Circuit City files for bankruptcy

[S and S 12]

Regardless of what people think of the chain, that's more Americans out of work. Not good news at all.

I agree

[HAL 9000 96]

Yet a flood of discounted merchandise from liquidating Circuit City stores could hurt Best Buy during this holiday shopping season, said Jefferies & Co analyst Dan Binder.

"Longer term, you've got Best Buy, who's dominant in the sector, taking share. But in the short run it could feel the pain of the liquidation activity," Binder said.

Umm.. I was actually in a Circuit City this weekend that was having a 'Close Out Sale', and the ####### n there was only marked down 15% and was still more expensive than what Costco/Fry's had for sale @ normal price at the moment..

Thank the liquidation teams at work. According to the friends I have working at the Chicago location to be closed, any further markdown results in CCity LP conducting an investigation that usually results in hand-cuffs being placed on the employee. Happened in one of the suburban locations to close.

Lucky me I'll be notified when they hit 40-45% markdown.

[payxibka 10,048]

Circuit City is approved for 1.1 Billion in DIP financing:

Nov. 10 (Bloomberg) -- Circuit City Stores Inc., which filed for bankruptcy earlier today, won bankruptcy court approval to borrow as much $1.1 billion to finance operations on an interim basis while it restructures.

U.S. Bankruptcy Judge Kevin Huennekens approved the so- called debtor-in-possession loan at a hearing in Richmond, Virginia. Bank of America NA is the agent for the lenders. The electronics retailer said the loan was needed to stock merchandise and pay employees.

[HAL 9000 96]

CCity restructuring:

Pay shareholders, buy out employees cut.

[frali 2]

Am I the only one who always got better deals at Circuit city compared to Bestbuy?

[HAL 9000 96]

Am I the only one who always got better deals at Circuit city compared to Bestbuy?

No you're not the only one. Maybe I'm biased since I did earn paychecks there at one point... but CCity always has better prices that Best Buy.

[Mononoke28 137]

I think they both have good prices depending on what you're looking for, but Circuit City's stores are so freaking dark and cramped. I can't stand to go inside one of those stores. My sister bought her laptop from them last January at a very good deal but I couldn't wait to get out of there. Best Buy, they're more my people. Big, spacious, comfy, no pushy sales people breathing down my neck. Love it.

Diana

[one...two...tree 2,762]

Am I the only one who always got better deals at Circuit city compared to Bestbuy?

No you're not the only one. Maybe I'm biased since I did earn paychecks there at one point... but CCity always has better prices that Best Buy.

It's where I bought my newest Toshiba laptop. I thought I got a pretty good deal.

[HAL 9000 96]

I think they both have good prices depending on what you're looking for, but Circuit City's stores are so freaking dark and cramped. I can't stand to go inside one of those stores. My sister bought her laptop from them last January at a very good deal but I couldn't wait to get out of there. Best Buy, they're more my people. Big, spacious, comfy, no pushy sales people breathing down my neck. Love it.

Diana

*COMPUTERIZED LOL*

Different strokes for different folks. Best Buy employees receive 1/2 the training CCity employees do... that must explain why they tend to congregate around the XBox/PS3 consoles a lot more than their CCity counterparts... (and avoid you... while at CCity- at least when I did the work I was paid to do, it became a loss prevention issue if I saw anyone hanging out on company time).

Last time I purchased something big at a Best Buy it was online for an in-store pickup. 45 minutes waiting for my product as I looked at it with my name on it on the shelf and 5-6 employees were too busy chatting among themselves in the video game section. Store manager sure as heck didn't care much to help my red-eye computer self that day. I should have disconnected his life support right then and there. *LOL*

[spookyturtle 9,466]

Regardless of what people think of the chain, that's more Americans out of work. Not good news at all.

Very true. But many here don't care if GM, Ford and Chrysler go under, so Circuit City is small potatoes in comparison. Too bad they say, serves them right. It's really sad, IMHO.

[HAL 9000 96]

Absolutely true. Plenty of folks going on unemployment soon while the executive structures cash out stock options and the like. CCity would likely have avoided this mess by playing more like the retailer it was back in the 80s and 90s and not the piggy bank for its shareholders. But alas... it is a business and the employees nor the customers run the show.

[Mononoke28 137]

I'm still buying a Japanese car.

Diana

[Imua 0]

I've actually bought a fair amount of stuff from CCity simply because they always seemed to be more conveniently located to where I live or work. Most recently I bought a digital camera online and picked it up at the store near my job - this is usually how I shop since I can evaluate product reviews and features without pushy salespeople pushing those extended warranties. Now I usually buy small electronic stuff like that at Amazon - I just have to be patient for it to get here.

[Mr. Big Dog 10,747]

Regardless of what people think of the chain, that's more Americans out of work. Not good news at all.

Well, don't forget that this happens to be the chain who fired 3,400 experienced sales people a year and a half a go only to replace them with cheaper workers who, of course, didn't produce like the one's they decided to let go. They dug their own fcuking grave. In the long run, we're all better off if this type of short-sighted, incompetent management results in terminal failure.

[w¡n9Nµ7 §£@¥€r 123]

In the long run, we're all better off if this type of short-sighted, incompetent management results in terminal failure.

Yup. Same reason I can't wait to see GM go under with all their worthless employees.