Circuit City fails to be wanted, will now be liquidated

Even Circuit City's CEO admitted that liquidation was a very real possibility if a sale of the company didn't occur by January 16th, and needless to say, time's up. According to a breaking report from the AP, the once colossal electronics retailer will indeed be forced to liquidate, which should bring happy times for bargain hunters and sad times for employees. Now that details are starting to flow in, we're told that it will liquidate 567 of its US stores after failing to secure a buyer or refinancing deal. For those who care, Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC have been chosen as liquidators.

[Thanks, Doug]

[grull27 @ Jan 16th 2009 10:45AM]

Best Buy just took over. Sorry Circuit City.

[NHAnimator @ Jan 16th 2009 10:52AM]

Best Buy just took over. Sorry everyone.

[Techie @ Jan 16th 2009 10:58AM]

NewEgg ftw

[MastrCake @ Jan 16th 2009 10:58AM]

Geek Squad just took over. Sorry Firedog.

[Aaron @ Jan 16th 2009 12:44PM]

Soooo can we Mid-Westerners get Fry's Electronics to move out to replace circuit city? Cuz that would be pretty much awesome and would give Best Buy some competition.

[gerrrg @ Jan 16th 2009 11:19AM]

I second Newegg.

And then there's always Costco.



But Best Buy is too expensive.

[Electromodo @ Jan 16th 2009 12:01PM]

I equally shopped at NewEgg, BestBuy and CircuitCity, and I must say that each of them has its own strengths and weaknesses.

Yes, even NewEgg does not have BEST prices on some equipment, and not everything is in stock all the time. Still, the real advantage that brick-and-mortar stores have over NewEgg is the absence of restocking fees. I never had a problem returning things to BestBuy and CircuitCity and always had full refund, but NewEgg often charged me a restocking fee when I didn't like some gadget and wanted to return it.

So don't say NewEgg is a panacea.

CircuitCity, on the other hand, had its strength, which for me was a good selection of HDTVs (better than BestBuy's) and better prices on HDTVs. The same applied to consumer video cameras. I am always doing weeks of research before buying something big like a TV or video camera, so trust my words.

Many people were disappointed with the stuff, service and inventory at CircuitCity locations and wish them to go down. Though I agree, some locations are crap, still, the CircuitCity close to my work (Northern Virginia) was very good, and I never had any problems with staff, service or returns.

Not to mention that BlackFriday and Christmas sales at CircuitCity were the best around, excluding only the Microcenter (which is usually super-best in sales).

So I will miss you, CircuitCity, and your great sales. You was a nice alternative to BestBuy (at least for me), and many other shops over there.


P.S. I am glad I did not buy an extended warranty for my last HDTV purchase at CircuitCity.

[Jeff @ Jan 16th 2009 12:31PM]

Yes, Newegg is not the place of wonderment and candy kisses that it once was. I do recall their early days when they really did have the best prices, the largest stock and when all their shipping was free. Nowadays, the prices are higher, shipping is no longer free and lots of stuff is out of stock.

This is not just my impression, either - if I remember right, this was announced as a strategy by Newegg. They took losses in order to build a customer base, but it was always their intent to convert that customer base to revenue later.

I suppose you can't blame them - companies are in business to make money. On the other hand, they can't blame customers for looking for the best deal and shopping elsewhere now either.

As for Circuit City, good riddance. This seems to be the cycle with electronics stores - they start out as kind of ratty places with really low prices and salespeople that are pushy but at least know their stuff, and where you go to buy things like antennas and RF modulators and video switchers and then at some point, you notice they also have really good deals on TV's and computers. And that's how they get big, but then they forget why they got big in the first place and they and expand nationwide and they raise prices dramatically, homogenize their stores (standardizing on product you can buy in any department store), fire all their best workers and hire a bunch of lackeys. (This is literally what CC did in the name of saving money.)

Radio Shack's going through the exact same thing right now. And retail is littered with past examples now no longer with us. The Wiz. Two Guys. CompUSA. Egghead. I'm sure I'm forgetting some. All followed the same pattern.

How Best Buy is making a success out of this business model, I have no idea. Hopefully they won't continue to.

[Ken @ Jan 16th 2009 12:39PM]

Time for Bestbuy to monopolize and raise their prices!! WHAHAHAHAHA

[Jack Storm @ Jan 16th 2009 1:17PM]

@ Electromodo

CC has a horrible selection of HDTVs, especially compared to BBYs, well thats unless you mean on the lower end TVs because thats what CC always carried.

