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[BW] Circuit City Out of Business

post #1 of 91
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Quote:
Circuit City is finally throwing in the towel. Confronted with weak sales, impatient shareholders, and a U.S. consumer pummeled by recession, the electronics chain capitulated on May 9 and retained Goldman Sachs to help negotiate a deal. The same day, Circuit City Stores (CC) agreed to allow three board nominees from activist shareholder Mark Wattles to stand for elections (BusinessWeek.com, 4/8/08).

The moves almost certainly presage a sale of the chain, likely to Blockbuster (BBI), where Carl Icahn has stepped up and agreed to finance (BusinessWeek.com, 5/9/08) a Circuit City acquisition. The billionaire—Blockbuster's largest shareholder—has bought into a "game-changing" scheme announced last month in which the troubled electronics retailer would be combined with the troubled movie retailer to create a new national chain selling consumer hardware and software.

Wall Street is dubious, and no other buyers have emerged wanting Circuit City. "[There's] a lack of potential bidders beyond Blockbuster," says Matthew Fassler, an electronics retail analyst at Goldman Sachs (GS). There are numerous reasons buyers beyond Icahn are not lining up. Circuit City is in an extremely competitive business with heavy pressure from Wal-Mart Stores (WMT). At the same time, Circuit City comes saddled with 682 locations, many of which are in poor and underperforming areas, a fact that CEO Philip Schoonover often refers to when discussing his company's poor performance.
Shame really. Circuit City may not have been the best for PC hardware but for electronics in general it was quite good. I got my monitor there, as I'm sure others did too.

Oh well, there's still Best Buy.
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Xombinat0r
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post #2 of 91
Does that mean there's gonna be SUPER CHEAP S#$% there!??!
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post #3 of 91
This is obviously great news for BB...not so much for the consumer I think. Althought the "going out of business" sales will be hard to pass up.
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post #4 of 91
Hopefully, there will be 22 inchers for $150
post #5 of 91
Quote:
Originally Posted by Refresh View Post
Hopefully, there will be 22 inchers for $150
yes yes comrade no more 17"
    
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post #6 of 91
hmmmm interesting
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post #7 of 91
Any idea when the prices will drop in stores?
post #8 of 91
I never knew CC was having issues. Too bad when you see less competition. Hopefully good sales though.
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post #9 of 91
What about the people that paid for extended warranties from Circuit City? I paid almost 80 bucks for 3 more years of parts and labor less than a year ago for my monitor!
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post #10 of 91
Quote:
Originally Posted by Sistum Id View Post
What about the people that paid for extended warranties from Circuit City? I paid almost 80 bucks for 3 more years of parts and labor less than a year ago for my monitor!
I believe it'll transfer to another company, like an outside warranty company. That's what CompUSA was doing to all of their warranties.
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