Now CIRCUIT CITY goes bust!

kb100 · 17th January 2009, 19:25

Now the second largest US electronic retailer - Circuit City - has announced the closure of all its 576 stores. MOst of its 34,000 employees are being laid off.

They are putting all their merchandise on sale from today.. .till they permanently close shop by end March. Might be a good time to get great bargains.

Very sad though!

Source: Second largest US electronic retailer goes bust - National News â€“ News â€“ MSN India - News

vivekiny2k · 17th January 2009, 19:30

yup, saw that yesterday. still tough times ahead IMO.

abhiram7912 · 17th January 2009, 22:14

Yes its very sad, its downturn started in 2006/2007 when they replaced good staff with new ones so that they can save on salaries. by the way i went to circuit city store yesterday night to see what's going on. its packed and the thing i found worth buying for me is a samsung 22 inch hdtv for 200 bucks and i bought it to replace my 15 inch dorm tv

madhokritesh · 17th January 2009, 22:23

Nows the best time to Shop i guess at Circuit City

aaggoswami · 17th January 2009, 22:30

I thought that we will be coming out of this recession soon, but it looks like we are further going in. I seriously hope that we do not enter recession for long like the world entered in 1929.

Further, my graduation is about to get over by August, so I am seriously worried about what to do next.

madhokritesh · 17th January 2009, 22:48

aaggoswami - Take up Auto Journalism. LOL

rr_zen · 17th January 2009, 23:17

Man, thats sad. I have been a frequent shopper at Circuit City the last two years when I was in the US. Looks like the recession is not ready to spare anyone.

aerohit · 17th January 2009, 23:57

Well...it is just a store...geeez..big deal

Circuit City carried boat load of crap in their inventory - as if their only target market was Howdy Tom who buys Wide Screen Compaq Computer (larger the better), a SONY music player with 10000W PMPO Crap (larger the better), and a Canon Powershot with a 12 megapixel (larger the better).

They forgot the niche market, that demand Lower Pixel Density Cameras for better image and less noise, that demand Sound Clarity in favor of Higher Wattage, and a real MP3 player that is something other than an iPOD. (Anything But iPod - MP3 Player Reviews & News)

Good Riddance.

It is the same company that fired thousands of its own employees a few years ago because as they got promoted they were earning "too" much - and this was not acceptable to CC. Circuit City's plan to fire 3,400 will have ripple effects - USATODAY.com

Our Indian e-Zone retailer is doing pretty well, if not great, as it is built on modest Indian values, and not show-off huu haa way of life. For geeks, there is always SP road in BLR, and Nehru place in Delhi :-)

Cyrus43 · 18th January 2009, 00:50

Quote:

Originally Posted by aerohit

........a SONY music player with 10000W PMPO Crap (larger the better), and a Canon Powershot with a 12 megapixel (larger the better)..................

Hey that is Exactly what describes me!!

I just wonder when recesion is really going to hit Indian Brands. Once something Major that was indian suddenly decides to shut shop, That is the day we are going to be in deep trouble. As of now though, we seem to be in a very good state of affairs!!

Lalvaz · 18th January 2009, 02:24

Tragic for the employees, since its going to be so much tougher getting jobs in such a bad market. Hope they manage to find alternative employment soon.

Used to get some real good deals there, and although I've never been to their store myself, got a lot of stuff from there through friends.

Rocky_Balboa · 18th January 2009, 04:25

CC has been in bad books for quite sometime now, there were discussions about a possible take-over but they all failed. Infact the distributors to whom CC owe money were actively helping CC to find a buyer.

I am not sure if the distributors agreed to take the stock back.

vivekiny2k · 18th January 2009, 04:49

Quote:

Originally Posted by aerohit

Well...it is just a store...geeez..big deal

Circuit City carried boat load of crap in their inventory - as if their only target market was Howdy Tom who buys Wide Screen Compaq Computer (larger the better), a SONY music player with 10000W PMPO Crap (larger the better), and a Canon Powershot with a 12 megapixel (larger the better).

They forgot the niche market, that demand Lower Pixel Density Cameras for better image and less noise, that demand Sound Clarity in favor of Higher Wattage, and a real MP3 player that is something other than an iPOD. (Anything But iPod - MP3 Player Reviews & News)

Good Riddance.

It is the same company that fired thousands of its own employees a few years ago because as they got promoted they were earning "too" much - and this was not acceptable to CC. Circuit City's plan to fire 3,400 will have ripple effects - USATODAY.com

Our Indian e-Zone retailer is doing pretty well, if not great, as it is built on modest Indian values, and not show-off huu haa way of life. For geeks, there is always SP road in BLR, and Nehru place in Delhi :-)

it's not just a store, it's 500+ stores and 30,000+ employees.

niche market? 500 stores can not be catering to niche market. look for niche stores if you need your stuff.

not sure what's making you post this, it may have made some bad decisions, but having another store fall in the series can not be termed good riddance. You need to be looking at how the market is collapsing and how it's going to ripple thru the world's economy. nothing to be happy about.

vivekiny2k · 18th January 2009, 05:42

Quote:

Originally Posted by Cyrus43

I just wonder when recesion is really going to hit Indian Brands. Once something Major that was indian suddenly decides to shut shop, That is the day we are going to be in deep trouble. As of now though, we seem to be in a very good state of affairs!!

you should be asking IBM India employees.

