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 It's liquidation time for the big CC:

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Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.


The company, which employs more than 30,000 employees, said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.


Calls to the Richmond, Va.-based company and the liquidators were not immediately returned.


Circuit City filed for Chapter 11 bankruptcy protection in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season.


It had been exploring strategic alternatives since May, when it opened its books to Blockbuster Inc. The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a 9,300-store chain to sell electronic gadgets and rent movies and games. Blockbuster withdrew the bid in July because of market conditions.


Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of this year.


Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores. The company already closed 155 stores in the U.S. in November and December.


U.S. Bankruptcy Judge Kevin Huennekens had given the company permission to liquidate if a buyout was not achieved.
 

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Later CC. We had some good times together. Remember when I bought my first 27" Sony Trinitron, and Onkyo HTIB from you. I know I'll never forget. Oh well good thing BB is there to console me.

 

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sad for the employees. hopefully they'll have some great deals.

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Originally Posted by metafourik /forum/post/15571139


...Oh well good thing BB is there to console me.


yes, beef bacon can be very consoling.
 

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Back in 2000 I tried to buy one of those behemoth Sony 34" HD CRT TV from them. IIRC the price was 1900, I told them if they threw the $200 stand in I would buy it that day. They wouldnt even consider it but tried to get me to buy a $200 Monster surge protector. Needless to say I never bought the TV. Oh well another one bites the dust. Glad I buy mostly everything off the internet nowadays.
 

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Quote:
Originally Posted by metafourik /forum/post/15571139


Later CC. We had some good times together. Remember when I bought my first 27" Sony Trinitron, and Onkyo HTIB from you. I know I'll never forget. Oh well good thing BB is there to console me.


Dude you need to put the picture in your signature.
 

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Quote:
Originally Posted by jasnmb /forum/post/15571173


sad for the employees. hopefully they'll have some great deals.

Probably not. If the inventory doesnt go to a giant warehouse to be auctioned off and they try to sell in store the "deals" will be marked up

30% from MSRP then discounted.
 

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Quote:
Originally Posted by phipp01 /forum/post/15571223


Probably not. If the inventory doesnt go to a giant warehouse to be auctioned off and they try to sell in store the "deals" will be marked up

30% from MSRP then discounted.

I agree. We just lost all of our CC stores in the area right before Christmas and there wasn't a deal to be had. Maybe if you are looking to buy their shelving and cash registers you might find a deal, but 5% to 10% off of consoles and games is what you'll find for the first few weeks. Also, anything you buy comes with a "no returns" policy.


When they post their 70% off signs towards the end you'll see there is nothing worth buying left in the store.
 

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Liquidation sales are a marketing gimmick for the stupid. Stick to amazon.


Anyways, nice to know their CEO will be OK with the millions he's already been paid. After all, smarts like that doesn't come cheap.
 

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What happened to that big-time Mexican financier? He was hot to buy them a year ago, and I read just a few weeks ago he was still interested.
 

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there wont be any "deals" to be had as the article stated a 3rd party has come in the liquidate everything.


In Indiana we have a somewhat local elec store called HH Gregg, I just print what I want off amazon and the prize and they match it no questions ask. I got $700 off my 52" lcd i bought last year, saves me tha hassle of scheduling delivery and what not. When I buy something I want to take it home with me right then...they even beat BB price by a good bit. I can honestly say I never purchased anything at CC so no big loss to me...sorry to the employee's..
 

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Quote:
Originally Posted by WJonathan /forum/post/15572265


What happened to that big-time Mexican financier? He was hot to buy them a year ago, and I read just a few weeks ago he was still interested.

He's too busy running the Comp USA's he purchased a few years back.
 

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CC wouldn't even budge on an $800 Vizio TV that Costco, right next door, had for $750. The sales droid couldn't have cared less. It felt so stupid for even walking in there to try.
 

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Quote:
Originally Posted by maximuslcd /forum/post/15572272


there wont be any "deals" to be had as the article stated a 3rd party has come in the liquidate everything.


In Indiana we have a somewhat local elec store called HH Gregg, I just print what I want off amazon and the prize and they match it no questions ask. I got $700 off my 52" lcd i bought last year, saves me tha hassle of scheduling delivery and what not. When I buy something I want to take it home with me right then...they even beat BB price by a good bit. I can honestly say I never purchased anything at CC so no big loss to me...sorry to the employee's..

They must be changing due to the times. When I bought my TV two years ago HH Gregg would not match Amazon. I told the guy Amazon had my TV for $800 less ($2200 vs. $3000) than he did with no tax and free shipping. He tried to scare me into what if it needed returned, it'll take 6 weeks to get there etc. etc. Well, it was flawless and took 4 days to arrive. Their loss. Maybe they are learning their lesson now.
 

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Quote:
Originally Posted by Cygnus311 /forum/post/15572760


They must be changing due to the times. When I bought my TV two years ago HH Gregg would not match Amazon. I told the guy Amazon had my TV for $800 less ($2200 vs. $3000) than he did with no tax and free shipping. He tried to scare me into what if it needed returned, it'll take 6 weeks to get there etc. etc. Well, it was flawless and took 4 days to arrive. Their loss. Maybe they are learning their lesson now.

No, it just depends on the store. I tried the same thing at HH Gregg before Christmas on a video camera that was at least $250 cheaper on Amazon. He said they would only match a local store's price.


However, over a year ago I bought a washer and dryer and was able to haggle them way down on the price. This was without any sort of price matching.
 

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Quote:
Originally Posted by Cygnus311 /forum/post/15572760


They must be changing due to the times. When I bought my TV two years ago HH Gregg would not match Amazon. I told the guy Amazon had my TV for $800 less ($2200 vs. $3000) than he did with no tax and free shipping. He tried to scare me into what if it needed returned, it'll take 6 weeks to get there etc. etc. Well, it was flawless and took 4 days to arrive. Their loss. Maybe they are learning their lesson now.

Yeah you're right, if they would have price matched YOUR TV, they would not be in this predicament right now
 

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Quote:
Originally Posted by TyrantII /forum/post/15571998


Liquidation sales are a marketing gimmick for the stupid. Stick to amazon.


Anyways, nice to know their CEO will be OK with the millions he's already been paid. After all, smarts like that doesn't come cheap.

For the most part you are right but they're not always a gimmick. When Tweeter went under I got a NIB Panamax M5100PM for 50% off what they were selling it for before they started the liquidation sale. Deals can be had but you have to be a little lucky to get a really good one.
 

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CC had been asleep at the wheel since the early 90's. Best Buy rear ended them every year, and they never woke up. With consumer spending down, and will probably stay that way for the foreseeable future, there wasn't room for CC to exist.


Sad day for the employees. 34k jobs lost.
 
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