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RE: Circuit City Is Going Out Of Business - 1/17/2009 10:20:21 AM
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trek2039
Posts: 31357
Joined: 11/26/2002
From: Anywhere and Everywhere.......
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http://www.circuitcity.com/closed.html
Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business.
Please check back later for updates about the status of our website. In the meantime, we hope the information below will help answer most of your questions.
What's going on at Circuit City?
Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors.
The process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.
We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation.
Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed.
At the company's corporate offices in Richmond, Virginia, a small staff will remain on duty during the completion of the liquidation process; most associates will be relieved of their duties immediately.
Consistent with federal labor laws, Circuit City associates are receiving 60-days notice of the termination of their employment. Those who stay on to help with the liquidation, of course, will receive pay and benefits. Those who are dismissed earlier will be receiving pay and benefits for the 60-day period beginning January 16, 2009.
Associates at our company headquarters will be asked to come back on Monday, January 19, to find out more about their status and to retrieve their personal belongings.
Are you also shutting down your operations in Canada?
No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.
How many people are losing their jobs as a result of this action?
Circuit City employs approximately 34,000 associates in the U.S.
Can you provide some background on Circuit City?
Founded in 1949 as the Wards Company, Circuit City is headquartered in Richmond, Virginia. At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the U.S. and approximately 765 retail stores and dealer outlets in Canada.
For a timeline history of the company, go to http://investor.circuitcity.com, and click on Company Information.
Will Circuit City stores continue to accept Circuit City gift cards?
Yes, customers holding Circuit City gift cards may redeem them at full value at our stores during the liquidation sales. Once the stores are closed and the company is out of business, the gift cards will have no value.
Are Circuit City's extended warranties affected by the liquidation?
No. Circuit City Advantage Protection Plans® (extended warranties) have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's closing.
Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.
When will the liquidation sales begin?
Liquidation sales begin as early as Saturday, January 17, 2009, and will last as long as it takes to sell through the merchandise at each of the stores. We expect the sales to wrap up by the end of March 2009.
How much will merchandise be marked down, and can customers negotiate prices for the merchandise?
There will be clearance pricing, but specific discounts are not being announced. All sale prices are at the discretion of the liquidator. Prices are non-negotiable and all adjustments must be approved by the liquidator's on-site managers.
What payment types will be accepted at the liquidation stores?
Stores in liquidation will accept cash, Circuit City gift cards and most credit cards. Personal checks will not be accepted. All sales are final.
Will Circuit City's price matching policy or the One Price PromiseSM apply during the liquidation sale?
Because the liquidation company is in charge of the sales at the closing stores, their policies are in force. So, One Price Promise does not apply during liquidation events, nor does the company's Unbeatable Price Guarantee. All sales are final.
What about returns and refunds?
Customers can return products they purchased prior to January 16 for a 14-day period for exchange or refunds. All other terms of return policy are in force.
When closing sales begin on or around January 17, 2009, all sales will be final.
Will delivery service be available for products purchased from liquidation stores?
No. Unfortunately, we will not be able to provide delivery services for products purchased from liquidation stores.
Will Circuit City offer home theater installations during the closing sale?
Yes, we will continue to offer home theater installations during our closing sales.
Will Circuit City offer PC services and repairs at liquidation stores during the closing sale?
Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.
Will car electronics installations be available at liquidation stores during the closing sale?
No new car installations will be offered.
Will Circuit City's extended warranties still be available on products purchased from liquidation stores?
Yes, we're making no changes to our Circuit City Advantage Protection Plans®. Coverage is national and purchases will still be protected just as they always were.
Circuit City Advantage Protection Plans® have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's bankruptcy or liquidation.
Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.
What if a customer purchased products at one of the closing stores and the product needs service?
For products covered under the manufacturer's warranty, customers should call the manufacturer.
For products covered under Circuit City Advantage®, guests can call the toll-free number that is printed on the bottom of the product receipt.
» Read the press release about Circuit City's liquidation
» Learn more at our investor relations website
_____________________________
Sometimes Goodbye is a Second Chance........
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RE: Circuit City Is Going Out Of Business - 1/24/2009 5:35:21 PM
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trek2039
Posts: 31357
Joined: 11/26/2002
From: Anywhere and Everywhere.......
Status: offline
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http://www.wptv.com/content/segments/dwym/story/Circuit-City-Closing-Sale-Undercover-Investigation/Dd7Xe20qJUec0osLHi92rA.cspx
Circuit City Closing Sale: Undercover Investigation
By now we've all heard Circuit City, the nation's second largest electronics chain, is going out of business.
The sale signs are up at Circuit City locations everywhere. But are you really getting a deal? Wait till you see what we found inside.
We Check out the Deals
The signs in the window make it sound like the sale of the century: "Liquidation Sale"..... "Everything Must Go."
But some shoppers we stopped said they were disappointed by what they found inside.
A man identifying himself as "JP" said "I saw you're supposed to get 30% off somewhere, but you get inside and some stuff is 10% off, some is 20%, there really isn't a lot of savings yet."
So we decided to take a hidden camera inside a Circuit City store.
What we Found
At first, it looked good: 20% off all CD's and DVD's. But when we checked the electronics, its was another story.
Just 10% off digital cameras, games like Guitar Hero, and LCD and Plasma TV's.
Plus, that 10% discount is off full list price, not the most recent sale price. That means you may find a better deal somewhere else: And we did.
We Compare Prices
A Samsung 46 inch LCD TV, Model #LN46A850: Originally $2,599, now on sale for $2,339...but we found the exact model on Best Buy's website for $2,099....$300 less.
A Vizio 42 inch LCD TV, Model #SV420XVT1A: Was $1,199, now marked down to $1,079...but we found the same model number TV at Target for just $1,029... $50 less.
And a Panasonic 50 inch TV, Model #TH-50P80U: Was $1,399, now $1,259...but both Amazon.com and Beach Camera had it for less than $1,000, almost $300 less, and at Beach you even get free shipping!
One of the companies running the sale defends the prices....telling the Los Angeles Times "we have commitments to banks and creditors who are expecting a certain return."
But you're not committed to shop at these prices...especially since all sales are final, with no returns.
Some Good News
Liquidators say the discounts will increase as the sale goes on, which means that in a couple of weeks you may find much better deals...if anything's left.
Also, the really good news is that current Circuit City Advantage Plans--their extended warranty -- will still be honored, as will Gift Cards. For more information about warranties, Gift Cards, and other aspects of the closing, please click the link above.
As always, don't waste your money. I'm John Matarese.
_____________________________
Sometimes Goodbye is a Second Chance........
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