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Circuit City to be liquidated - 1/16/2009 8:03:38 AM

BlackPhx

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The sales are gonna be deep and fast. I remember when CompUSA went under (now owned by Tigerdirect) Prices were slashed to the bone to clear inventory and give them enough to pay off their creditors and employees.

http://www.msnbc.msn.com/id/28691963/

poenkitten

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RE: Circuit City to be liquidated - 1/16/2009 8:06:13 AM

SilverMark

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Not long ago they were the largest Electronics Retailer in the country.....really a shame!

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RE: Circuit City to be liquidated - 1/16/2009 8:16:52 AM

bluepanda

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Yeah, good sales, but check that return policy closely.

Wonder what Best Buy's stock is doing at the moment.... hmm, excuse me while I switch windows and check my brokerage account...

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RE: Circuit City to be liquidated - 1/16/2009 8:18:50 AM

BlackPhx

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They were, but they became non-competitive. Here I can walk a circuit between Circuit City, Office Depot and BJ's Wholesale club without leaving the parking lot or getting back in the car. Circuit City is ALWAYS 10-20% higher than the other two for the same items and Brands. Where Best Buy and Circuit City are close to each other Best Buy beats them in terms of price and terms of credit. Only 2 times in the past year has Circuit City been the lower priced provider and then it was on items that were not big ticket items.

poenkitten

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RE: Circuit City to be liquidated - 1/16/2009 8:22:28 AM

bluepanda

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Wow. Anyone holding stock in Circuit City just lost it all. Press release says they don't expect anything left over to pay the holders of teh common shares. Trading at a nickel a share right now.

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RE: Circuit City to be liquidated - 1/16/2009 8:23:27 AM

bestbabync

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wasn't it Circuit City that had the policy if you purchased something from them and then after find the same product sold cheaper by another retailer, they would refund you the difference???

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RE: Circuit City to be liquidated - 1/16/2009 8:40:51 AM

Termyn8or

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Also note that places like this do spring up under another name soon.

In some businesses the best idea is to run the place into the ground. You give out many months same as cash, and in the end that supplies the money, through debt sales, to finance golden parachutes for the execs. Anothe little drop in the bucket is extended warranties, they push them, and they seem to be a good idea now that everything is junk, but usually the extended warranty guarantor is a subsiduary or affiliated and it is no good once the stores go out of business. Nice little drop in the bucket on as many fridges, appliances, TVs and what not they sell.

I watched it happen locally with a place called Willis, which became Fretters, which got gobbled up by a giant, that subsequently closed own years ago. I am not sure if the same people are still at it, but it wouldn't surprise me a bit.

T

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RE: Circuit City to be liquidated - 1/16/2009 8:53:12 AM

Loliita

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Well, when a business fires it's best employees and then hires new cheaper ones the business gets what it deserves. Remember when circuit city fired it's best employees and told them they could reapply for their job later at a lower pay scale? I decided I would not buy anything from them after reading that story.

I'm not a fan of businesses that treat their employees like s**t. Circuit city is getting what they deserve. They are weak and they need to get out the way and make more room for the strong.

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RE: Circuit City to be liquidated - 1/16/2009 8:53:22 AM

BlackPhx

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I don't bother with extended warranties at the store. What the manufacturer doesn't cover often the Credit card company does. If I am paying cash then often it is something I can afford to replace down the line if it breaks down. IF, it hits it's warranty end date and is still functioning properly I will then consider extending it, but will contact the company that makes it and ask who they recommend at least that way I have assurances that repairs are through a factory certified person. High ticket items I may consider a replace warranty but so far I haven't bought one yet.

poenkitten

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RE: Circuit City to be liquidated - 1/16/2009 9:07:08 AM

bluepanda

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quote:

I don't bother with extended warranties at the store.

Me neither. I've never bought an extended warranty from a salesperson at the store. If I do go with an extended warranty, i get it from the manufacturer. They'll usually allow you to buy the warranty any time before the expiration of the original warranty, and with most items, if there's something wrong with it you'll often know by then, and can cover your ass with the extended warranty.

That can really pay off, too. I bought a Panasonic DVD recorder in January of 2006. Within the first year, I'd taken it in for repair 4 times, so I bought a 3-year extended plan from Panasonic for $110. On average, I've taken it back for repair every 3 months since then. Finally, in June of last year, Panasonic got tired of paying to fix that one, so they gave me a brand now one. Which is currently in the repair shop for the second time. I imagine I'll take it back 2 or 3 more times before the extended warranty expires in January of next year, at which time I will have gotten my money's worth and I'll buy a new DVD recorder. One which does not have the word "Panasonic" written anywhere on it.

