Circuit City question.

[PanasonicPlasmaMan]

Circuit City has 6 days to find A new owner or ALL stores will be liquidated.

[lutefisk69]

Originally Posted by PanasonicPlasmaMan

Circuit City has 6 days to find A new owner or ALL stores will be liquidated.

If I make an offer of $5 do you think they will take it?

[NJ_RAMS_FAN]

Originally Posted by PanasonicPlasmaMan

Circuit City has 6 days to find A new owner or ALL stores will be liquidated.

crazy. I just read that before you posted.. they need to merge or bye bye.. this means Best buy doesn't have heavy competitors which can result and crappy sales..

[STARSCREAM]

Oh well, bye bye Circuit City....you sucked anyway. The one by me has aweful service and there is never any shoppers either.

[SlmShdy1]

Old news, buddy . I gotta start looking for a new job.

[ixlegitballinxl]

let the close out prices begin

[Dynamo of Eternia]

Where did you hear this? Do you have a link to a source on this info?

I'm not saying that you're lying, and I know CC has been in trouble for some time, so it's not outside the realm of possibility, but I'd still be interested in seeing a source to confirm this.

[jw]

its from a credible source and they have a buyer or potential buyer on line. The OP should have credited a source to his claim as its not as dire as he put it as its believed they presented a buyer to the bankruptcy courts on Friday.

Circuit City said it is negotiating the sale of the company with two “highly motivated and interested parties” who may acquire it outright, buy only parcels of the business, or provide additional financing to support the chain while it restructures.
Short of the sale or an amended credit agreement with its current lenders, Circuit City will begin auctioning off its assets on Jan. 13, and would completely liquidate the business shortly thereafter should the auction fail to generate a sale.

After a dismal 2008 Holiday Season for CC, banks have lowered its collateral value which will make it hard to get further notes thus killing its operating capital.

The unnamed investors have substantially completed due diligence and now are in negotiations with Circuit City and its major stakeholders to finalize a transaction, the company said. The identities of the parties are expected to be revealed later today when a motion to sell the business is unsealed in the United States Bankruptcy Court here. The parties could include Mexican billionaire Ricardo Salinas Pliego, a banking, broadcasting and retail tycoon who became the company's largest shareholder last November after buying up 28.1 percent of Circuit City stock for $41.4 million.

This guy owns a series of retail electronics chains in Mexico and may pose to be the best candidate to take over the retailer.

In court papers, the company said that poor holiday sales and the resulting cash-in-advance terms from key vendors have reduced the value of the company’s collateral, which would make a renewal of its credit agreement unlikely and “strangle” its ability to operate. The credit agreement ends on Jan. 16.

full article

Best Buy is suffering from the same economic pressures as CC so they are not alone, Only difference is BB still has money in the bank

[Roland1919]

Originally Posted by STARSCREAM

Oh well, bye bye Circuit City....you sucked anyway. The one by me has aweful service and there is never any shoppers either.

+1, Yeah Take Radio Shed with you too.

[katharsis]

As crappy as the store is, it would still be good to keep them around, as competition. The more, the better for the consumers -us!

If you do not like it, don't buy there, it's that easy.

I know since both CompUSA closed over here that prices at other stores inclined. That place was crappy too, but if you needed something right there and then, it was good to have them around and not wait for an online purchase to show.

[Forrestandjen07]

Originally Posted by Roland1919

+1, Yeah Take Radio Shed with you too.

yea Radio shack is usless, except for when it comes to getting Scanners

[mattym]

woolworths went under here in the uk, i dont know the financial nitty gritty but they say they couldnt find a buyer for all the stores or the dvd/cd distribution arm..maybe max has the answers to that? I understand that the administrators stood to make a stack of cash for getting all the money owed, but would they have made as much for getting a buyer??

[EvolutionCherry]

Originally Posted by STARSCREAM

Oh well, bye bye Circuit City....you sucked anyway. The one by me has aweful service and there is never any shoppers either.

Tell me about it.

[EvolutionCherry]

Originally Posted by Dynamo of Eternia

Where did you hear this? Do you have a link to a source on this info?

I'm not saying that you're lying, and I know CC has been in trouble for some time, so it's not outside the realm of possibility, but I'd still be interested in seeing a source to confirm this.

http://www.nytimes.com/2008/11/11/te...t.html?_r=1&hp

http://www.washingtonpost.com/wp-dyn...d=sec-business

according to both articles it's currently in a Chapter 11 Bankruptcy.

[Blu-ray Neo]

Originally Posted by EvolutionCherry

Tell me about it.

The CC here in Columbia, SC was pretty good. The staff was somewhat knowledgeable and the store was always bright and clean.



This is a sad day. The only thing that kept Best Buy in check was competition.

[jw]

Originally Posted by EvolutionCherry

http://www.nytimes.com/2008/11/11/te...t.html?_r=1&hp

http://www.washingtonpost.com/wp-dyn...d=sec-business

according to both articles it's currently in a Chapter 11 Bankruptcy.

Those articles have nothing to do with what the OP was talking about. CC has 6 days or else the bankruptcy court will close the remaining stores and liquidate. Its looking very grim unless a buyer is found immediately. If anyone has gift cards, etc, you had better spend them this week

[DetroitSportsFan]

Originally Posted by melsbluespecv

this means Best buy doesn't have heavy competitors which can result and crappy sales..

To be honest, CC really hasn't been a competitor for BB in years. CC's prices, selection, and service has been behind BB for quite some time.

[U4K61]

I got burned on an open-box DVD player that did not work a while back. One less customer.

[DigitalfreakNYC]

Fry's should buy them and convert all stores. Maybe then we'd have them in the northeast.

[GOAT]

never shop there but i wonder what it will do to BB's already aWFUL prices... never happy to see a company close for the workers or myself... i dont like kmart, think they have crappy customer service, messy stores & bad prices, do i want them to go out of business? HELL NO