Circuit City files for Chapter 11 protection

AnthemZ · 11-10-2008, 02:37 PM

Circuit City files for Chapter 11 protection
Monday November 10, 7:50 am ET
Electronics retailer Circuit City files for Chapter 11 protection

NEW YORK (AP) -- Circuit City Stores has filed for bankruptcy about a week after it said it would close 20 percent of its stores.

The Richmond, Virginia-based electronics retailer has been struggling as nervous consumers spend less and credit has become tighter. It filed for bankruptcy protection on Monday.

Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan.

Circuit City says it has more than $1 billion in assets and more than $1 billion in liabilities. Courts do not require companies to provide more specific figures in filings.

The company says it anticipates it would have money to distribute to unsecured creditors, who get paid last.

_______________________

I'm surprised they lasted this long?? Once a powerhouse, now a wasteland! They had bad attitudes, bad service, and a "don't let the door hit you in the ass on the way out" way of doing business in general! Best Buy is there now, the only thing that saves them is people are still shopping there. These businesses will never learn!

TheLancinator · 11-10-2008, 02:52 PM

What's sad is, I like Circuit City over Best Buy and the one they just built and opened closest to me about a year ago is one of the 3 stores in Colorado being closed.

**Harpoon** · 11-10-2008, 02:55 PM

They're based out of my hometown.. They recently did this store "upgrade". Its like a big kiosk.. With the lack of knowledgeable employees, and the lackluster attitudes in there, Im not surprised they aren't fairing well..

To be fair though.. I think 'best buy' sucks too..

Go Costco !!

AnthemZ · 11-10-2008, 02:59 PM

I still remember walking into the brand new Circuit City in Montclair, Calif. back in '86, like it was yesterday! For the time, that place was awesome! I bought my first high level home stereo from there, I still have that Onkyo somewhere at my Moms??

**Harpoon** · 11-10-2008, 03:00 PM

They used to be awesome... It's like they tried to upgrade into modern time's and missed the mark or something..

AnthemZ · 11-10-2008, 03:02 PM

Quote:

Originally Posted by Harpoon

To be fair though.. I think 'best buy' sucks too..

Go Costco !!

No shit!

I quit buying my dvd's there, and switched to Amazon! No one can beat Amazons prices!! Not even Costco!

TheLancinator · 11-10-2008, 03:04 PM

Quote:

Originally Posted by Harpoon

With the lack of knowledgeable employees, and the lackluster attitudes in there, Im not surprised they aren't fairing well..

Ain't that the truth. Usually I don't need the help of the salespeople, but the few times I did need to ask about something, the morons at Circuit City were completely clueless

**Harpoon** · 11-10-2008, 03:08 PM

Quote:

Originally Posted by AnthemZ

No shit!

I quit buying my dvd's there, and switched to Amazon! No one can beat Amazons prices!! Not even Costco!

I've found costco to be high on 'media items'

**Harpoon** · 11-10-2008, 03:09 PM

Quote:

Originally Posted by TheLancinator

Ain't that the truth. Usually I don't need the help of the salespeople, but the few times I did need to ask about something, the morons at Circuit City were completely clueless

And fairly rude imo..

AnthemZ · 11-10-2008, 03:21 PM

Quote:

Originally Posted by Harpoon

I've found costco to be high on 'media items'

I have no problem with them! I shop Costco, but for dvd's and Blu-ray's, Amazon has great prices!

**Harpoon** · 11-10-2008, 03:23 PM

I live and breathe Costco.. I've bought tires, jeans, beer, chickens, a bed, hard drives, coats, shelves... etc etc etc.

AnthemZ · 11-10-2008, 03:35 PM

Quote:

Originally Posted by Harpoon

I live and breathe Costco.. I've bought tires, jeans, beer, chickens, a bed, hard drives, coats, shelves... etc etc etc.

Do you go on the weekends to load up on the food samples?

My brother has done that for years.

**Harpoon** · 11-10-2008, 03:45 PM

I think my wife eats lunch there every day with the free samples..

11-10-2008, 02:37 PM	#1
AnthemZ Waiting For My Handout! Join Date: Sep 2006 Posts: 8,340 Thanks: 7 Thanked 34 Times in 20 Posts	Circuit City files for Chapter 11 protection Circuit City files for Chapter 11 protection Monday November 10, 7:50 am ET Electronics retailer Circuit City files for Chapter 11 protection NEW YORK (AP) -- Circuit City Stores has filed for bankruptcy about a week after it said it would close 20 percent of its stores. The Richmond, Virginia-based electronics retailer has been struggling as nervous consumers spend less and credit has become tighter. It filed for bankruptcy protection on Monday. Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan. Circuit City says it has more than $1 billion in assets and more than $1 billion in liabilities. Courts do not require companies to provide more specific figures in filings. The company says it anticipates it would have money to distribute to unsecured creditors, who get paid last. _______________________ I'm surprised they lasted this long?? Once a powerhouse, now a wasteland! They had bad attitudes, bad service, and a "don't let the door hit you in the ass on the way out" way of doing business in general! Best Buy is there now, the only thing that saves them is people are still shopping there. These businesses will never learn! __________________ Sig by Teabelly!

11-10-2008, 02:52 PM	#2
TheLancinator I love Post Icons Join Date: Jul 2006 Tournaments Won: 2 Location: Colorado, USA Posts: 119,462 Thanks: 83 Thanked 875 Times in 613 Posts	What's sad is, I like Circuit City over Best Buy and the one they just built and opened closest to me about a year ago is one of the 3 stores in Colorado being closed. __________________

11-10-2008, 02:55 PM	#3
Harpoon Sailing the seas of Cheese Join Date: Jun 2005 Location: Down by the river Posts: 36,485 Thanks: 46 Thanked 3 Times in 2 Posts	They're based out of my hometown.. They recently did this store "upgrade". Its like a big kiosk.. With the lack of knowledgeable employees, and the lackluster attitudes in there, Im not surprised they aren't fairing well.. To be fair though.. I think 'best buy' sucks too.. Go Costco !! __________________ .

11-10-2008, 02:59 PM	#4
AnthemZ Waiting For My Handout! Join Date: Sep 2006 Posts: 8,340 Thanks: 7 Thanked 34 Times in 20 Posts	I still remember walking into the brand new Circuit City in Montclair, Calif. back in '86, like it was yesterday! For the time, that place was awesome! I bought my first high level home stereo from there, I still have that Onkyo somewhere at my Moms?? __________________ Sig by Teabelly!

11-10-2008, 03:00 PM	#5
Harpoon Sailing the seas of Cheese Join Date: Jun 2005 Location: Down by the river Posts: 36,485 Thanks: 46 Thanked 3 Times in 2 Posts	They used to be awesome... It's like they tried to upgrade into modern time's and missed the mark or something.. __________________ .

11-10-2008, 03:23 PM	#11
Harpoon Sailing the seas of Cheese Join Date: Jun 2005 Location: Down by the river Posts: 36,485 Thanks: 46 Thanked 3 Times in 2 Posts	I live and breathe Costco.. I've bought tires, jeans, beer, chickens, a bed, hard drives, coats, shelves... etc etc etc. __________________ .

11-10-2008, 03:45 PM	#13
Harpoon Sailing the seas of Cheese Join Date: Jun 2005 Location: Down by the river Posts: 36,485 Thanks: 46 Thanked 3 Times in 2 Posts	I think my wife eats lunch there every day with the free samples.. __________________ .

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