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Circuit City files for bankruptcy

by SOLARLIFE | November 10, 2008 at 06:41 am

1291 views | 40 Recommendations | 13 comments

Youtube video : Circuit city closes 150 stores

Electronics, always important in the US finds no buyers

Circuit City Stores Inc., the No. 2 electronics seller after Best Buy, filed for bankruptcy protection Monday, thus becoming the latest retailer hurt by a worsening economic downturn.

The Donald Trump story "chapter 11 is a business tool" ?

The banks got bailout to give credit to companies to buy merchandise. Where is the money from the banks for Christmas sales orders for circuit city and others small business ?

According to the company's Chapter 11 filing with the U.S. bankruptcy court in Richmond, Va., Circuit City, which currently has 566 operating stores in the United States, will continue to do business and pay its workers while it restructures debt and its business operations.

Circuit City said it decided to file for bankruptcy at this time to ensure that it would have "adequate merchandise flow to stores during the important holiday season."

The November-December holiday shopping months are crucial to retailers since the two months can account for 50% or more of merchants' annual profits and sales.

Just last week the Richmond-based company announced that it would close another 150 stores.

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SOLARLIFE

at 10:08 on November 10th, 2008

Thanks for Flag, markmayhew, rahul, pgaliba, Blue crush, "Circuit city closing"

Barbara McPherson

at 10:43 on November 10th, 2008

You were faster than CNN on this one.

SOLARLIFE

at 10:46 on November 10th, 2008

Thanks Barbara for high speed Flag "Circuit City closing", how many times we spent time there at the weekend to see or buy new tech products. Some sort of a tech cult shop.

politisite

at 10:59 on November 10th, 2008

Thanks for the story on the continued downfall of no discount retailers in America. Circuit City is being snuffed by companies like Best Buy, Walmart etc.

SOLARLIFE

at 11:11 on November 10th, 2008

politisite..continued downfall of no discount retailers in America. The end of the downgrading is then the 1 or 2 Dollar shop. Thanks for Flag.

Fairbanks

at 11:17 on November 10th, 2008

Even at the dollar shop blue-ray is going the way of Betamax. Also the big screen GPS. Still buying the entertainment products to keep up with the industrial burgeoise culture, but it's becoming a marginal component of the domestic budget.

SOLARLIFE

at 11:26 on November 10th, 2008

Fairbanks..the industrial burgeoise culture, but it's becoming a marginal component of the domestic budget. A great statement goes into my scrab book. I admit I am just listening Radio on a $ 5 Radio, no stereo, but good sound and design.

adam hartung (not verified)

at 12:02 on November 10th, 2008

Remember when Circuit City was a favorite in “Good to Great” by Jim Collins? Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter’s 5 Forces Model)? It’s time we recognize that the old approach to management doesn’t work in a rapidly shifting competitive world. There are winners in today’s market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.com

SOLARLIFE

at 13:31 on November 10th, 2008

adam hartung....It’s time we recognize that the old approach to management doesn’t work. We loved to believe it will continue, we could not imagine others cashed in, left us with the empty citron.

panzerlawyer

at 14:29 on November 10th, 2008

Circuit City sucked anyways. The free market can weed out the weaklings. No more corporate welfare.

SOLARLIFE

at 04:10 on November 11th, 2008

panzerlawyer...The free market can weed out the weaklings. Did not do so with the banks, so no free market, but end of Industry age and some regulated the wealth in time.

Clifton Photographer

at 12:08 on November 20th, 2008

Around New Jersey,it's Best Buy that sucks with employees that couldn't care less if they help you or not. At the Circuit City stores by us,the employees are so much better. And at Best Buy like CompUSA the employees were trying to sell AOL subscriptions a few years ago by asking at the register and at both stores were subscribing people without their OK. I never saw that at Circuit City. AOL had paid the stores for new shelving and displays up front and the stores were then slaves of AOL to sell enough subscriptions to pay off AOL. So these two stores started forcing the sale on people when they used their credit card at the register. I hope Best Buy goes the same route as CompUSA soon for doing that!!!