Bye circuit city!

[mjf 10+ year member]

OMGZZZZZZZZZZ

http://consumerist.com/5065840/circuit-city-may-close-150-stores-fire-thousands

"The Wall Street Journal is reporting that beleaguered retailer Circuit City is considering a plan to close 150 stores and cut thousands of jobs in an effort to avoid bankruptcy.

One out-of-court solution the company is studying would likely lead to the closing of at least 150 stores and the elimination of thousands of jobs, said people familiar with the company's plans. This would let the retailer liquidate about $350 million in inventory, which it could use to pay off certain real-estate costs, such as leases on abandoned sites. It would then hope to press existing landlords to renegotiate leases, many of which Circuit City regards as overpriced. Circuit City's investors have homed in on those leases as a threat to the company's health.

Many were negotiated when real-estate prices were booming earlier this decade. Roughly 90% of the leases don't expire until 2014 or later, and about 80 are for vacant locations.

Circuit City's stock has plummeted since July, when Blockbuster Inc. rescinded an offer to buy the company for at least $6 a share. In 4 p.m. New York Stock Exchange composite trading Friday, Circuit City shares closed at 39 cents, down from a 52-week high of $8.72. It hasn't had a profitable quarter in more than a year.

The company has hired the same law firm that took Kmart through bankruptcy, but is trying to avoid that option because of (fairly reasonable) concerns that consumers will not trust warranties from a company that is currently bankrupt. "

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[revrider1 5,000+ posts]

Interesting, maybe they will close the one here. It just takes up space...

 

[BASS_WARRIOR 10+ year member]

yup they'll start closing stores, file for bankruptcy, and restructure. Heard about this a few weeks ago from some of my friends that still work there. I'm glad I was laid off during the first round lol.

 

[IDSkoT 5,000+ posts]

That kinda sucks... not really.

CC is really expensive and doesn't have many things that are electronic guts related... so I could care less.

They make their money in pre-made HT, TV's, and game consoles. Now the internet is fixing that. People are only using stores to look at the product before they purchase it online for 3/4 of the price.

 

[ssackett 10+ year member]

Sad to see people loose their jobs but it might generate some more business for the smaller stereo shops that loose business to places like BB and CC

 

[spencer321 10+ year member]

thats funny, i just got hired there yesturday lol

 

[Enellz 10+ year member]

the who circuit city experience ****, their stores look outdated, and sometimes they dont even know stuff when you asked questions. They do need to restructure, and figure out something.

 

[Louisiana_CRX 5,000+ posts]

thats funny, i just got hired there yesturday lol

your store may be one that is staying open since they are hiring new employees....

 

[spencer321 10+ year member]

the store i was hired at is brand new and was just finished about a 2 years ago

 

[BASS_WARRIOR 10+ year member]

the who circuit city experience ****, their stores look outdated, and sometimes they dont even know stuff when you asked questions. They do need to restructure, and figure out something.

They just restructured last year. They turned into the heaping pile of shit they are now because of it. They decided to fire all the good employees and cross train the ones that were left to work multiple departments so they could stretch there resources even further.

Whoever came up with that idea should be the one getting fired.

 

[mjf 10+ year member]

They just restructured last year. They turned into the heaping pile of shit they are now because of it. They decided to fire all the good employees and cross train the ones that were left to work multiple departments so they could stretch there resources even further.
Whoever came up with that idea should be the one getting fired.

i believe they recently got a new ceo anyhow.

as recent as this month, they've been trying to fix the old ones mistakes.

http://www.businessweek.com/ap/financialnews/D93LTNV01.htm

 

[LazyRider 10+ year member]

People losing their jobs and being out of work is never a good thing. A lot of people need their jobs especially when the economy is as bad as it is. I dont buy stuff from circuit city but this really is bad news for a lot of people.

 

[Enellz 10+ year member]

yeah everyone does need a job, but when I was working at Best Buy, my superviser use to dog CC and how their sales sucks, and blah blah blah. Sure do miss them discounts though

 

[mjf 10+ year member]

People losing their jobs and being out of work is never a good thing. A lot of people need their jobs especially when the economy is as bad as it is. I dont buy stuff from circuit city but this really is bad news for a lot of people.

unfortunately where bad marketing practices will cause companies to end up, while i dont end the fact that people are losing jobs, i have no problem with shitty companies going under.

 

[redfred18t 10+ year member]

honestly, the circuit city around here is much better than the best buy. Although the BB is easier to get games, media (its connected to the mall while CC is down the street), the people at CC are friendlier and usually more knowledgeable (although both CA sections are dumber than bricks)