Samsung called, Please return $74m worth of merchandise to us!![More CC woes]

[jw]

Oh, but we just firesaled them bluray players on Black Friday.........
What do we do?

Samsung Electronics America Dec. 2 said it is demanding that bankrupt Circuit City Stores return nearly $74 million worth of consumer electronics hardware, according to a U.S. bankruptcy court filing.

The Richfield Park, N.J.-based CE manufacturer, with Blu-ray players that were among Richmond, Va.-based Circuit City’s deeply discounted products over the Black Friday weekend, said last month it twice requested the return of shipments from Sept. 21 through Nov. 4.

Circuit City filed for Chapter 11 bankruptcy protection Nov. 10.

“Samsung now has reason to believe that Circuit City Stores was insolvent at the time it received the goods,” said the manufacturer in the filing.

A Circuit City representative was not immediately available for comment.

LINK

Interesting read to the already embattled retailer

[jpacente]

Couldn’t have happen to a nicer company (Samsung). As Earl would say, “It’s Karma”.

[Blu Titan]

That merchandise is getting sold ASAP.

[jw]

my guess is Samsung wont be available much longer in CC's

[SellmeyourDVD]

WoW, it sounds like CC may not be able to find wholesalers to get product from if this story is true. Who in their right mind would sell anything to them right now?

[xtop]

Originally Posted by jwbbud

my guess is Samsung wont be available much longer in CC's

its funny you mention that. when i was working at kmart during their bankruptcy..we lost all sorts of stuff for not making payments. it got to the point where the gas station didn't even carry a newspaper because kmart couldn't pay

[brett_day]

GoodBye CC. not that i liked your stores anyway! still will be a shame for the countless thousands that they employ as they will be losing their jobs

[xtop]

Originally Posted by brett_day

GoodBye CC. not that i liked your stores anyway! still will be a shame for the countless thousands that they employ as they will be losing their jobs

they aren't going out of business....

[jw]

well here in Winchester, we dont have a Best Buy for competition to Circuit City, so they are the only game in town. Unfortunately they fail to capitalize on that advantage. They seldom have new release blu-rays on release day and when they do its only 2-5 copies.

This years Black Friday was lackluster. They usually have a line all morning but this year it was walk right in at 6am and the store was half full at best. Looked really bad for them, especially providing Target and Wal-Mart were swamped.

I think people are scared to buy things there as they wont be around to back up the product down the road. A manager told me they did under 500k on BF, which was down significantly from last year where they did a cool million or close to

[gtmorgan23]

when i went to work at 3am at best buy I drove by the circuit city across the street and there were only ten people in front of their store.

its just a matter of time

[nick1091]

Originally Posted by xtop

they aren't going out of business....

Not yet, but they won't last much longer if suppliers stop giving them inventory. Other manufacturers will take heed because they don't want be left holding the bag like Samsung appears to be doing.

[RIPSeanTaylor21]

Two words should explain Samsung's issue.....

ready....


CIRCUIT CITY !

LOL Its time to just roll over and die!

[xtop]

Originally Posted by nick1091

Not yet, but they won't last much longer if suppliers stop giving them inventory. Other manufacturers will take heed because they don't want be left holding the bag like Samsung appears to be doing.

as i explained with kmart, the same thing happened to them, and they're doing fine. its not all doom and gloom for them yet. but i'll agree they're in trouble

[bhampton]

Ha Ha,

Samsung ... eh gads.

A friend got one of the first Blu Ray players the Samsung P1000... never can tell if he'll be able to play a given blu ray on it.

It does match his TV nicely though.

-Brian

[MoPe]

Check this link out. Samsung isn't the only one CC owe's money to.

http://gizmodo.com/5101413/samsung-h...our-74-million

[STARSCREAM]

Circuit City is well on there way to being peace out! Can't say I'm sad either.

[jw]

good article......

[Beast]

Originally Posted by xtop

they aren't going out of business....

Not yet. And I won't shed a tear when they eventually do.

[BluOgre]

Originally Posted by jwbbud

Oh, but we just firesaled them bluray players on Black Friday.........
What do we do?



LINK

Interesting read to the already embattled retailer

Here is what's so funny.....I know a Circuit City here near Austin TX that was just opened in the past year and supposedly CC sold their inventory to a liquidator (store is closing). Basically they sold Samsungs inventory (in this store at least) so I'm not sure how they are getting the inventory back when they probably don't even own it anymore.

[ewitte]

Originally Posted by xtop

as i explained with kmart, the same thing happened to them, and they're doing fine. its not all doom and gloom for them yet. but i'll agree they're in trouble

But at the loss of how many stores? We still don't have a single Kmart in this area after the 10 or so we had closed their doors. Still lots of jobs lost.