« previous next »
Pages: [1]
  
Go Down

Author Topic: Circuit City Going Out-Of-Business  (Read 386 times)

Elano

  • Guest
Circuit City Going Out-Of-Business
« on: January 17, 2009, 10:19:52 AM »
Mega retailer Cicuit City has requested court approval to shut down its remaining 567 stores in the United States.

After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City Stores Inc. said Friday it will liquidate due to the economic downturn. The liquidation will affect more than 30,000 employees, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II.

Circuit City executives have confirmed the mass store closings.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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."

The company was once known as the largest electronics retailer in the nation.

The news comes in the same week that New York City's Virgin Mega Store announced its closing.
[The store is being closed because its current owners can lease the space more profitably to another tenant. Virgin paid just $54 per sq ft in rent for the location, whereas the market rent in the area was about $700. Virgin has been the only major music chain in New York since 2004, when Tower Records declared bankruptcy and HMV pulled out of the US market]


Damn.....
Logged
 

penenstamp

  • Guest
Re: Circuit City Going Out-Of-Business
« Reply #1 on: January 17, 2009, 10:21:44 AM »
I look at it from a positive perspective:
Fans don't necessarily have to go to Circuit City anymore to pick up certain cd's because they have exclusive CC bonus tracks.
Logged
 

J.D. Wykid, Esq.

  • Muthafuckin' Don!
  • *****
  • Posts: 3222
  • Karma: 405
  • Id rather be rich n unhappy than poor n miserable
Re: Circuit City Going Out-Of-Business
« Reply #2 on: January 17, 2009, 12:20:43 PM »
time for some major discounts. :bandit:
Logged
 

Ali Tha Great

  • Muthafuckin' Don!
  • *****
  • Posts: 1322
  • Karma: 239
Re: Circuit City Going Out-Of-Business
« Reply #3 on: January 17, 2009, 12:23:28 PM »
Best Buy>Circuit City
Logged
 

LooN3y

  • Muthafuckin' Don!
  • *****
  • Posts: 4571
  • Thanked: 1 times
  • Karma: -310
  • Paid Tha Cost 2 Be Tha Boss
Re: Circuit City Going Out-Of-Business
« Reply #4 on: January 17, 2009, 01:33:59 PM »
i thought they were going out of business 6 months ago
Logged
 

J.D. Wykid, Esq.

  • Muthafuckin' Don!
  • *****
  • Posts: 3222
  • Karma: 405
  • Id rather be rich n unhappy than poor n miserable
Re: Circuit City Going Out-Of-Business
« Reply #5 on: January 17, 2009, 01:46:41 PM »
Quote from: LooN3y on January 17, 2009, 01:33:59 PM
i thought they were going out of business 6 months ago

they closed a lot of stores a few months ago, now theyre closing the rest.
Logged
 

Sickaluffa

  • Muthafuckin' Don!
  • *****
  • Posts: 3085
  • Karma: 548
  • my bitch drives what u drive and she got new tits
Re: Circuit City Going Out-Of-Business
« Reply #6 on: January 18, 2009, 01:41:40 PM »
Logged
 

you gon always be my latin queen bitch

  • Muthafuckin' Don!
  • *****
  • Posts: 15774
  • Karma: -213
Re: Circuit City Going Out-Of-Business
« Reply #7 on: January 18, 2009, 01:57:58 PM »
ima hit this up for a camera
haha i went to that black friday wall mart shit, damn!!!!!
Logged
 

Mr. O

  • Muthafuckin' Don!
  • *****
  • Posts: 3268
  • Karma: 123
Re: Circuit City Going Out-Of-Business
« Reply #8 on: January 18, 2009, 04:01:22 PM »
Better check their original prices before you guys fuckin' buy anything.  They be putting higher price than the orginal and label it "70% off."
Logged
 
Pages: [1]
  
Go Up
« previous next »