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Old 01-16-2009, 06:50 PM   #1
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Probably Old News or Repost - Circuit City Closing

Apparently today Circuit City announced they are closing all of thier stores. I know they filed Chapter 11 in November, but I guess today decided they wouldnt be able to ever get thier heads above water.

They have appointed liquidators to sell thier 3.2 billion in assets.

Anyone, other than me, gonna try to pick up some electronics cheap?
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Old 01-16-2009, 06:52 PM   #2
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Old 01-16-2009, 06:54 PM   #3
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Quote:
Originally Posted by MudBug View Post
they knocked the one down in at Bay Brooke.
I am assuming they will combine thier assets into as few locations as possible, and liquidate from there. They have already broken countless leases under Ch. 11 protection.

Pearland store was open in late Dec.
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Old 01-16-2009, 06:57 PM   #4
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i need to find the article i read about "going out of business" sales. it is a really good read. tell about marking the prices up a bit, just enough not to arouse suspicion, but enough to make a profit for the liquidators.

Last edited by Scatter; 01-16-2009 at 06:59 PM. Reason: misspelled out
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Old 01-16-2009, 07:02 PM   #5
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How do we find out which locations will be hosting the liquidations? I'd like to go look at some TV's
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Old 01-16-2009, 07:04 PM   #6
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Quote:
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i need to find the article i read about "going out of business" sales. it is a really good read. tell about marking the prices up a bit, just enough not to arouse suspicion, but enough to make a profit for the liquidators.
I know when they closed the Tweeter store in Katy, I would stop in everyday on the way home...as things began to get picked over and days passed, they continued to lower prices..I would search the web, right there in the store on my phone, cross referencing prices, at the beginning they were still higher than online stores but eventuall ended up picking up a home theater for probably 40% cheaper than the cheapest online stores.

The tweeter deadl was a little different, they werent closing all thier stores, they just didnt want to move theier assest to another store. I guess they were weighing freight costs.

They wont be real cheap until well into the liquidation. YOu just gott wait it out, you might miss out, little gambling involved.

This is the real deal, not a fake "Going out of business liquidation sale"

Post that article though.
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Old 01-16-2009, 07:07 PM   #7
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Quote:
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How do we find out which locations will be hosting the liquidations? I'd like to go look at some TV's
Looks like they will reveal that later. Just got to stay on top of it.

http://abclocal.go.com/ktrk/story?se...rld&id=6608037


http://houston.bizjournals.com/houst...2/daily48.html
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Old 01-16-2009, 07:12 PM   #8
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Beware of going-out-of-business sales

06:53 PM CST on Wednesday, November 26, 2008

By NOELLE NEWTON / KVUE News Buyer beware! Those going-out-of-business sales may not be as good as you think.
The logos are the same and so are the products, but these stores are now the property of liquidation companies. The signs boast sales and say everything must go. Some customers told us looks can be deceiving.
"I don't think things are marked down enough," shopper Cindy Gilmer said.
Cindy Gilmer shopped the Linens 'n Things sale at the Gateway Shopping Center in North Austin. She noticed the price tags were altered.



"They either take the prices off the item, or scrape the price off the shelving so that you're not quite sure what the price was. There were a couple items that looked like there were clearance stickers to begin with and now they've taken the clearance stickers off and charging full price," Gilmer said.
ABC News also shopped at Linens 'n Things. It is now owned by six different professional liquidators. On product after product they peeled back the surface price tags to reveal the old prices below. For example, the surface price tag on a Calphalon saucepan said $124.99. But the one underneath said $109.99. Rachel Ray cookware was $199 on the new label, $179 on the old.
In Cedar Park, Raymond Resa left the Circuit City store closing sale with buyer's remorse.
"There wasn't a price on the shelf. When I went up there I was expecting a better deal that was given to me. I should've done my homework a little more," Resa said.
Like Linens ‘n Things, the Circuit City store is now the property of a liquidation company.
The Better Business Bureau has this warning for consumers, “Liquidators rarely sell merchandise at a loss, even near the end of the sale. There are other ways to sell it off, like to overseas markets hungry for merchandise. So rather than trying to empty a store to the bare walls, going-out-of-business sales are more of a play upon human psychology," Marylee McKnight Austin Better Business Bureau Media Coordinator.
Hilco Merchant Resources--the new owner of some Linens 'n Things and Circuit City stores--told ABC News liquidators often raise prices back to the regular selling price and then discount it from there.
"Of course they're going to have a plan because they want to make money, but it made me think twice before coming to another going out of business sale," Gilmer said.

This is the full statement from the Austin office for Better Business Bureau:

Going Out Of Business Sales May Not Be Such A Bargain

What many people don't realize is that outside liquidation companies run most going-out-of-business sales. Their job is to get as much money as possible for the inventory. For these companies, going out of business is a business.

The liquidators come in before a going-out-of-business sale and raise all prices up to the regular selling price. Then they discount from there, starting with small percentages off and deepening the discounts as the sale goes on.

