Circuit City question.

[katharsis]

Originally Posted by Chevypower

It's probably about time online retailers have to charge sales tax. Partly to help the economy, and also to make the competition fair.

Now don't be giving them any ideas now!

[Shroomhead]

Originally Posted by Forrestandjen07

and I dont know why people are so excited for this closing

Only reason why i would be excited for Circuit City closing since i don't work their is because i'm sure they will have a massive sale on Blu-ray's and other things.

Circuit City closing + massive sale = my Blu-ray collection getting a little bigger.

[Marquoz]

Originally Posted by Chevypower

It's probably about time online retailers have to charge sales tax. Partly to help the economy, and also to make the competition fair.

A lot of that depends on Amazon's lawsuit against NY. If Amazon fails that one all the way to the top, and congress overturns the Supreme Court ruling on taxing a company that doesn't have a physical location in the state, then it can easily happen. States are working towards a uniform tax code that so they can start forcing online retailers to charge tax.

[SDon1969]

One of my employees is freaking out, he just bought a HDTV package from CC and he didn't get his free blu-ray player yet (out of stock). Now he thinks he never will get it, and that his service contract will be void.

[phlydude]

go around and try to find different stores or ask them if they can ship it to him...if it gets out in the UPS before they have to close, then he will be good

[Uxi]

Originally Posted by Chevypower

It's probably about time online retailers have to charge sales tax. Partly to help the economy, and also to make the competition fair.

If you want to largely kill online retail, sure. The only reason many people buy anything online is because shipping is cheaper than tax, especially in the bigger States like Ca and NY.

CC is just way behind the times. Their prices suck and they're just not competitive. They failed to adapt and that means they die. BB seems like they're in a simlar spot. Never really see any deals there like I used to.

[hoju3508]

Stopped by a CC the other day during lunch. The place was pretty much empty.

[jw]

Originally Posted by Marquoz

A lot of that depends on Amazon's lawsuit against NY. If Amazon fails that one all the way to the top, and congress overturns the Supreme Court ruling on taxing a company that doesn't have a physical location in the state, then it can easily happen. States are working towards a uniform tax code that so they can start forcing online retailers to charge tax.

Its coming, Christmas sales indicated a 8.1% decline in B&M sales and a 7.1% increase online, once states see that, i forsee a fight to get internet sales taxed. I know VA is facing a budget crunch and the internet may be the way to get revenue

[STARSCREAM]

Once they start taxing online orders then I'm done ordering online as that takes away one of the huge advantages. Only orders I'll make is if something is alot cheaper online.

[toef]

Originally Posted by jwbbud

Its coming, Christmas sales indicated a 8.1% decline in B&M sales and a 7.1% increase online, once states see that, i forsee a fight to get internet sales taxed. I know VA is facing a budget crunch and the internet may be the way to get revenue

They should take a cue from NY's Gov. Patterso. He wants the state senate to pass a "fat tax" that would apply to all non-diet sodas and sugary drinks. Doubt it will actually get passed through the senate.

So what's the exact status of Circuit City? Is it being auctioned off?

[Blu-Dog]

Originally Posted by SDon1969

One of my employees is freaking out, he just bought a HDTV package from CC and he didn't get his free blu-ray player yet (out of stock). Now he thinks he never will get it, and that his service contract will be void.

That was a huge mistake...

[jw]

Published: January 15, 2009
Circuit City Stores Inc. is continuing to negotiate with potential buyers that would keep the company operating, a spokesman for the company said today.
"Circuit City remains in negotiations over a going concern transaction," spokesman Bill Cimino said.
Earlier today, two sources said the going concern auction of the number two electronic retailer had not found a buyer.
One of the sources said this afternoon that it appears Circuit City has found a buyer.
"Your sources are wrong," Cimino said over the earlier report that no bidders had found for the entire company.
The Henrico County-based company, which declared bankruptcy in November, entered the auction process on Tuesday after saying it had two potential bidders interested in buying the retail chain as a going concern, which would keep it operating.
Last night, a company attorney said negotiations with bidders would continue.
Bloomberg News reported yesterday that sources said two bidders planned to bid for the chain's stores and liquidate its assets.
Circuit City will present the results of the New York auction to U.S. Bankruptcy Court in Richmond at 10 a.m. tomorrow.
Vendors who supply the chain have been rooting that its buyer continues to operate it after it emerges from bankruptcy.
The chain, which had been suffering from nearly two years of losses, was pushed into bankruptcy late last year as vendors began to pressure it for payment and demand new credit terms, according to court records.
The chain listed $2.3 billion in liabilities when it filed, the majority of which was owed to vendors.

