Circuit City started closing down stores

[audiolife 5,000+ posts]

its not good when people lose jobs. this will just worsen the economy, sure the numbers won't be as great as during a depression...but families will hurt regardless.

It is too good, it might take 2-3 years to pull out of this type of cycle (took 5-6 in the mid 70's) Big stores kill the little guys and force more people out of work than they employ. Might hurt now but within a few years people will be back working at better wages and selling product for it's real value rather than selling it at near cost in the hopes of tacking on an expensive service plan.//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

 

[azimuth 5,000+ posts]

It is too good, it might take 2-3 years to pull out of this type of cycle (took 5-6 in the mid 70's) Big stores kill the little guys and force more people out of work than they employ. Might hurt now but within a few years people will be back working at better wages and selling product for it's real value rather than selling it at near cost in the hopes of tacking on an expensive service plan.//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

credit and financing at these stores is going to change dramatically in coming months as well.

 

[audiolife 5,000+ posts]

credit and financing at these stores is going to change dramatically in coming months as well.

Some of that credit needs to crash...some of the stuff they try to pull you can outright tell organized crime moved into banking...

 

[azimuth 5,000+ posts]

Some of that credit needs to crash...some of the stuff they try to pull you can outright tell organized crime moved into banking...

we keep borrowing money from major banks in other countries, to allow us to live on credit. that only works if our money is actually worth something in the world economy.

 

[AJ²06 5,000+ posts]

Cheap stuff at the expense of other people's jobs!

AWSOME!

 

[mjf 10+ year member]

http://consumerist.com/5074161/updated-breaking-circuit-city-closing-155-stores

According to anonymous insider tips, Circuit City is closing 155 stores and withdrawing from 12 markets. This will be officially announced tomorrow at 8am, says our source. A scan we received of a letter distributed to CC employees helps corroborate the story. The tipsters say that store employees were told this morning. No information was provided at that time about severance pay. Employees in certain departments, like car installation, and Firedog, will likely be out of a job within 48 hours. Warranties will still be honored. A Consumerist commenter on this post says this story is true, and a few posts in Google Finance forums also attest to the store closing. One post there says the store closings will be effective 12/31/08. The news wouldn't be entirely unexpected as...
WSJ reported on Oct 20th that the retailer was considering closing 150 stores. On Friday, Oct 31, CC was warned it get delisted from the New York Stock Exchange because its stock price averaged below $1 for 30 days.

You can already start to see which stores are closing by seeing which ones don't show up in Circuit City's online store locator.

Circuit City is officially fried.

UPDATE: A Consumerist commenter on this post and a message in the Google Finance forums have also said that the store closing are going to happen.

UPDATE 2: Another Circuit City insider writes: "A team of liquidators will be coming in and taking control of the store. They will set prices as they see fit, and price match guarantee, employee discounts, CC circulars, and the new one price guarantee are all out the window. The price you see is the price you will pay, although it ought to be at a bit of a discount. Firedog services as well as car audio installation are gone immediately. Returns and warranties have to be taken to a CC that's not closing. No new stock will be delivered, we just gotta crank away and sell off everything, and when it's sold, we hit the road."

UPDATE 3: A CC employee scanned and sent us this letter he received from CC about the store closings:

UPDATE 4: In classy fashion, Chicago CC employees were told the news at what was billed as a "holiday kickoff" meeting that instead became a "holiday layoff" meeting.

UPDATE 5: Another CC insider reports, "Liquidators will be coming in on Tuesday and the affected stores will be shut down. there is likely not going to be a severance package for us being affected by the layoffs but we were given the option to get a bonus based on how many hours we worked under the liquidation process. We are not allowed to transfer to other locations and have to wait out the liquidation process before we can reapply. So essentially, we will have to take a paycut, a position cut, and more than likely an hours cut if we want to still work for the company.

More importantly I tried to find out what was going to happen to all the warranty computers. Customers will be getting a call from their local firedog techs tomorrow (Monday) about either to pick up their computers and take them to a different location to do warranty work, or for those who have already had their computers sent out for repair be told where they can pick it up. As far as I've been told everything that is out at our repair depots has already been set in motion and will not be shipping back to the stores that are closing. During the liquidation process we will no longer be accepting gift cards, coupons, checks, or circuit city credit cards.

I would tell people to call up their store tomorrow and see where their laptop is being shipped to because obviously that could be a very big hassle for people."

 

[audiolife 5,000+ posts]

as of now our economy is doing better than many of theirs..our dollar came up quite a bit too...whole world is in a crisis not just us

 

[Randy Savage 5,000+ posts]

Holy shit, all of my local CC's are closing (have 7-8 CC's within 15 miles).

 

[azimuth 5,000+ posts]

as of now our economy is doing better than many of theirs..our dollar came up quite a bit too...whole world is in a crisis not just us

it depends on if other countries start calling our debts due. we don't have the money. most of us would have been in prison for fraud, if we borrowed billions of dollars we couldn't pay back. but if our dollar stays strong, we'll be fine.

 

[Eugenics 5,000+ posts]

The closest one to me closed a few years ago.
Maybe i'll stop by the one near my work and see whats up. I want a flat screen!

Same here. And this was after years of me wondering when they were going to close up shop. Place was deserted.

 

[audiolife 5,000+ posts]

Holy shit, all of my local CC's are closing (have 7-8 CC's within 15 miles).

its all because you do not work there now!//content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[scarolinablazin 10+ year member]

it depends on if other countries start calling our debts due. we don't have the money. most of us would have been in prison for fraud, if we borrowed billions of dollars we couldn't pay back. but if our dollar stays strong, we'll be fine.

you do realize that most counties we owe money owes us at least twice the amount we owe them right?? not counting the countries we don't owe that owe us.the national debt is a hoax used to explain why they need to raise/ collect so much in taxes. it's no where near as large as they say it is.

 

[Mike465 10+ year member]

All the stores within 100 miles of Atlanta are closing. I know the Acworth strore (I used to work there and the kennesaw store) is closing in two weeks.

 

[jer_stud56 10+ year member]

I think the closest one to me used to be in Sioux Falls, SD. Then it changed into a staples? That was 5 years ago.

Now the closest I'm thinking is in Minneapolis. Meh whatever. I have no money to spend anyways.

 

[Enellz 10+ year member]

there are 3 CC in louisville, and one across the river, but only two are showing up? HMMM, mayber thier closing?

BTW here is the link of the list of store closing: http://www.engadget.com/2008/11/03/circuit-city-announces-store-closure-plans-full-list-of-locatio/