Liquidators have less leeway than regular retailers in pricing their products because they have no factory-to-dealer incentives to fall back on. In other words, when manufacturers are trying to get their products onto store shelves and gain market share, they may discount the price they charge to retailers or provide factory rebates. Retailers can then advertise those rebates and pass the savings along to customers. Liquidators don't have options like that because their store is not going to stick around.
Liquidators rarely sell merchandise at a loss, even near the end of the sale. There are other ways to sell it off, like to overseas markets hungry for merchandise. So rather than trying to empty a store to the bare walls, going-out-of-business sales are more of a play upon human psychology. Liquidators often try to take advantage of that excitement by bringing in extra outside goods that were never sold at the store that is closing.
BBB Tips
It's not that you can't get good deals at going-out-of-business sales. You can. Just don't assume the prices are lower there. You need to shop around as you would with any other purchase.
Sometimes competitors that are not going out of business will drop their prices to compete with the liquidation sale, so check them out too.
And keep in mind that the discounts get deeper as the liquidation sale goes on, but the merchandise gets thinner too, so it's a balancing act.

-Marylee McKnight, Media Coordinator

*************
I can't find the link for that, but i did find many more.

http://www.ripoffreport.com/reports/...Off0400879.htm
^that one is talking about CC directly

if you just google Beware of going-out-of-business sales you will find tons of stuff
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Old 01-16-2009, 07:32 PM   #9
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They have been on and off about this for a while. They were hurting for money, then they were OK, then they were closing some stores, now all the stores are closing. My co-worker went to one, I think league city area, to try and get some stuff on liquidation and said even the "discounted" liquidation prices were ridiculous.
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Old 01-16-2009, 07:35 PM   #10
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Quote:
Originally Posted by Pyrofallout View Post
They have been on and off about this for a while. They were hurting for money, then they were OK, then they were closing some stores, now all the stores are closing. My co-worker went to one, I think league city area, to try and get some stuff on liquidation and said even the "discounted" liquidation prices were ridiculous.
It could be the one on 646 at 45S. I went twice and was disappointed both times. I was able to purchase a TV for a much better price at Conns outlet center.
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Old 01-16-2009, 10:30 PM   #11
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What's going on at 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.
Will Circuit City stores continue to accept Circuit City gift cards?
Yes, customers holding Circuit City gift cards may redeem them at full value at our stores during the liquidation sales. Once the stores are closed and the company is out of business, the gift cards will have no value.
Are Circuit City's extended warranties affected by the liquidation?
No. Circuit City Advantage Protection Plans® (extended warranties) have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's closing.
Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.
When will the liquidation sales begin?
Liquidation sales begin as early as Saturday, January 17, 2009, and will last as long as it takes to sell through the merchandise at each of the stores. We expect the sales to wrap up by the end of March 2009.
How much will merchandise be marked down, and can customers negotiate prices for the merchandise?
There will be clearance pricing, but specific discounts are not being announced. All sale prices are at the discretion of the liquidator. Prices are non-negotiable and all adjustments must be approved by the liquidator's on-site managers.
What payment types will be accepted at the liquidation stores?
Stores in liquidation will accept cash, Circuit City gift cards and most credit cards. Personal checks will not be accepted. All sales are final.
Will Circuit City's price matching policy or the One Price PromiseSM apply during the liquidation sale?
Because the liquidation company is in charge of the sales at the closing stores, their policies are in force. So, One Price Promise does not apply during liquidation events, nor does the company's Unbeatable Price Guarantee. All sales are final.
What about returns and refunds?
Customers can return products they purchased prior to January 16 for a 14-day period for exchange or refunds. All other terms of return policy are in force.
When closing sales begin on or around January 17, 2009, all sales will be final.
Will delivery service be available for products purchased from liquidation stores?
No. Unfortunately, we will not be able to provide delivery services for products purchased from liquidation stores.
Will Circuit City offer home theater installations during the closing sale?
Yes, we will continue to offer home theater installations during our closing sales.
Will Circuit City offer PC services and repairs at liquidation stores during the closing sale?
Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.
Will car electronics installations be available at liquidation stores during the closing sale?
No new car installations will be offered.
Will Circuit City's extended warranties still be available on products purchased from liquidation stores?
Yes, we're making no changes to our Circuit City Advantage Protection Plans®. Coverage is national and purchases will still be protected just as they always were.
Circuit City Advantage Protection Plans® have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's bankruptcy or liquidation.
Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.
What if a customer purchased products at one of the closing stores and the product needs service?
For products covered under the manufacturer's warranty, customers should call the manufacturer.
For products covered under Circuit City Advantage®, guests can call the toll-free number that is printed on the bottom of the product receipt.
» Read the press release about Circuit City's liquidation

» Learn more at our investor relations website
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Old 01-16-2009, 11:49 PM   #12
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good stuff. both of you scatter and squoddy. I'll shop cautiously.
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Old 01-16-2009, 11:56 PM   #13
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they should have kept warren moon as spokesperson.
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Old 01-17-2009, 03:52 AM   #14
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Got me a sweet deal on a camera when the Circuit City by greenspoint went under.

Only bad thing is nobody to go to if you have any problems with the merchandise. All sales final.
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Old 01-17-2009, 04:51 AM   #15
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they should have kept warren moon as spokesperson.
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Old 01-17-2009, 07:14 AM   #16
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I'll check it out, but do not have high hopes. Too often when businesses go out of business they do not offer good enough deals for me to spend money that I have not budgeted for. Fingers Furniture is a recent exception, they had their prices marked way day and we were able to get them down even further in price. If Circuit City does that, then YEAH....will pick up some cheap electronics
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