Circuit City declares bankruptcy

[DavidS]

NEW YORK (AP) -- Circuit City Stores Inc., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches.

It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan.

Link here.

 

[CSM]

Hell, they should have demanded a bailout!

 

[sithroya]

lol, i just applied for a job at CC

 

[xsited1]

They better give me a good deal on a big-screen plasma TV or else!

 

[WillowTree]

do they hafta still pay taxes if they have filed for bankruptcy?

 

[Navy1960]

Now, I will only make a few comments on this one, Circuit City at least deserves my admiration for not going to the government to ask them to justify their mismanagement. Instead the company has taken the traditional route offered to those companies that are in such situations and thats through the Bankruptcy Courts. They have my complete support and fondest wishes for success in comming out of this as a better company. Other companies should stand up and take notice of this, GM, are you watching?

 

[CA95380]

They have been advertising all day on television ...

Rock bottom bankruptsy price's .... (their online website ad example)
Buy the Sony 32" Bravia L Series LCD HDTV and other LCD & Plasma TVs at circuitcity.com

Sony 32" Bravia L Series LCD HDTV
Reg. Price $699.00 Sale Price & $599.00

Huh? $100 off? When you are concerned about paying your utility bill or mortgage payment

They have sale's like that one all the time.

 

[Navy1960]

They have been advertising all day on television ...

Rock bottom bankruptsy price's .... (their online website ad example)
Buy the Sony 32" Bravia L Series LCD HDTV and other LCD & Plasma TVs at circuitcity.com

Sony 32" Bravia L Series LCD HDTV
Reg. Price $699.00 Sale Price & $599.00

Huh? $100 off? When you are concerned about paying your utility bill or mortgage payment

They have sale's like that one all the time.

Thus the reason why Circuit City is running to Bankruptcy court CA. I don't know if anyone recalls a compnay called CompUSA that recently went out of business, but when they closed their store on Bell Rd. here I got an Apple Laptop there for my daughter for about 400.00 dollars.

 

[xsited1]

They have been advertising all day on television ...

Rock bottom bankruptsy price's .... (their online website ad example)
Buy the Sony 32" Bravia L Series LCD HDTV and other LCD & Plasma TVs at circuitcity.com

Sony 32" Bravia L Series LCD HDTV
Reg. Price $699.00 Sale Price & $599.00

Huh? $100 off? When you are concerned about paying your utility bill or mortgage payment

They have sale's like that one all the time.

CompUSA did the same thing and I believe the Circuit City liquidation is going to be held by the same people. Translation = No good deals.

 

[DavidS]

Now, I will only make a few comments on this one, Circuit City at least deserves my admiration for not going to the government to ask them to justify their mismanagement. Instead the company has taken the traditional route offered to those companies that are in such situations and thats through the Bankruptcy Courts. They have my complete support and fondest wishes for success in comming out of this as a better company. Other companies should stand up and take notice of this, GM, are you watching?

How are you comparing Circuit City to GM?? The government could give two shits about some dinky electronics store. GM is responsible for 10% of the American workforce. Circuit City goes under, you have Best Buy and a whole slew of other electronics stores selling what Circuit City sells. No one else sells GM cars except GM cars.

 

[DavidS]

They have been advertising all day on television ...

Rock bottom bankruptsy price's .... (their online website ad example)
Buy the Sony 32" Bravia L Series LCD HDTV and other LCD & Plasma TVs at circuitcity.com

Sony 32" Bravia L Series LCD HDTV
Reg. Price $699.00 Sale Price & $599.00

Huh? $100 off? When you are concerned about paying your utility bill or mortgage payment

They have sale's like that one all the time.

They can't compete when you have websites like this:

Sony KDL32L4000 32 in. HDTV LCD TV Products (Sony-CDS:58963031) - Compare Prices at ShopCartUSA.com
Sony Electronics - BRAVIA KDL-32L4000 32" LCD TV - KDL32L4000
Sony KDL32L4000 - Search, Compare, and Find Great Deals at DealTime

 

[Navy1960]

How are you comparing Circuit City to GM?? The government could give two shits about some dinky electronics store. GM is responsible for 10% of the American workforce. Circuit City goes under, you have Best Buy and a whole slew of other electronics stores selling what Circuit City sells. No one else sells GM cars except GM cars.

While I am well aware David of Circuit City's competition as well as the situation with GM and the difference between the two. That was not the reason I mentioned GM. The reason for mentioning them was to simply point out that to allow GM to declare Bankruptcy might not be such a bad thing as people tend to think it is. It will allow GM to emerge with some luck as a leaner and more competitive company without the burden of a massive UAW pension fund as well as money losing divisions. The fact is each time these companies go to the Federal Govt. it gives does nothing but lend credence to their already badly managed and poorly run companies and that is the thing that both GM and Circuit City do have in common.

 

[DavidS]

While I am well aware David of Circuit City's competition as well as the situation with GM and the difference between the two. That was not the reason I mentioned GM. The reason for mentioning them was to simply point out that to allow GM to declare Bankruptcy might not be such a bad thing as people tend to think it is. It will allow GM to emerge with some luck as a leaner and more competitive company without the burden of a massive UAW pension fund as well as money losing divisions. The fact is each time these companies go to the Federal Govt. it gives does nothing but lend credence to their already badly managed and poorly run companies and that is the thing that both GM and Circuit City do have in common.

And if GM didn't agree to the UAW's demands, the workers went on strike and GM lost billions of dollars and could've gone out of business. I'm sorry but workers deserve the right to be treated fairly by their employers. This isn't about bad management with GM - it's about pure capitalism. Supply and demand. Before oil prices surged, the demand for SUVs was massive. So GM met demand. Then demand suddenly changed because of rising oil prices. GM was never equipped to change this quickly. No auto company would have been. So they crashed. This isn't GM's fault, this is the fault of the people who made oil spike so high.

 

[-Cp]

Serves em' right - I'd never buy from Circuit City or CompUSA (and I used to work for CompUSA).... rip-off stores with some of the biggest idiots I've ever seen..

 

[tigerbob]

NEW YORK (AP) -- Circuit City Stores Inc., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches.

It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan.

Link here.

If someone decides to buy Circuit City, will they get an extended warranty?

 

[tigerbob]

And if GM didn't agree to the UAW's demands, the workers went on strike and GM lost billions of dollars and could've gone out of business. I'm sorry but workers deserve the right to be treated fairly by their employers. This isn't about bad management with GM - it's about pure capitalism. Supply and demand. Before oil prices surged, the demand for SUVs was massive. So GM met demand. Then demand suddenly changed because of rising oil prices. GM was never equipped to change this quickly. No auto company would have been. So they crashed. This isn't GM's fault, this is the fault of the people who made oil spike so high.

Blaming the auto industry's problems on the oil price is simplistic. It played a part, but there's much more to it than that.