RIP Circuit City
01-17-2009, 03:55 PM
#1
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Join Date: Jul 2001
Location: Stuart, FL
Posts: 24,416
Looks like they got approval to liquidate, you can no longer order online. Which sucks cause circuit city had the best order online, pick up in the store service. Best Buy sucks.
34,000 jobs i the US wil be lost, CC Canada will remain open, look at the bright side CC employees, the whole world is "depressed" with you. (that's a neat little word play for those of us in the know) LOL
34,000 jobs i the US wil be lost, CC Canada will remain open, look at the bright side CC employees, the whole world is "depressed" with you. (that's a neat little word play for those of us in the know) LOL
What's going on at Circuit City?
Are you also shutting down your operations in Canada?
How many people are losing their jobs as a result of this action?
Can you provide some background on Circuit City?
- Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors.
- The process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.
- We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation.
- Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed.
- At the company's corporate offices in Richmond, Virginia, a small staff will remain on duty during the completion of the liquidation process; most associates will be relieved of their duties immediately.
- Consistent with federal labor laws, Circuit City associates are receiving 60-days notice of the termination of their employment. Those who stay on to help with the liquidation, of course, will receive pay and benefits. Those who are dismissed earlier will be receiving pay and benefits for the 60-day period beginning January 16, 2009.
- Associates at our company headquarters will be asked to come back on Monday, January 19, to find out more about their status and to retrieve their personal belongings.
Are you also shutting down your operations in Canada?
- No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.
How many people are losing their jobs as a result of this action?
- Circuit City employs approximately 34,000 associates in the U.S.
Can you provide some background on Circuit City?
- Founded in 1949 as the Wards Company, Circuit City is headquartered in Richmond, Virginia. At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the U.S. and approximately 765 retail stores and dealer outlets in Canada.
- For a timeline history of the company, go to http://investor.circuitcity.com, and click on Company Information.
01-18-2009, 05:01 PM
#5
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Join Date: Jun 2003
Location: St. Catharines, Ontario, Canada
Posts: 1,016
Originally Posted by LunchboxCritter' post='914799' date='Jan 18 2009, 10:21 AM
It's not just Circuit City, numerous businesses are going under due to the economy, and it seems to be like a domino effect.
I call bullshit!
01-20-2009, 11:43 AM
#9
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Join Date: May 2002
Location: California
Posts: 22,465
Originally Posted by phinsup' post='914882' date='Jan 19 2009, 03:26 PM
Went by CC today, the sign out front says 30% off, i found nothing at 30, most things were 10% off dvd's were 20% off.
**** like that is why they are going out of buisness, they cant even do that right!
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