hot off the wire

[Uniquely]

Originally Posted by STARSCREAM

Once they start taxing online orders then I'm done ordering online as that takes away one of the huge advantages. Only orders I'll make is if something is alot cheaper online.

Internet purchases have always been taxable..... it's just that it's been on the "honor system." In Alabama at least..... we're supposed to report our internet purchases on our state returns and then pay taxes on them. Only problem is..... I buy lots of little things here and there and have never bothered to keep up with them.

[NJ_RAMS_FAN]

Originally Posted by Blu-Dog

That was a huge mistake...

why is a huge mistake? If i was the guy i would returned the tv if I don't get my player soon. also, the service contract (are you talking extended warranty) wouldn't expire. It's an outside company that handles that. CC just gets them business.

[NJ_RAMS_FAN]

Originally Posted by robinandtami

Internet purchases have always been taxable..... it's just that it's been on the "honor system." In Alabama at least..... we're supposed to report our internet purchases on our state returns and then pay taxes on them. Only problem is..... I buy lots of little things here and there and have never bothered to keep up with them.

i guess it depends what state you live in. In NJ, they don't tax online purchases unless the company has established a B&M store. <-- I think..lol..

[jw]

Originally Posted by melsbluespecv

i guess it depends what state you live in. In NJ, they don't tax online purchases unless the company has established a B&M store. <-- I think..lol..

same as VA

[DrrnHarr]

Originally Posted by jwbbud

same as VA

Same as Maryland.

[jw]

TAMPA, FL -- If you received a Circuit City gift card for the holidays, you might want to cash in before the electronics giant cashes out.

According to ConsumerAffairs.com, Circuit City has until Friday, "to find a buyer or go out of business."

Without a buyer, that could mean all those gift cards go to waste.

Circuit City will present the results of their search to U.S. Bankruptcy Court in Virginia on Friday morning.

In a statement posted on the company's website, Circuit City states, "the company is engaged in significant discussions, meetings and negotiations with two highly motivated and interested parties."

Those parties, according to Circuit City, "are considering providing additional financing to allow the company to sustain operations and move forward with a subsequent restructuring."

If the plan fails, ConsumerAffairs.com is reporting that, "the company's assets will likely be sold off piece by piece."

The nation's second largest electronics chain filed for bankruptcy in 2008.

Since then, Circuit City has closed more than 150 stores.

In a statement to its investors, Circuit City said if no agreement is reached with an interested party by Friday, "the company may enter into a transaction that will result in an asset liquidation process."

In layman's terms, that means Circuit City would sell off its inventory, property and investments and officially close for good.

more

according to reuters, talks are at a stalemate with nothing secured

[slaizer2000]

May see some good deals in the next few weeks/months as they are liquidated.

http://news.yahoo.com/s/ap/20090116/...ity_bankruptcy

[HD Man]

Circuit City to be liquidated: report
5 mins ago

ATLANTA (Reuters) – Retailer Circuit City Stores (CCTYQ.PK) will be fully liquidated, the CNBC cable network reported on Friday, citing a source,

Circuit City was due to present the results of an auction for its assets at a hearing in U.S. Bankruptcy Court in Richmond, Virginia, on Friday. It had conducted negotiations with potential bidders to sell the company, but told the court last week it may need to liquidate if no deal was reached.

The company did not immediately respond to a request for comment about the liquidation, but a spokesman said a statement should be issued shortly.

Shares of the bankrupt electronics chain fell 53 percent to 7 cents.

Circuit City filed for Chapter 11 protection in November, citing a deteriorating cash position and tighter terms from vendors. It has liquidated and closed 155 stores, about one-fifth of its U.S. store base.