Circuit City out like a fat kid in dogdeball!

Jumbo · « **on:** January 16, 2009, 01:43:01 PM »

http://www.msnbc.msn.com/id/28691963/?GT1=43001

BREAKING NEWS
msnbc.com news services
updated 1 hour, 53 minutes ago
Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.

The company said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators. The company’s move to liquidate, first reported by CNBC Friday morning, means the retailer’s 35,000 employees will likely lose their jobs, the financial news channel said.

Calls to the Richmond, Va.-based company and the liquidators were not immediately returned to the Associated Press.

Circuit City filed for Chapter 11 bankruptcy protection in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season.

It had been exploring strategic alternatives since May, when it opened its books to Blockbuster Inc. The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a 9,300-store chain to sell electronic gadgets and rent movies and games. Blockbuster withdrew the bid in July because of market conditions.

Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of this year.

Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores. The company already closed 155 stores in the U.S. in November and December.

U.S. Bankruptcy Judge Kevin Huennekens had given the company permission to liquidate if a buyout was not achieved.

The retailer said Friday it does not anticipate any value will remain from the bankruptcy estate for the holders of its common equity, and added that it will provide more details soon about plans for liquidation of its stores, other assets, and the status of its Canadian operations.

Tarheel · « **Reply #1 on:** January 16, 2009, 01:46:56 PM »

If yo0 have a Circuit City gift card I guess you're SOL, eh?

Buzz Killington · « **Reply #2 on:** January 16, 2009, 02:20:50 PM »

Good riddance. Even their "Going Out of Business" sale was worse than a normal sale at teh HH Greggs.

Jumbo · « **Reply #3 on:** January 16, 2009, 02:40:48 PM »

I'm glad my printer uses ink sold only at Circuit City!

GarMan · « **Reply #4 on:** January 16, 2009, 02:45:24 PM »

This is great news. Bad businesses should go out of business!

When I can order the same garbage online for 10% less and save the 6% sales tax, what service do they serve? They should have downsized 10 years ago and redefined themselves as an online retailer. They were too busy competing in the superstore market when the superstore market was doomed. It's that simple.

GarMan · « **Reply #5 on:** January 16, 2009, 02:48:11 PM »

Quote from: Jumbo on January 16, 2009, 02:40:48 PM

I'm glad my printer uses ink sold only at Circuit City!

I didn't know Circuit City manufactured printers... "Shirley", you can find these cartridges online somewhere.

Ogre · « **Reply #6 on:** January 16, 2009, 02:50:23 PM »

What's wrong with the Circuit City execs? They didn't even asked for a gub'ment bailout!

Tarheel · « **Reply #7 on:** January 16, 2009, 02:56:09 PM »

Quote from: Ogre on January 16, 2009, 02:50:23 PM

What's wrong with the Circuit City execs? They didn't even asked for a gub'ment bailout!

No kidding! Even the porn industry asked for a bailout!

Buzz Killington · « **Reply #8 on:** January 16, 2009, 03:11:56 PM »

Quote from: Ogre on January 16, 2009, 02:50:23 PM

What's wrong with the Circuit City execs? They didn't even asked for a gub'ment bailout!

I think they figured they could just up their prices by another 20% and treat the customers even shittier than before and all would be well.

Kaos · « **Reply #9 on:** January 16, 2009, 03:21:28 PM »

What's going to happen to that dog? That firedog fellow?

Buzz Killington · « **Reply #10 on:** January 16, 2009, 03:34:31 PM »

Quote from: Kaos on January 16, 2009, 03:21:28 PM

What's going to happen to that dog? That firedog fellow?

He just got knocked the fuck out by the Geek Squad.

GarMan · « **Reply #11 on:** January 16, 2009, 03:40:40 PM »

Quote from: Buzz Killington on January 16, 2009, 03:11:56 PM

I think they figured they could just up their prices by another 20% and treat the customers even shittier than before and all would be well.

It's always a struggle listening to the floor staff bullshit their way through the features of one of their products... It reminds me of that stereo salesman scene in Boogie Nights. It's why I stopped going there 10 years ago.

AUTailgatingRules · « **Reply #12 on:** January 16, 2009, 03:48:40 PM »

Quote from: GarMan on January 16, 2009, 03:40:40 PM

It's always a struggle listening to the floor staff bullshit their way through the features of one of their products... It reminds me of that stereo salesman scene in Boogie Nights. It's why I stopped going there 10 years ago.

I guess the sales people didn't harass enough people into buying those worthless "extra warranties"

AUTiger1 · « **Reply #13 on:** January 16, 2009, 04:48:10 PM »

Quote from: Kaos on January 16, 2009, 03:21:28 PM

What's going to happen to that dog? That firedog fellow?

He will meet Jumbo's fist.

Greaseyweasel · « **Reply #14 on:** January 16, 2009, 08:13:37 PM »

Hmmmmm I wonder what the prices on the big screens will be like?

Townhallsavoy · « **Reply #15 on:** January 16, 2009, 10:48:20 PM »

Quote from: Greaseyweasel on January 16, 2009, 08:13:37 PM

Hmmmmm I wonder what the prices on the big screens will be like?

My first thought as well.

ggraf71 · « **Reply #16 on:** January 16, 2009, 11:06:58 PM »

They'll probably just mark them up to "Slash" the prices by 75%. Their downfall began when they dropped commission based salaries.

Snaggletiger · « **Reply #17 on:** January 16, 2009, 11:17:13 PM »

Immediately went by the one here in Dothan today. I'm actually in the market for some mid range size TVs. The 32" were all in the $475 to $699 range. Not too bad overall. I'm also looking for a small flat screen to mount in the kitchen and the 19" etc. were around $275 to $350.

Kaos · « **Reply #18 on:** January 16, 2009, 11:35:23 PM »

Quote from: Harvey Birdman on January 16, 2009, 11:17:13 PM

Immediately went by the one here in Dothan today. I'm actually in the market for some mid range size TVs. The 32" were all in the $475 to $699 range. Not too bad overall. I'm also looking for a small flat screen to mount in the kitchen and the 19" etc. were around $275 to $350.

Sounds rapey to me.

Snaggletiger · « **Reply #19 on:** January 17, 2009, 12:00:52 AM »

Quote from: Kaos on January 16, 2009, 11:35:23 PM

Sounds rapey to me.

Sometimes, if rape is inevitable...you should lay back and enjoy it.