Circuit City going out of business -starts jan 17th

[mvallo]

http://www.circuitcity.com/closed.html

I hear that these liquidation companies raise the prices before they start slashing.  Know your prices before you buy, especially since you will not be able to return any item for any reason.  I will probably stop buy and scope things out tomorrow.

Add to the list of electronic stores going out of business: Sound playground, Crazy Eddies, Nobody beats the Wiz, The Sound Company, Tweeter etc., etc......  

34,000 employees out of work. That\'s the real story here.

[davepeck]

definitely sucks for the people who are out of jobs, but CC has been a shit company for years now, and i certainly won\'t be missing them.

and yeah, liquidation companies base everything off MSRP. so when you see something that\'s like 50% off, that\'s off the MSRP, which typically isn\'t that much of a deal.

[Gfunk]

what is MSRP?

[skalnbyc]

definitely sucks for the people who are out of jobs, but CC has been a shit company for years now, and i certainly won\'t be missing them..

CC has been an industry weakling & sinking ship for a long time (at least since the last recession or before), this economic climate was just the nail in the coffin.

[stublatt]

what is MSRP?

Mfg suggested retail price (which no one ever charges)

[ds673488]

i cant believe CC lasted this long to tell you the truth

[davepeck]

this is fucking unbelievable...

Circuit City Seeks $4.7M for Executive Bonuses

By Erik Gruenwedel | Posted: 11 Feb 2009
egruenwedel@questex.com

Shuttered Circuit City Stores Feb. 10 asked a bankruptcy court to set aside $4.7 million from the ongoing liquidation sale for retention bonuses to select executives, according to a filing.

Under terms of the “Wind Down Incentive and Retention Plan,” CEO James Marcum and John Kelly, chief merchandising officer, together with 16 other senior executives would split $2.3 million, while 137 other “tier 2” employees would be eligible to access $1.6 million, on top of current salaries and compensation.

A final discretionary sum of $750,000 would be allocated as needed.

The Richmond, Va.-based No. 2 consumer electronics retailer, which ceased operations Jan. 16, said it would generate $250 million more than budgeted from the liquidation.

The court Feb. 3 ordered Circuit City Stores to pay Alliance Entertainment a lien payment of more $1 million for the warehousing and shipment of third-party DVD movies and related content to stores during the ongoing liquidation sale, according to a filing.

The Coral Springs, Fla.-based merchandising and fulfillment-company last month filed a claim with U.S. Bankruptcy Court in Richmond, Va., demanding the No. 2 consumer electronics retailer make good on a pre-payment lien in the amount of $1,028,153.34.

Circuit City, which filed for bankruptcy protection in January prior to ceasing operations, had disputed the lien amount and asked the court to force Alliance to deliver Circuit City-owned packaged-media product to its stores to accommodate an ongoing liquidation sale.

Circuit City agreed to set aside proceeds from the ongoing liquidation to pay the lien.

When it filed for bankruptcy, Circuit City owed Hollywood studios more than $56 million for outstanding Blu-ray and standard DVD product.

[Spacey]

We the people lost out sacs somewhere. We should hang these fuckers. Each and everyone of them. Hang a few and the people will fall in order.

[mvallo]

I am glad I didn\'t buy anything to support the CEO compensation bankruptcy liquidation sale.   You would think that when you run a company into the ground and have millions in debt, you would get fired and not get these large bonuses!  These guys should be in jail among many the others!

[skalnbyc]

Hang a few and the people will fall in order.

I agree.  For starters, hang Bernie Madoff and go from there.  Throw the octomom in there, too.

[ds673488]

haha my whole office got a kick out of that one, thanks dave