airman Posted January 16, 2009 Posted January 16, 2009 Richmond, Va., January 16, 2009 Circuit City Stores, Inc. announced today that it will seek Bankruptcy Court approval to begin the process to liquidate the assets of the company. "We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction. Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company," said James A. Marcum, vice chairman and acting president and chief executive officer for Circuit City Stores, Inc. Circuit City will provide more details in the near term about the plans for the liquidation of the stores and other assets, the status of the company's Web site and firedogSM services operations, the status of its Canadian operations and plans for the company's bankruptcy proceedings. The company does not anticipate any value will remain from the bankruptcy estate for the holders of the company's common equity, although this will be determined in the continuing bankruptcy proceedings. The company filed for Chapter 11 bankruptcy protection in November 2008. The case number for Circuit City's Chapter 11 filing is 08-35653. Additional information can be found by visiting the company's investor information home page at http://investor.circuitcity.com and clicking on "Breaking News" and at the Claims Agent's Web site at www.kccllc.net/circuitcity. About Circuit City Stores, Inc. Circuit City Stores, Inc. (OTC:CCTYQ) is a specialty retailer of consumer electronics and related services. At December 31, 2008, the domestic segment operated 567 stores in 153 U.S. media markets. At December 31, 2008, the international segment operated through approximately 765 retail stores and dealer outlets in Canada. Circuit City operates Web sites at www.circuitcity.com, www.thesource.ca and www.firedog.com. Forward-Looking Statements Statements made in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the company's expectations concerning the bankruptcy process. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, developments in the bankruptcy proceedings, the results of the liquidation sales and other matters. So who else besides me is now out of a job? Share this post Link to post Share on other sites More sharing options...
Onion Posted January 16, 2009 Posted January 16, 2009 About time. Sucks for the people getting fired though. Share this post Link to post Share on other sites More sharing options...
ARandomOWL Posted January 16, 2009 Posted January 16, 2009 Looks like u've got no more job opportunities now l33t Share this post Link to post Share on other sites More sharing options...
Kuronin Posted January 16, 2009 Posted January 16, 2009 I agree. Every time I went there some items were awesome deals, and others (things I wanted) were ridiculously overpriced. Best Buy isn't much better. Share this post Link to post Share on other sites More sharing options...
d3bruts1d Posted January 16, 2009 Posted January 16, 2009 Doesn't surprise me. The company has failed to evolve over the years, and the stores in this area have always been empty and rarely have a good deal when compared to HHGregg or even Best Buy. Share this post Link to post Share on other sites More sharing options...
Onion Posted January 16, 2009 Posted January 16, 2009 Looks like u've got no more job opportunities now l33t Yeah, that's one job less. I might get a job at compusa, one of my friends work there (funny enough, his name is leo like me) and he might be able to convince the manager to take me since the manager is pretty laid back. <_< Share this post Link to post Share on other sites More sharing options...
Verran Posted January 16, 2009 Posted January 16, 2009 Doesn't surprise me. The company has failed to evolve over the years, and the stores in this area have always been empty and rarely have a good deal when compared to HHGregg or even Best Buy. I'm not a big fan of Best Buy at all. That's the only real reason I went to Circuit City. But where Best Buy has changed strategies and seemed to evolve, Circuit City just doesn't seem to have done that. While I hate Best Buy's pushy sales training, it works on the general public. At Circuit City I often have to hunt sales people down on my own. This is not a huge surprise, but I know a lot of OCCers get their paychecks from Circuit City, so it's a bummer for them. Share this post Link to post Share on other sites More sharing options...
Guest ajmatson Posted January 16, 2009 Posted January 16, 2009 Circuit City close here in Phoenix a month ago and now Best Buy price gouges because of less competition. A 4GB set of PNY Optima memory (which is low end IMHO) is $249. A few months ago it was $199. Sorry to hear about your job loss man. Good luck in your future. Share this post Link to post Share on other sites More sharing options...
LoArmistead Posted January 16, 2009 Posted January 16, 2009 It's too bad it had to happen. It's easy to blame the company's management of the 90s and early 2000s for this mess. While the rest of retail was evolving, they weren't. Instead they were growing a top-heavy, good ol' boy bureaucracy. When technology prices collapsed at the turn of the century, that should have been their sign to get their act together. They didn't, and by time they reported their first big loss in 2007, it was already too late. Their moves to lay off their "most experienced employees" in July 2007 was just a move to prolong the occurance of their inevitable bankruptcy. A lot of people blame that move for why Circuit City eventually died, but they actually began dying almost a decade ago. The elitest waited too long to react, and this is the result. I've got a lot of soon-to-be unemployed friends now. Best of luck, everyone. Share this post Link to post Share on other sites More sharing options...
cheetor1981 Posted January 16, 2009 Posted January 16, 2009 (edited) I don't like shopping retail for anything that I can buy online. Best Buy & Circuit City are the only places in my area to go other then maybe Staples and the now closing Office Depot for computer related items/electronics. Retail aboard completely over charges for items that are very out-dated. You can buy a 3 year old video card for a couple hundred dollars at a store or wait 3-5 days with free shipping to get a brand new video card that came out within the year for the same price delivered right to you. I don't feel sad for any retail company. As a customer at let's say Best Buy, you get swarmed by people asking if you need help...I think if I needed help I would go find someone. On the other hand, there are other stores that when you need help, you can't find anyone who works at the store other than one busy cashier. In my experience as a customer, you either get harrassed to buy stuff or can't get help when you need it...not to mention the over priced yet ancient merchandise. Edited January 16, 2009 by cheetor1981 Share this post Link to post Share on other sites More sharing options...
Waco Posted January 16, 2009 Posted January 16, 2009 I just tried calling the local place to see when they are liquidating to the public and nobody would answer on any of the lines. Share this post Link to post Share on other sites More sharing options...
d3bruts1d Posted January 16, 2009 Posted January 16, 2009 I just tried calling the local place to see when they are liquidating to the public and nobody would answer on any of the lines. That sounds like every time I've ever tried to call a CC store. Share this post Link to post Share on other sites More sharing options...
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