Circuit City bites the dust

[kenstrac]

Well yet another company is closing it's doors Whats next.

 

[dooleysm]

Hopefully Home Depot.

Though you may not agree if your inlaws don't own an independent direct competitor.

 

[Scooby074]

Too bad about CC. 34000 jobs gone. I thought that with the earlier store closings they were going to make it. I hope that The Source (CC in canada) doesnt follow suit.

 

[JB4310]

Yeah that's a huge hit, don't know if they are out of work today?

We have one in our town with a Best Buy across the street, I'm surprised those 2 stores always have cars in the parking lots.

Just watching the news, 45,000 jobs lost so far today, it's only 2:15 pm est.

 

[scott_vt]

Well yet another company is closing it's doors Whats next.

Hopefully Home Depot.

.

Good Afternoon Shawn,
Good one, thanks for the chuckle !

Its actually not so funny but you need to try and find some humor in this rotten economy if you can !

 

[kenstrac]

Well who is to blame?
The banks that lent money to people that could not afford it.the credit card companies that allowed people to much of a high limit when they did not have 2 nickles to rub together in the best of times.
The real estate co that got the market hyped up and overpriced the real estate.
The auto mfg. and dealers that marketed cars and trucks with options and accessories that you don't want or need.
Companies that mfg goods here that sold for $5 ,moved mfg to China and sold an inferior product For the same $5 .
Lawyers that bring forward frivolous lawsuits.
Radio and TV. ads that promote the use of prescription drugs and non prescription drugs and don't report unbiased news anymore just there views.
Is it the politicians I don't trust anymore.
Or is it all of the above?

 

[scott_vt]

Well who is to blame?

Or is it all of the above?

Good Afternoon kenstrac,
Im with you, all of the above !

 

[SnowRidge]

Well who is to blame?

Circuit City's management, whose business model could not compete with the blue and yellow horror or Amazon.

The going out of business sale starts tomorrow.

 

[ultrarunner]

My Brother does commercial ground leases for shopping centers...

A few years back, he had Circuit City and Best Buy competing for the same retail pad... He went with Circuit City because of its strong financial position and Best Buy was much weaker.

"His" Circuit City stores (the ones he leases to) are profitable... but, a few profitable stores can't stay open when corporate can't bring in the inventory.

My, how times change.

 

[Ductape]

Good Afternoon kenstrac,
Im with you, all of the above !

I'm with both of you.......

 

[SEMI-RETIRED]

Well who is to blame?
The banks that lent money to people that could not afford it.the credit card companies that allowed people to much of a high limit when they did not have 2 nickles to rub together in the best of times.
The real estate co that got the market hyped up and overpriced the real estate.
The auto mfg. and dealers that marketed cars and trucks with options and accessories that you don't want or need.
Companies that mfg goods here that sold for $5 ,moved mfg to China and sold an inferior product For the same $5 .
Lawyers that bring forward frivolous lawsuits.
Radio and TV. ads that promote the use of prescription drugs and non prescription drugs and don't report unbiased news anymore just there views.
Is it the politicians I don't trust anymore.
Or is it all of the above?

All of the above (plus)
2 many stores for the spendable income that people have resulting
in not enough money to go around, seen this coming a long time ago..
lowes accross the street from home depot, cc accross the street from
best buy etc, this is going to take a while to wash out and in the
meantime a lot of people are going to get hurt, just a darn shame..

And on top of that we are going to waste 700 BILLION or more on
rich ceo's, banks so they can buy other banks, and of course (lawyers).

What a mess..

Bob..

 

[mjarrels]

Did hear today that CC will pay everyones salary and benifts for the next 60 days regardless of their last day of work. Better than the local MF dealer that went tango uniform a few days before Christmas and could not meet final payroll!

mark

 

[2manyrocks]

Scott_vt covered the bases.

About a year ago, I went into Circuit City and decided the prices were too high and walked out.

Our independent lumberyard will load your materials for the same price or less than the two box stores. The owners live here and do a lot in the community. Spend money at the box store and it goes to some overpaid CEO somewhere else.

 

[escavader]

Scott_vt covered the bases.



Our independent lumberyard will load your materials for the same price or less than the two box stores. The owners live here and do a lot in the community. Spend money at the box store and it goes to some overpaid CEO somewhere else.

EXACTLY,
I happen to work for a local lumber yard/mill with several stores in MAINE.Our owners give alot of money to the community.They live locally 3 generations family owned.They employee almost 400 of us[most of us have been there a number of years and are knowledgable.,they keep us working ,treat us fair,give us good benefits.As an employee i will tell you customer service is still top of the agenda.As a planer mill operator and head lumber inspector QUALITY IS JOB 1.Its been my philosify for 10 years now,as well as drill it in my coworkers,and that right there is why we are still very very busy in our mill and retail stores and most others are either shut down or running limited production hours. Im still working summer time hours and its JANUARYHow many LOWES OR HOME DEPOTS give their employees insurance,retirement ,vacations etc as well as 10to20 hours a week overtime?Its a good feeling to have happy customers and support the local economy and local peoples familys.
ALAN

 

[dgl24087]

Too bad about CC. 34000 jobs gone. I thought that with the earlier store closings they were going to make it. I hope that The Source (CC in canada) doesnt follow suit.

The closings are US stores only, the Canadian stores continue to operate.

 

[JB4310]

All of the above (plus)
2 many stores for the spendable income that people have resulting
in not enough money to go around, seen this coming a long time ago..
lowes accross the street from home depot, cc accross the street from
best buy etc, this is going to take a while to wash out and in the
meantime a lot of people are going to get hurt, just a darn shame..

And on top of that we are going to waste 700 BILLION or more on
rich ceo's, banks so they can buy other banks, and of course (lawyers).

What a mess..

Bob..

Yup, I hate to say it and be so negative but our whole economy is now one big Ponzi scheme.

I pay you---You pay him---He pays you.

It's time to take the medicine!
I've got this huge rant ball brewing up inside me, but I'm a slow typer and it would take forever to put it down here, plus it'd be redundant and boring.
So I'll just leave it at that, It's time to take the medicine and it's not gonna go down easy!

JB.

 

[Scooby074]

The closings are US stores only, the Canadian stores continue to operate.[/QUOTE

Good to hear. Last i heard it was up in the air.

 

[mjarrels]

If I remember right... CC fired all their high income producing commission sales folks a few years ago and replaced with "run and hide" hourly folks. Management at its best!

mark

 

[dgl24087]

The closings are US stores only, the Canadian stores continue to operate.

Revision to above statement: Canadian stores will continue to operate until their bankruptcy proceedings are complete; i.e., until a buyer is found. The issue with the US stores was lenders refused a 30 day credit extension to allow a promising bidder additional time to review the company's financal condition. This forced CC to accept the highest active bid, which was from a liquidation company.

 

[JB4310]

I went there yesterday like a vulture to see if there were any deals, just a bunch of long faces, no deals yet. One of the dept heads said maybe today (sat).

JB.