Thread: Circuit City is calling it quits; thousands to lose their jobs

http://www.chron.com/disp/story.mpl/business/6216320.html

Circuit City became the largest retailer to fall victim to the expanding financial crisis Friday, announcing it will shut down its remaining 567 U.S. stores at the cost of 34,000 more jobs after failing to sell the business.

The closure of the nation’s second-biggest consumer electronics retailer after Best Buy spells more trouble for the nation’s malls, and is the latest casualty of an unprecedented pullback in consumer spending that has claimed KB Toys, Mervyns and Linens ’N Things.

They actually filed a while ago but not surprising. People have more important things to spend money on. High priced electronics are not a priority right now. Vikings season tickets are!
;D

Heard that to my friend.
Thanks for the read.

Other places will start to feel the crunch as well.......Here in VA our leadership/elected officials are starting to cut back in almost every area.
Gonna close a bunch of schools as well as some more of the things in an effort to make up the anticipated shortfalls that will be associated with tax cuts.

Wildwoman works at one of our biggest local hospitals.......With everyone starting to lose thier jobs as well as health benefits they are seeing more and more cases in the ER.
Of course they can't turn them back and the state is cutting back on what they will refund the hospital........

Astronomical what the hospital is losing.
Wildwoman lost 4 employees as a means to scale back the losses. Of course those employees are the night shift who pull medical supplies for the emergency care that comes in over night.......

Just gonna keep getting worse before it gets better I fear but ultimately, it will get better.
Hasn't it always?
;D

"Marrdro" wrote:

Heard that to my friend.
Thanks for the read.

Other places will start to feel the crunch as well.......Here in VA our leadership/elected officials are starting to cut back in almost every area.
Gonna close a bunch of schools as well as some more of the things in an effort to make up the anticipated shortfalls that will be associated with tax cuts.

Wildwoman works at one of our biggest local hospitals.......With everyone starting to lose thier jobs as well as health benefits they are seeing more and more cases in the ER.
Of course they can't turn them back and the state is cutting back on what they will refund the hospital........

Astronomical what the hospital is losing.
Wildwoman lost 4 employees as a means to scale back the losses. Of course those employees are the night shift who pull medical supplies for the emergency care that comes in over night.......

Just gonna keep getting worse before it gets better I fear but ultimately, it will get better.
Hasn't it always?

;D

I bet one of the exceptions is their salary.

Thank god for the state that Best Buy won that war. I would have hated to see us lose them, although it is still possible.

Tis year is going to be a year for the retail industry that is going to make the residential home mortgage crisis pail in comparison. In the next 6 months there will be a staggering amount of retail bankruptcies that will be much worse than anything we have seen from Wall St or the neighborhood.

"jessejames09" wrote:

"Marrdro" wrote:

Heard that to My Sexy Little Pixie.
Thanks for the read.

Other places will start to feel the crunch as well.......Here in VA our leadership/elected officials are starting to cut back in almost every area.
Gonna close a bunch of schools as well as some more of the things in an effort to make up the anticipated shortfalls that will be associated with tax cuts.

Wildwoman works at one of our biggest local hospitals.......With everyone starting to lose thier jobs as well as health benefits they are seeing more and more cases in the ER.
Of course they can't turn them back and the state is cutting back on what they will refund the hospital........

Astronomical what the hospital is losing.
Wildwoman lost 4 employees as a means to scale back the losses. Of course those employees are the night shift who pull medical supplies for the emergency care that comes in over night.......

Just gonna keep getting worse before it gets better I fear but ultimately, it will get better.
Hasn't it always?

;D

I bet one of the exceptions is their salary.

You know, I haven't seen anything of the nature.
Just huge cuts in eduction and services.....But hey, we elected them in to cut gov't spending so I guess I can't beeyyyatch to much.

Just saying, it seems to always get better IMHO.
Just gonna have to suck it up a bit I guess.

If i had the money, i would buy either the already empty for over a year 'media play' building or the empty as of march 'circuit city' property and build an indoor amusement center. I'm talking paint ball, go karts, batting cages, basketball courts. There is an amusement place here, but it's outdoor stuff like waterslide, go karts, bumper boats and mini golf. Go karts(properly ventilated) and mini golf are indoor/outdoor really.

It's a bummer cc is closing. While their prices were higher then BB, if i bought any car audio, it was very easy to get it in sooner then BB. While BB would take a week to get the work done, CC could have it done next day. The harm right now isn't buying from there, it's expecting to get anything done 2 months down the road, if there was a warranty issue, price match or even wanting a question answered.

I'm sure they'll start their 'no returns, no exchanges' policy soon. It used to be 90 days, but if they won't be around, how can they honor such a policy.

NOT TRYING TO TURN THIS POLITICAL IN ANY WAY!

But hopefully with the new Administration coming in and hopefully
everyone on BOTH SIDES can realize that we as a country are in trouble and will work together to get things right.

"STCLOUDSAYSGOVIKES" wrote:

If i had the money, i would buy either the already empty for over a year 'media play' building or the empty as of march 'circuit city' property and build an indoor amusement center. I'm talking paint ball, go karts, batting cages, basketball courts. There is an amusement place here, but it's outdoor stuff like waterslide, go karts, bumper boats and mini golf. Go karts(properly ventilated) and mini golf are indoor/outdoor really.

It's a bummer cc is closing. While their prices were higher then BB, if i bought any car audio, it was very easy to get it in sooner then BB. While BB would take a week to get the work done, CC could have it done next day. The harm right now isn't buying from there, it's expecting to get anything done 2 months down the road, if there was a warranty issue, price match or even wanting a question answered.

I'm sure they'll start their 'no returns, no exchanges' policy soon. It used to be 90 days, but if they won't be around, how can they honor such a policy.

http://www.circuitcity.com/closed.html

Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business.

Please check back later for updates about the status of our website. In the meantime, we hope the information below will help answer most of your questions.
What's going on at Circuit City?



* Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors.


* The process was extremely difficult and we were left with no other choice but to liquidate.
Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.


* We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business.
Unfortunately, the economic climate is so poor that we have no choice other than liquidation.


* Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17.
Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March.
When the liquidation sales are completed, the stores will be closed.


* At the company's corporate offices in Richmond, Virginia, a small staff will remain on duty during the completion of the liquidation process; most associates will be relieved of their duties immediately.


* Consistent with federal labor laws, Circuit City associates are receiving 60-days notice of the termination of their employment.
Those who stay on to help with the liquidation, of course, will receive pay and benefits. Those who are dismissed earlier will be receiving pay and benefits for the 60-day period beginning January 16, 2009.


* Associates at our company headquarters will be asked to come back on Monday, January 19, to find out more about their status and to retrieve their personal belongings.

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poor guys