"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?
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.
- 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.
- Circuit City employs approximately 34,000 associates in the U.S.
- 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.
- 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.
- 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.
- 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.
- 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.
- Stores in liquidation will accept cash, Circuit City gift cards and most credit cards. Personal checks will not be accepted. All sales are final.
- 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.
- 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.
- No. Unfortunately, we will not be able to provide delivery services for products purchased from liquidation stores.
- Yes, we will continue to offer home theater installations during our closing sales.
- Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.
- No new car installations will be offered.
- 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.
- 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."
Just found this little nugget that confirmed what I thought.
Are liquidation sales good places to find bargains?
No. Most of the time the liquidator raises all the prices back to their original number and starts marking down from there, with the markdowns getting steeper week by week. He's still allowed to make big signs that scream 50% OFF!!!! even though that price at the time might be the same or even higher than the price before the liquidation. By the time prices actually get below what they were pre-liquidation, most of the inventory has been picked pretty clean. Except for the most dedicated bargain sleuths, liquidation sales are a ripoff.
Are liquidation sales good places to find bargains?
No. Most of the time the liquidator raises all the prices back to their original number and starts marking down from there, with the markdowns getting steeper week by week. He's still allowed to make big signs that scream 50% OFF!!!! even though that price at the time might be the same or even higher than the price before the liquidation. By the time prices actually get below what they were pre-liquidation, most of the inventory has been picked pretty clean. Except for the most dedicated bargain sleuths, liquidation sales are a ripoff.
I had a Circuit City store that's close to my house do their liquidation sale a month or so ago. The prices were intially marked down by 20% (below MSRP), then they slowly started to increase the markdown. Not great deals IMO.
If you go, you'll want to have done plenty of reasearch before hand.
I actually work for the liquidation and do stores like this and actually have two of these now and close 6 or 7 in the past when they did the 1/5 of stores 2 months ago.
Basically when the liquidator takes over the store...they originally set the prices higher to accomodate for the first round of % off.
For instance...if Item is normally 100$ then liquidator juices it up to 125$ and has a 25% off to start the store.....This is done with the entire stock...nothing is truely (on sale)
However after the initial week or two/three goes by...the same original prices(125) are never changed. so once the 50% off and higher goes on, u truely are breaking the original (100) by quite a bit more.
The secret is finding the common ground in usuing the 50%+ off and also having things being sold out at the store...most people dont know these secrets and buy first weekend or two of sale all the items they are in need of, then the store gets them to come back with alluster of 80%+ off later on again...definitly a great marketing scheme 90% of population isnt aware the brainwashing present in the world today.
Circiut city should last about 10 weeks tops so by my estimation from prior stores...60-80% will be in about 6 - 8weeks....thats when i would wait till personally......if they dont have the item u are looking for then, then dont buy unless a amazing deal.....then again i have many chances at this and most people with a 50mile radius have 2-3 tops.
Goodluck with ur finds...
-murph
Basically when the liquidator takes over the store...they originally set the prices higher to accomodate for the first round of % off.
For instance...if Item is normally 100$ then liquidator juices it up to 125$ and has a 25% off to start the store.....This is done with the entire stock...nothing is truely (on sale)
However after the initial week or two/three goes by...the same original prices(125) are never changed. so once the 50% off and higher goes on, u truely are breaking the original (100) by quite a bit more.
The secret is finding the common ground in usuing the 50%+ off and also having things being sold out at the store...most people dont know these secrets and buy first weekend or two of sale all the items they are in need of, then the store gets them to come back with alluster of 80%+ off later on again...definitly a great marketing scheme 90% of population isnt aware the brainwashing present in the world today.
Circiut city should last about 10 weeks tops so by my estimation from prior stores...60-80% will be in about 6 - 8weeks....thats when i would wait till personally......if they dont have the item u are looking for then, then dont buy unless a amazing deal.....then again i have many chances at this and most people with a 50mile radius have 2-3 tops.
Goodluck with ur finds...
-murph
Simply put liquidation sales = rip offs. As someone else said prices are jacked in the beginning. No returns or refunds either. All the "good stuff" seems to disappear, probably taken back by creditors. By the time discounts get really big (75% off the jacked price), anythings that's left outside store fixtures is generally open box display stuff or obsolete junk.
the other problem is that the starting prices are so high to begin with... BB is a good example, in that a 40in Sammy LCD i was looking at online selling for 1200, free shipping and no tax would run me about 1600 in a store... so even if they mark it down 33 percent, after tax itd still only be about equal to the online price.
...and dont get me started on buying from a spot that you cant return to.
...and dont get me started on buying from a spot that you cant return to.
When I went to a Circuit City a couple weeks ago, it looked like a freaking tornado hit it. Only crap left and hearing stories of people buying TVs in the box and discovering they are busted up when they get home. they call the manufactuer and some are telling them you have to play to get it repaired? Does Circuit City liquidation absolve manufactuers from honoring their item sold in the store?
