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Circuit City Files For Bankruptcy
WillDraven is just one of many who writes to tell us that Circuit City, the United States' 2nd largest consumer electronics retailer, has filed for bankruptcy under chapter 11. This news comes as no surprise as the company has been in financial trouble, recently announcing that it will be closing over one fifth of its stores and laying off 17% of its US employees in the process. "Larger rival Best Buy, which is based in Minneapolis, has said it might take over stores that distressed rivals close. Yet a flood of discounted merchandise from liquidating Circuit City stores could hurt Best Buy during this holiday shopping season, said Jefferies & Co analyst Dan Binder."
Circuit City bought all the Radio Shacks here, and changed their name to "La Source: by Circuit City" Do they all get closed too?
Didn't things start to fall apart when they tried to push that crazy DIVX rent-and-throw-away DVD format?
The CB App. What's your 20?
But I doubt it.
Their prices and selection always sucked in my experience, and it does not look like the liquidation will change that.
Experience teaches only the teachable. -AH
I'm not exactly optimistic about brick and mortar electronics shopping in the even grimmer world of hegemonic Best Buy(thank the FSM for a local Microcenter); but Circuit City really, really deserved it. Unimpressive prices, incompetent service, paranoid treatment of customers, that whole "Hey, let's fire our best salespeople and attempt to hire them back at insultingly low wages" incident... Reduced local competition isn't a good thing; but Circuit City was too sick to survive, or even deserve to survive.
As anyone who tried to find a good deal when compusa went under, good deals will be few and far between. Oh, you'll see lots of 30-50% off stickers, but they'll be against the MSRP or some other jacked up price. They will never come out of this and the inventory is worth more to them as an asset for some liquidation company than if they sell at too much of a loss. And I question how much inventory they really have anyway. Last time I was in there the shelves were pretty bare and I imagine the stock room is by now too. This has been well over a year in coming.
Best Buy is on it. I went into a BB to return something once, and I didn't have a receipt... They made me wait while they reviewed the security videos to make sure I walked in the store, and didn't just pick the item up off a shelf.
They were very rude throughout the entire affair, which surely made any real shoplifters nearby head for the hills.
So, invest with confidence! Best Buy is an invulnerable retail fortress. What could go wrong?
Seriously - I attempted this once with a different company and was not able to get the paper shares because they lacked a 'transfer agent' at that point. Make sure they can deliver.
I worked at CC from 2000-2002 as a commissioned salesman. CC differentiated themselves by being the only national electronics chain with a loyal, knowledgeable, community-oriented staff. We're not talking 17 y/o high school juniors, but middle-aged sharks who at least knew what they were selling. This worked and stores were in the black, but the 2001-2003 economic conditions caused the clueless management to shift the blame on the sales force and divert to the hourly model. Since then, the store became a cheap knock-off of Best Buy with no value added to the customer. It was only a matter of time before this happened. They were too late to the online game, and were wiped out by the Neweggs and the Amazons. RIP another pointless store that takes pride in making people borrow money they can't afford to pay back. Who's next?
You won't succeed, as it's not legally required in any US state. Police officers can demand your name, and in some cases your address and destination. But they can't demand that in the form of state issued id. They may in some states detain you for up to 2 hours to confirm that what you've told them, and you might be able to go about your business faster if you hand over id, but you are NOT required to do so.
They can definitely demand a driver's license if they are stopping you while you are driving.
"Who is the Journal of Quantum Physics going to believe?" --Stephen Hawking