Circuit City Owes Home Entertainment Industry $56M

[jw]

Circuit City Owes Home Entertainment Industry $56M

By Erik Gruenwedel | Posted: 11 Nov 2008
egruenwedel@questex.com

Bankrupt Circuit City Stores owes home entertainment studios and related distributors more than $56 million in accounts payable for DVD movies and television programming, according to a court filing.

Specifically, the Richmond, Va.-based No. 2 consumer electronics retailer owes DVD and music CD distributor Alliance Entertainment $15.8 million, Paramount Home Entertainment $13.7 million, Warner Home Video $10.7 million, 20th Century Fox Home Entertainment $5.8 million, Walt Disney Studios Home Entertainment $3.7 million and Sony Pictures Home Entertainment $3.7 million.

The chain also owes packaged media distributor Navarre Corp.(CDS) $2.5 million.

Representatives from the studios and distributors were not immediately available for comment.

The debt relatively pales in comparison to accounts payable owed to several consumer electronics, TV and PC manufacturers, including Hewlett Packard with $118.8 million, Samsung Electronics with $115.9 million, Sony Electronics with $60 million, Zenith Electronics with $41.1 million, Toshiba America with $17.9 million, Panasonic North America with $13.2 million, Microsoft Corp. with $8 million, Sharp Electronics with $7 million and Vizio with $6.9 million, among others.

“No one in the industry likes to see what’s happening with Circuit City, and together we will all try to get through it,” Andy Parsons, SVP, advanced product development, Pioneer Electronics, told attendees Nov. 11 at the HD-3 high-definition conference, presented by Home Media Magazine, in Century City, Calif.
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To add insult to injury my local Circuit City DID NOT get any new releases this week, nor had the wiis/wii fits that were advertised in Sundays ad. We do not have a Best Buy here locally