Some of the commenters are saying Circuit City may have to declare bankruptcy by next week!? I would be sort of sad to see CC go as they usually have great deals/clearance, just sometimes you have to go through a little trouble to get them.
What does the CAG community think?
Edit Nov. 2:
CC will announce on Nov. 3 the closure of 155 stores throughout the US.
Edit Jan. 9:
CC is in talks with two "interested parties" in selling their operations to stay open. If a deal is not reached by next Friday the 16th, CC across the nation could be forced to fully liquidate.
Edit Jan 16th:
It's all over, expect immediate liquidation:
Since I've already been through this I'll do my best to answer questions. Ignore much of the so-called information that some people are posting, a lot of it is dead wrong. Shrike's posts have all been on point, though.
CC's website's last day of operations will be Sunday.
Checks and CC credit cards will no longer be accepted once the liquidation starts.
Allegedly, liquidation starts Saturday (tomorrow). I called a store and they have not been told when the liquidation will start. When my store received notice (on a Sunday) we had standard operations that day and Monday, closed on Tuesday for retagging/repricing, and reopened on Wednesday under liquidator terms.
Darn it!!! I missed the cut off. My Chase Circuit City Rewards points are still in the mail. Plus I never got my credit back for my one gift card when I returned an item. Its only $25, but still.... Its $25
I wonder if you can negotiate on HDTV's with a manager??? I know some people have had luck in the past.
The CC Rewards work like gift cards so it should still be valid during liquidation. All prices will be set by the liquidators so haggling is very unlikely. Towards the end that might become a possibility but no guarantee.
This means that the stores and all their assets are now property of the liquidators. That also means that as of Monday, your gift cards and extended warranties are null. Better jump on that today, kids!
Wrong. Wrong. Wrong.
According to both the link at the top of my post and my own personal experience with my store closing, gift cards are fully valid during liquidation.
More useful info:
Hey Shrike, there were some very key points to this in the CNN Money report that neocisco linked to that may be good to add to the OP as well:
1. For our Canuck members, the Canadian stores will continue to operate as normal:
Circuit City also operates about 765 retail stores and dealer outlets in Canada. The company said its Canadian operations, which employ 3,000 workers, will continue to operate.
2. Gift Cards WILL be honored throughout the liquidation:
The company said it will redeem its gift cards through the liquidation sale, but the cards will have no value once the stores are closed.
3. There is still an extremely slim chance that someone will buy the remnants of Circuit City during the liquidation, thereby possibly allowing it to exist in some form:
At the same time, Whalin said there's still a very slim chance that one or more firms that have expressed an interest in buying Circuit City could still buy it out of bankruptcy over the next few days.
"I wouldn't say it's completely over yet for Circuit City, but it's almost over," Whalin said.
4. If someone buys what's left, they may get value out of the Circuit City name and more importantly, the website...so while the website will shut down on the 18th it may be back eventually:
"Circuit City isn't a viable business in its old incarnation when half of electronics sales have moved online," Goel said. "CompUSA and Tweeter also didn't make it for the same reason."
However, Goel speculated that Circuit City could still find a lifeline if Golden Gate Capital, one of the reported lead bidders for the merchant, bought the company and restructured it primarily as an online business with very few physical stores.
"This would eliminate overhead costs, vendor conflicts and other issues," he said. "Circuit City has an almost $1 billion online business. So there is a future for it in that regard."
Edited by shrike4242, 08 March 2009 - 03:14 AM.
Up to 90% on games on 03/07/09.