Posted on 01/16/2009 9:15:06 AM PST by RKBA Democrat
Bankrupt electronics retailer Circuit City Stores Inc., after failing to secure financing from its creditors and lenders, said Friday that it will liquidate, joining a list of other retailers like Linens N Things that set plans to fold their operations in the economic downturn.
(Excerpt) Read more at marketwatch.com ...
Hmmmmm, if they liquidate does this mean I can go to the local 99 cent store and buy some of their inventory?
isn’t this the company that laid off it’s experienced sales staff and replaced them with cheaper labor who knew nothing about the product, or am I thinking of CompUSA?
So when do we start sending them money too?
Guess firing their best salespeople to preserve executive bonuses wasn’t a great business plan.
What? No trickle down bailouts?
30k more people looking for a job soon.
That was a self-inflicted wound that killed the company.The execs probably popped their golden parachutes and have never looked back.
It’s not surprising because the service at our local store was awful. You had to beg people to wait on you. This has been going on for years. I don’t bother to even go in there. They could advertise “free anything”, and I wouldn’t waste my time. They wouldn’t have it, or no one would know what I was talking about if I asked. These people deserved to go out of business.
Nope, more trickle up poverty
Oh, I’ll bet the execs will come out of this liquidation well compensated, not like their employees who will bear the brunt of their disasterous business practices.
It was them, one of the big reasons IMHO they’re in the place they’re at now.
You are correct. Closing Circuit City puts a bunch of now “unemployable” idiots back on the street where they belong. The “best” employees that got laid off earlier are now laughing.
Re: It’s not surprising because the service at our local store was awful. You had to beg people to wait on you
You’re thinking of Best Buy.
Look for a lot more of this as retailers start reporting earnings in mid-February. Department store Goody’s also announced liquidiation this week and Gottschalks filed to reorganize under bankruptcy protection chapter 11.
“Hmmmmm, if they liquidate does this mean I can go to the local 99 cent store and buy some of their inventory?”
According to Bloomberg (which is not allowed to be linked), the company has hired four retail liquidators to sell off the inventory. I suspect that most of it will be sold in place.
Got a neighbor that got the axe from CC 3 years ago as hear was the region’s top floor salesman 2 years running and having worked there 5+ years. He made more than the store’s assistant manager many months with commissions. Tall, good lookin’ for a dude I reckon....he told me 80% of his clientèle were women. Very knowledge with all electronics and computers especially.
“isn’t this the company that laid off it’s experienced sales staff and replaced them with cheaper labor who knew nothing about the product, or am I thinking of CompUSA?”
It was Circuit City.
damn shame are only outlet is WorstBuy and Fried Electronics...
Maybe a resurgence in the Ma and Pa Electronics store?
Is that Circuit City or Home Depot you’re talking about?
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