by Princess Spanky Pants ~ The Real, Original, Heather T
Member since:
October 13, 2006

It's official- Circuit City goes Bankrupt

November 10, 2008 09:51 AM EST
views: 153 | rating: 9.6/10 (22 votes) | comments: 42
Not long ago, Circuit City made the announcement that they were closing over 100 stores before the holiday season, a sure sign of major trouble. Stores tend to do great business during the holidays, but in order to do such fantastic business, they need to be able to stock the shelves first. The easiest way to do that is with a loan that they pay back with the profits.

Today, Circuit City went ahead and filed for bankruptcy.

http://biz.yahoo.com/ap/081110/circuit_city_bankruptcy.html

The store filed Chapter 11, which will allow them to stay open while they reorganize, and hold off creditors.

From the article:

The company's biggest creditors are its vendors: Hewlett-Packard has a $118.8 million claim followed by Samsung ($115.9 million), Sony ($60 million), Zenith ($41.2 million), Toshiba ($17.9 million) and others. Smaller creditors include GPS navigation system maker Garmin, Nikon, Lenovo, Eastman Kodak and Mitsubishi.
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Comments: 42

DiAnA D. Nov 10, 2008, 9:52am EST
what a shame
Lacey K. Nov 10, 2008, 9:53am EST
OMGosh! And I thought my debt was bad at $10k! That's scary!
Paul M. Nov 10, 2008, 9:55am EST
They can't compete with Wal-Mart, Best Buy, Amazon, etc.
Charlie B. Nov 10, 2008, 9:58am EST
There is just way to much competition out there and the smaller ones cannot survive in our economy.
Amanda C. Nov 10, 2008, 10:06am EST
Wow, that is too bad.

When we had the choice hubby and I used to always go to Circuit City before Best Buy. Actually, when I lived in FL we didn't have a Best Buy in our town, just a CC. Now I am not really sure what we have where I am now, I am sure we have both because it is a big town, but I really don't know...
Marilyn M. Nov 10, 2008, 10:18am EST
Sad,

Paying it forward.
Marsha S. Nov 10, 2008, 10:22am EST
that's sad and hard to believe....more job losses too
I've never liked Circuit City myself. Then last year, we went for Black Friday, and I came to detest it even more. Poorly organized sales, staff, and cashiers lead to there being a waiting line out the door because the store was at capacity, and more than 75% of the people IN the store were standing in lines that took over an hour to get through.
Lesli B. Nov 10, 2008, 10:27am EST
Sad, maybe they can pull out of it.
Andrea K. Nov 10, 2008, 10:46am EST
Princess, I agree i've been more than disappointed in Circuit City lately!
Quyen N. Nov 10, 2008, 10:49am EST
Wow, I heard the circuit citys near where I live were closing down but I didn't all of them would.
**AngelEyez** a. Nov 10, 2008, 10:50am EST
sad but not surprising,alot of people are going through this..
Kelli M. Nov 10, 2008, 11:04am EST
I do not like circuit city.. the staff is awful, they don't have a clue and that is IF you can find someone to ask.
Stephannie H. Nov 10, 2008, 11:09am EST
oh my.. that is terrible.
Heather Schultz Nov 10, 2008, 11:15am EST
too bad!
Sandy (back in Ohio...blah!) Nov 10, 2008, 11:42am EST
I went to Circuit city looking for a digital camera. But not one person knew aything about cameras. So, I left..My husband and I went across the street Office max or Office Depot (I can't remember which one). I got the help I needed. I bought my camera, a computer chair, some games and a few other things with income tax refund. Because of Circuit City's lack of hiring employees to know their job and they things they sell. They lost out on a bunch of money. I am sure I wasn't the first person this happen to. As their were people asking this same person questions only to walk out the store empty handed as well.
Mini- I actually had the exact same problem last year when I was desperate to find a specific camera that had been clearanced out. None of the stores in my area had one in stock. I went there to ask, and the guy was like, "No one is working in that department today."

Huh? How does that even happen? The people I talked to knew less about digi cams than my 12 year old daughter. I left, went next door to an office supply store on a whim, and they not only had the right camera, it was on clearance, and over half off the orignal price!
CyberGwen ! Nov 10, 2008, 11:55am EST
I liked my Circuit City, but then again, that was usually because they were less crazy busy than Best Buy. My only issue with them is that they have tons of things on the shelf without prices. (no shelf stickers or anything)

I guess that I better use my gift card soon!
Jenny D. Nov 10, 2008, 12:36pm EST
wow that's terrible.. i never went there though.. i prefer best buy.
Janet "Jax" B. Nov 10, 2008, 12:58pm EST
They are closeing ALL the stores here in Georgia.
Vic Needs Coffee Nov 10, 2008, 1:21pm EST
That's too bad.
Sophie S. Nov 10, 2008, 2:06pm EST
Waw. hard to believe especially since they just opened two stores in either direction from me last month.
Sophie S. Nov 10, 2008, 2:07pm EST
That was supposed to be, wow not waw, lol!
Joe T. Nov 10, 2008, 2:09pm EST
It is sad to see all of those jobs leave the community. That means that more people will be in need. I don't think that things will get better very soon. There are more job losses in the future.
That's not good. I never went though much. I usually go to Best Buy for that kind of stuff.
**Paying it forward**
Claudia B. Nov 10, 2008, 3:06pm EST
Oh, boy..another one.

Paying it forward.
This has been in the "talk" for a while now. They have closed several in surrounding areas here, but the one in Dothan is staying open (at least for now). Just stopping by and "paying it forward".
Megan R. Nov 10, 2008, 4:10pm EST
Oh no! I just ordered a $50 certificate from them off My Points. Sounds like I'll still have some time to spend it, though. Stopping by to Pay it forward.
Carla B. Nov 10, 2008, 5:19pm EST
I actually preferred Circuit City when I still lived back home. They weren't as busy, and most of the staff at the one I went to was fairly knowledgeable. My current computer is the only one I've bought anywhere but Circuit City (we bought it at Walmart on black Friday last year).
Carla B. Nov 10, 2008, 5:20pm EST
I guess I should have included that the reason that I don't shop at Circuit City anymore is just because we don't have one here. We just got Best Buy last year, or maybe the year before. I don't remember for sure, but it hasn't been too long. We don't shop there much, though.
glenda j. Nov 10, 2008, 5:30pm EST
sad
Netty B. Nov 10, 2008, 6:48pm EST
paying it forward
Chris W. Nov 10, 2008, 8:03pm EST
Circuit City is HQed here in Virginia, so we are looking at some lost jobs.
Karen M. Nov 10, 2008, 8:30pm EST
The economy is just getting terrible..sad..

Paying it forward
Renita P. Nov 10, 2008, 10:06pm EST
it's getting worse & worse. The more businesses that close, the less people will be spending, thus creating a vicious cycle. Ugh.

Paying it forward
Sara S. Nov 10, 2008, 10:13pm EST
that's sad
carolyn b. Nov 11, 2008, 10:29am EST
I heard, thanks
Steve M. Nov 11, 2008, 5:27pm EST
What do the "Paying it Forward" comments mean? I wonder what will become of my Circuit City Rewards credit card?
Victoria H. Nov 11, 2008, 9:53pm EST
Hubby was just telling me about this yesterday or today. I forget which.
Heather ~of the Whippets~ M. Nov 11, 2008, 10:10pm EST
I wonder what will happen with those abandoned store spaces.
Lisa C. Nov 12, 2008, 1:05pm EST
I wonder if my store will close.
Paying it forward!

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