circuit city to begin liquidation

[leah]

yiiiikes.

NEW YORK (CNNMoney.com) -- Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 stores and sell all its merchandise.

The company said it has 30,000 employees.

In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy - said it had reached an agreement with four companies to start the liquidation process.

The company said it the sale would begin Saturday and run until March 31, pending court approval.

[Drem]

yep. map and i got a buddy working there. he was talking about this a month or two ago but i didn't believe him. i liked circuit city

[leah]

yeah that's where i've made all my major electronics purchases, actually. i hope it doesn't affect the credit account josh and i are paying on for our tv.

[Arlos]

I knew they were done for way back when they fired all their experienced representatives and salespeople and hired in minimum wage types to fill the same jobs.

I mean, nowadays if people want the ultimate cheap price, they go on the internet, for the most part. If you go into a storefont, it's because you want some level of service to go along with you purchase, or some level of guidance in making your purchase.

Yet, that's exactly what Circuit City got rid of when they did that salary dump: any level of service. So, why go to the store when you can get the same price or better with the same level of service online, or if you can go to a competitor, maybe pay a little more, but get expert advice on your purchase, help setting it up, etc. from people who know their stuff.

Plus, at least out here, their locations often sucked compared to Best Buy, which I am sure didn't help.

So really, not surprised in the least.

Oh, and Leah, one thing I am 100% sure of is that SOMEONE will take over ownership of your loan. heh. Ownership of the financing pieces like that is one of the things that gets sold at liquidation. You will, I am sure, get some kind of official notice when/if you need to change either the to: name on the checks or anything else.

-Arlos

[brinstar]

so who becomes the new #2?

in other words, will this allow best buy to hike their prices up now that the other guy is down for the count?

[mappatazee]

yep. map and i got a buddy working there. he was talking about this a month or two ago but i didn't believe him. i liked circuit city

he got laid off before new-years. i think he's doing graveyard stocking w/ john o for safeway now poor guy.

[leah]

our credit account is a chase credit card, so hopefully there won't really be any changing of hands?

[Gaazy]

Circuit City was a fun place to go when your bored to just walk around and look at the huge TVs and shit. I dont think Ive ever bought anything there lol but its a fun place to meander around!

[Evermore]

i bought several things there and they were always good. sorry to see this one go

[Eziekial]

No Leah. Your account will remain unchanged.

[leah]

i figured. :D thanks for the reassurance!