Circuit City awards $775M IT outsourcing contract to IBM

knp · 18th January 2009, 07:45

sad to see this, 60 year old one getting closed, CC used to be my weekend destination...
you can find more details about this closure at CC site

appuchan · 18th January 2009, 08:52

CC never attracted me with its wares. However I hope the market leader Best Buy will survive this downturn. They have a much better business model and quite efficient retailing mechanism. Not sure about the other ones such as Frys, Radio shack, Comp-USA etc

17th January 2009, 19:25	#1
kb100 Senior - BHPian Join Date: Feb 2006 Location: Bangy Boy! Posts: 1,555 Thanked: 21 Times	Now CIRCUIT CITY goes bust! Now the second largest US electronic retailer - Circuit City - has announced the closure of all its 576 stores. MOst of its 34,000 employees are being laid off. They are putting all their merchandise on sale from today.. .till they permanently close shop by end March. Might be a good time to get great bargains. Very sad though! Source: Second largest US electronic retailer goes bust - National News â€“ News â€“ MSN India - News
	() Thanks

17th January 2009, 19:30	#2
vivekiny2k Senior - BHPian Join Date: Feb 2005 Location: cincinnati, jabalpur,chennai Posts: 1,264 Thanked: 209 Times View My Garage	yup, saw that yesterday. still tough times ahead IMO.
	() Thanks

17th January 2009, 22:14	#3
abhiram7912 BHPian Join Date: Apr 2008 Location: Hyderabad Posts: 170 Thanked: 76 Times	Yes its very sad, its downturn started in 2006/2007 when they replaced good staff with new ones so that they can save on salaries. by the way i went to circuit city store yesterday night to see what's going on. its packed and the thing i found worth buying for me is a samsung 22 inch hdtv for 200 bucks and i bought it to replace my 15 inch dorm tv
	() Thanks

17th January 2009, 22:23	#4
madhokritesh BHPian Join Date: Apr 2006 Location: Thane Posts: 334 Thanked: 4 Times	Nows the best time to Shop i guess at Circuit City
	() Thanks

17th January 2009, 22:30	#5
aaggoswami Senior - BHPian Join Date: May 2007 Location: Vadodara Posts: 4,982 Thanked: 2,931 Times	I thought that we will be coming out of this recession soon, but it looks like we are further going in. I seriously hope that we do not enter recession for long like the world entered in 1929. Further, my graduation is about to get over by August, so I am seriously worried about what to do next.
	() Thanks

17th January 2009, 22:48	#6
madhokritesh BHPian Join Date: Apr 2006 Location: Thane Posts: 334 Thanked: 4 Times	aaggoswami - Take up Auto Journalism. LOL
	() Thanks

17th January 2009, 23:17	#7
rr_zen Senior - BHPian Join Date: Sep 2006 Location: Chennai, India Posts: 1,799 Thanked: 400 Times View My Garage	Man, thats sad. I have been a frequent shopper at Circuit City the last two years when I was in the US. Looks like the recession is not ready to spare anyone.
	() Thanks

17th January 2009, 23:57	#8
aerohit BHPian Join Date: Aug 2007 Location: India Posts: 978 Thanked: 981 Times	Well...it is just a store...geeez..big deal Circuit City carried boat load of crap in their inventory - as if their only target market was Howdy Tom who buys Wide Screen Compaq Computer (larger the better), a SONY music player with 10000W PMPO Crap (larger the better), and a Canon Powershot with a 12 megapixel (larger the better). They forgot the niche market, that demand Lower Pixel Density Cameras for better image and less noise, that demand Sound Clarity in favor of Higher Wattage, and a real MP3 player that is something other than an iPOD. (Anything But iPod - MP3 Player Reviews & News) Good Riddance. It is the same company that fired thousands of its own employees a few years ago because as they got promoted they were earning "too" much - and this was not acceptable to CC. Circuit City's plan to fire 3,400 will have ripple effects - USATODAY.com Our Indian *e-Zone* retailer is doing pretty well, if not great, as it is built on modest Indian values, and not show-off huu haa way of life. For geeks, there is always SP road in BLR, and Nehru place in Delhi :-)
	() Thanks

18th January 2009, 02:24	#10
Lalvaz Senior - BHPian Join Date: Jul 2006 Location: Bombay Posts: 1,414 Thanked: 2,183 Times	Tragic for the employees, since its going to be so much tougher getting jobs in such a bad market. Hope they manage to find alternative employment soon. Used to get some real good deals there, and although I've never been to their store myself, got a lot of stuff from there through friends.
	() Thanks

18th January 2009, 04:25	#11
Rocky_Balboa BHPian Join Date: Aug 2006 Location: Namma Bengalooru Posts: 676 Thanked: 358 Times View My Garage	CC has been in bad books for quite sometime now, there were discussions about a possible take-over but they all failed. Infact the distributors to whom CC owe money were actively helping CC to find a buyer. I am not sure if the distributors agreed to take the stock back.
	() Thanks

18th January 2009, 07:45	#14
knp BHPian Join Date: May 2006 Location: bangalore Posts: 241 Thanked: 42 Times	sad to see this, 60 year old one getting closed, CC used to be my weekend destination... you can find more details about this closure at CC site
	() Thanks

18th January 2009, 08:52	#15
appuchan BHPian Join Date: Jan 2006 Location: Bangy Posts: 642 Thanked: 27 Times	CC never attracted me with its wares. However I hope the market leader Best Buy will survive this downturn. They have a much better business model and quite efficient retailing mechanism. Not sure about the other ones such as Frys, Radio shack, Comp-USA etc
	() Thanks