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Backyard Theater - Outdoor Movies

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Author Topic: Circuit City to liquidate remaining stores  (Read 3017 times)
movielover
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« on: January 16, 2009, 01:11:04 pm »

from our local paper: http://altoonamirror.com/page/content.detail/id/515192.html?nav=742

Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it had run out of options and will be forced to liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.

Circuit City has an Altoona store in the Sierra North shopping center beside Target.

"This is the only possible path for our company," James A. Marcum, acting chief executive, said in a statement. "We are extremely disappointed by this outcome."

The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable. And bleak holiday sales results further weakened even the stronger retailers.

Circuit City 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.

"Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders," Marcum said.

Shareholders are likely to receive nothing, as is typical in bankruptcy cases. It was unclear what would happen to the company's 765 retail stores and dealer outlets in Canada.

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.

The liquidation is the latest big blow to the nation's malls, which have suffered from a rise in vacancies as a slew of chains from Mervyns LLC to Linens 'N Things have liquidated. But analysts say that the demise of Circuit City, whose stores range in size from 20,000 to 25,000 square feet, will hurt the fortunes of mall operators even more.

"It will bring to market a glut of big box spaces across the country," said John Bemis, head of Jones Lang LaSalle Inc.'s retail leasing team. "It will have one of the largest impacts on big box real estate across the country."
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matt314159
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« Reply #1 on: January 16, 2009, 03:36:42 pm »

Can anybody say, "Cheap projectors"?     Grin

Sorry, I couldn't resist. 

So are the stores just going to each hold liquidations sales to clear out inventory, or what? 
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tlogan6797
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« Reply #2 on: January 20, 2009, 09:20:36 am »

Liquidation sales started Saturday. I went in Sunday and most of the "good" stuff was only 10% off even though all the signs say "up to 30% off". I saw an ad in paper for a local chain (rhymes with Gig Green Store for any DC locals out there) selling a 72" LCD for $1999. CC had one for 2499 + 10% off. No wonder they are going out of business.
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matt314159
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« Reply #3 on: January 20, 2009, 04:40:25 pm »

not only that but oftentimes these places will jack the prices up and then discount them.  So be careful, don't just automatically assume that "$800" netbook that is "slashed" to $400 is going to be a good deal, make sure to comparison shop!

Now for the hobbyists among us (who am I kidding, we're all hobbyists) the best deals I found when one of our local hardware stores was going out of business, was the physical plant and equipment...as the shelves empty, if you have need for any special shelving or anything there they use as part of the store itself, ask the manager, they will usually let you buy their shelves, storage bins, cash registers, shopping baskets, you name it.  Go in there and look around "outside the box" maybe something will catch your eye. 
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Gil V
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« Reply #4 on: January 21, 2009, 12:11:18 pm »

Great idea, because I am looking for something cheap that I can use for a drum riser. Got the kids a Rock Band setup for their PS2 this Christmas, and our first outdoor party this year will be a Rock Band/Guitar Hero jam session! Need a drum riser to complete the setup.

BTW - anyone know where I can find a cheap 2.1 amp and speakers that accepts optical input?
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