Circuit City Files for Bankruptcy

[Rand{CLR}]

Coming 1 week after announcing the closure of 155 stores:

Circuit City files for bankruptcy - Nov. 10, 2008

Guess they didn't act fast enough. If anyone was waiting on big-ticket electronics or possibly clearance DVD/CD/Blu-Rays, keep a close watch on them. You won't get warranties or exchanges most likely, other than factory ones, but you'll find good deals.

Best Buy FTW!

-Rand

[Trooper110]

Interesting....gonna have to ask my brother about this, he's the warehouse manager at the local the Circuit City.

[Apache Warrior]

Make sure you get exactly what you want too. You will probably not be able to return anything for an exchange or refund.
Apache

[Murder Simulator]

Ouch hate to see another local store bite the dust. Guess it's best buy now.

[Trooper110]

They're not liquidating or closing, it's just Chapter 11. They will remain open, and attempt to remain open and become a viable corporate entity again. I can see further lay offs coming though. They also plan on honoring gift cards, warranties, etc. so no one is getting screwed...yet. If they play their cards right everything should work out fine. Look at K-Mart, they filed Chapter 11 like 5 years ago and they're still around and running.

[unorignal]

Wow for once they didn't follow the business model of Best buy, look where it got them

[Hammy]

They're not liquidating or closing, it's just Chapter 11. They will remain open, and attempt to remain open and become a viable corporate entity again. I can see further lay offs coming though. They also plan on honoring gift cards, warranties, etc. so no one is getting screwed...yet. If they play their cards right everything should work out fine. Look at K-Mart, they filed Chapter 11 like 5 years ago and they're still around and running.

+1 Guys.

The process is like this:

1) File for Creditor Protection- Stops collections, stops interest rates from building due to non-payment, They continue to pay their bills.

2) Create and Present a credit proposal to restructure debt. Often includes compromises such as "we both assumed risk here, lets both agree to shave a few percent and apply it to a previous date (thus eliminating debt owed)

3) Most companies exit this process stronger than before.

I wouldnt fear the warranties and etc. You have manufacturer warranties no matter what on all electronics, just dont goi buying extended warranties on things. If you need one, buy one from a competitor.

[Apache Warrior]

Look at K-Mart, they filed Chapter 11 like 5 years ago and they're still around and running.

Kmart got bought by Sears.
Apache

[Warhead]

Kmart got bought by Sears.
Apache

Actually, K-Mart bought Sears.

[WalkinTarget]

Actually, K-Mart bought Sears.

In reality, AOL bought Time Warner, who in turn purchased Kmart, who then purchased Sears ... when then paid Bob Vila waaay too much money to be a shill !!

OK, maybe all of that above statement wasn't true .. but, you get the idea. Where did that leave AOL ?? We know Time Warner was less than impressed !!

[Warhead]

In reality, AOL bought Time Warner, who in turn purchased Kmart, who then purchased Sears ... when then paid Bob Vila waaay too much money to be a shill !!

OK, maybe all of that above statement wasn't true .. but, you get the idea. Where did that leave AOL ?? We know Time Warner was less than impressed !!

ok.
I can't say from experience about the rest, but if Sears was your customer, you found yourself dealing with K-Mart.

[Hammy]

Actually, K-Mart bought Sears.

Not really.

Eddie Lempert owned sears and used the leverage to buy Kmart.

[33milk33]

ok, i'm not trying to be smart xxx

but this is the link.. about kmart and sears thingy.. it said kmart bought sears and other for 11B

http://money.cnn.com/2004/11/17/news...mart/index.htm

but the new company name is "sears"

[BenKenobi]

So how can the hardware connoisseur capitalize on this occurrence?

[Rand{CLR}]

So how can the hardware connoisseur capitalize on this occurrence?

Keep a very close eye out on their sales, both online and in store. If you have one of the ones on the closure list near you, you'll have even more opportunity as they try to clear out inventory. Know what you want and try to figure out the best time to pounce before other people snap them up.

-Rand