hawk-like salesperson talking you into something you don't need. One time I lied and told the guy I was just making a Christmas list and didn't even have any money with me that day (although in retrospect, that could be dangerous too, because he might try to set me up with a store credit card or financing).Then there was the time I tried to buy a DVD player for my dad, and the salesguy insisted I needed these $30 gold-plated cables or else it wouldn't work. I even specified, "So my regular RCA type cables won't work?" and he said no. I was still skeptical, but went ahead and bought the damn things anyway just to shut him up and get out of the store. The next day when we unpacked the DVD player, I tried it with regular cables first, and what a shock, it worked fine. I immediately returned the $30 gold cables.After that, I never set foot in Circuit City again, except for their recent joke of a liquidation sale. As vasic said above, the prices were still inflated and hardly what I'd call a bargain. I'll let some other poor sap overpay, thanks. But at least there were no pushy salespeople.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Crucial MX100 256GB SATA-3 SSD

While the price-per-gigabyte ratio for magnetic platter-based hard drives can't be beat, the speed that a SSD brings to the table for ...

Narrative Clip

With the advent of social media technology, people have been searching for new ways to share the events of their daily lives -- be it ...

Blue's Mikey Digital

Blue Microphones, a company that makes some of the most popular digital USB microphones among podcasters and musicians, has for some t ...

Sponsor

toggle

Most Commented

 
toggle

Popular News