< Message edited by bluepanda -- 1/16/2009 9:08:57 AM >

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RE: Circuit City to be liquidated - 1/16/2009 9:29:01 AM

kittinSol

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Built-in obsolescence is a symbol of much that went wrong with the economy, the environment, and stupid consumerism - I'm old enough to remember when large electronic goods would come with an automatic two, five, and even ten year warranty at no extra charge. It's a fucking shame.

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RE: Circuit City to be liquidated - 1/16/2009 9:36:42 AM

Denton1911

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Sad to hear circuit city is hitting the mat hard like that. There is not one close by here so it was kind f a treat to get to shop around in one when I got out of town. Best buy is even further away so much for living in the sticks...~Chuckles~

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RE: Circuit City to be liquidated - 1/16/2009 9:38:53 AM

rexrgisformidoni

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maybe I'll buy a new laptop :)
but kitten is right, the dvd player I bought 3 years ago is "obsolete" now because it doesn't massage my back while it plays a movie.

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RE: Circuit City to be liquidated - 1/16/2009 9:41:28 AM

Lynnxz

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quote:

ORIGINAL: bluepanda

Wow. Anyone holding stock in Circuit City just lost it all. Press release says they don't expect anything left over to pay the holders of teh common shares. Trading at a nickel a share right now.

Meh, they had plenty of time to get out, Circuit City's been crashing hard for a while now.

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RE: Circuit City to be liquidated - 1/16/2009 9:43:06 AM

Cagey18

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quote:

ORIGINAL: Loliita

Well, when a business fires it's best employees and then hires new cheaper ones the business gets what it deserves. Remember when circuit city fired it's best employees and told them they could reapply for their job later at a lower pay scale? I decided I would not buy anything from them after reading that story.

I'm not a fan of businesses that treat their employees like s**t. Circuit city is getting what they deserve. They are weak and they need to get out the way and make more room for the strong.

Home Depot did the same thing, and the newbies working there now are useless for advice. Lowe's is picking up their lost business as a result.

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RE: Circuit City to be liquidated - 1/16/2009 9:49:01 AM

Lordandmaster

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Recently their return policy has been as good as anyone else's, but they made a disastrous decision a few years ago to impose a "restocking fee" on returned merchandise. I'm convinced that led droves of customers (like me) to stop considering Circuit City when making a big purchase.

I did buy a flat-screen TV from them about three years ago and found that they had the best price.

Office Depot has also closed many stores and is currently liquidating merchandise at its location near me. The liquidator's prices have been higher than Office Depot's published sale prices (which they don't honor). So I'm waiting a while before I try to get my bottom-dweller deals.

quote:

ORIGINAL: bluepanda

Yeah, good sales, but check that return policy closely.

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RE: Circuit City to be liquidated - 1/16/2009 10:23:53 AM

Dnomyar

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If I read it right only the Circut City in the U.S are going . The ones in Canada seem to be staying in busniess.

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RE: Circuit City to be liquidated - 1/16/2009 10:54:14 AM

flcouple2009

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I never found Circuit City a good place to buy anything. Teh biggest people to miss Circuit City will be the workers who will now be looking for other jobs.

K

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RE: Circuit City to be liquidated - 1/16/2009 1:24:15 PM

GimpinDenial

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quote:

ORIGINAL: bluepanda

Yeah, good sales, but check that return policy closely.

Return Policy?

Erm...if a business is going down the drain (I.E. no longer existing) then....where would you return it? Even if they HAD a return policy......

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RE: Circuit City to be liquidated - 1/16/2009 2:02:37 PM

bluepanda

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quote:

ORIGINAL: GimpinDenial

quote:

ORIGINAL: bluepanda

Yeah, good sales, but check that return policy closely.

Return Policy?

Erm...if a business is going down the drain (I.E. no longer existing) then....where would you return it? Even if they HAD a return policy......

When I posted that, I was thinking in terms of a normal economy, where you could reasonably expect that someone would buy the company or it would simply be restructured in bankrupcty, but yeah. You're right. In this economic climate, it's not likely that the chain will continue in any fashion after it's liquidated.

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