[Jay Voorhees @ Jan 16th 2009 1:17PM]

We've got a fry's in the western suburbs of chicago. I don't know why you'd want them to take over, their store is a crap hole of refurbished nonsense.

[Electromodo @ Jan 16th 2009 1:43PM]

@Jack Storm

People usually fail to understand that CircuitCity had different stores with different inventory. Some stores were really good, while the others were not.

I shopped for 1080p HDTV (42" or higher) around Black Friday in 2007. CircuitCity next to my work in Northern VA had more models than three BestBuys around and significantly lower prices. And better sales too. The same applied to lower end TVs.

Another location of CircuitCity about 10 miles away had a significantly smaller inventory on everything, including TVs. And guess what, that shitty location was one of the first to be closed in last November.

[Mike Houston @ Jan 16th 2009 2:48PM]

I bought my hdtv on amazon. Free home delivery, free blu ray player, and a good 500 bucks cheaper than best buy. Also their customer service is www.thebomb.com

[TRAFFICBLOWS @ Jan 16th 2009 4:33PM]

most def MicroCenter needs a shout

i heavily rely on them as my PC B&M and have saved me on many last minute occasions and/or jonsing

AND they often have hotter deals than the egg

only neg is the 8.625 NY sales tax

[bokeen @ Jan 16th 2009 7:36PM]

@Jay Voorhees: I can't disagree with you more. Fry's has a much wider selection and far lower prices when it comes to tech gear than any of the big box retailers. And what the hell are you talking about when you say "refurbished"? The vast majority of their gear is new.

Have you ever actually been to Fry's?

[indyshadow @ Jan 18th 2009 4:52PM]

Fry's Electronics FTW!!!!!!!!!!!! I love Fry's.

[Newsom02 @ Jan 18th 2009 5:08PM]

No one wants Frys. They are rarely my first choice for anything.

[cg0def @ Jan 22nd 2009 11:52AM]

@ all of you saying NewEgg:
As much as I like NewEgg (been using it since before it was cool) it is owned by Best Buy and always has been a Best Buy venture.

[Adam H. @ Jan 16th 2009 10:46AM]

Internet buying took over. Sorry brick and mortar stores.

[Bomberman @ Jan 16th 2009 10:59AM]

Can easily be done - in the UK anyway.

[nsfw @ Jan 16th 2009 11:02AM]

Yes, in NYC we buy our meat and veggies online. look up freshdirect (fairway) , dagnyc. So far it hasn't taken over the world. And I know things like webvan have failed. But in a big city I think these services can succeed.

[Mr. Picklesworth @ Jan 16th 2009 11:15AM]

Hell Yes! My parents used to use an organic food delivery service for nearly all of their grocery shopping. It was amazingly awesome. Only reason they stopped doing it was their ordering system sucked and looked ugly.

[Backlin @ Jan 16th 2009 11:50AM]

@EEiy: Since I can order pizza online, I'll be good for at least a month.

[Ben Grimsbo @ Jan 16th 2009 12:33PM]

http://www.omahasteaks.com/

[kastonie @ Jan 16th 2009 12:08PM]

I got some meat and veggies for ya.....

[jjigen @ Jan 16th 2009 1:11PM]

Because a lot of the best and freshest food comes in the mail

/sarcasm

[Nick @ Jan 16th 2009 4:30PM]

Just thought I'd share... liquidation is starting tomorrow! http://www.mytechwall.com/?p=244

[Munky @ Jan 16th 2009 8:15PM]

@jjigen: Actually, you can find fresh meat and produce on the web if you know where to look. It's a bit expensive, but being in the mid-west, if I need some sushi-grade tuna, I know where to go. Certain produce is really expensive here (like artichokes) so to get it fresh, the web is the best place.

[kt @ Jan 17th 2009 1:53PM]

www.busybuggy.com

cheap and easy. great service, while they're at it.

[strider_mt2k @ Jan 16th 2009 10:47AM]

Tuna farms took over canned tuna. Sorry Charlie.

[nmason @ Jan 16th 2009 11:06AM]

A boring tuna just took over, sorry Slap-Chop(tm).

[Adam (The First)! @ Jan 16th 2009 11:18AM]

That was awesome.

[pschwegler @ Jan 16th 2009 1:48PM]

I wonder if tigerdirect will swoop in to buy them up?

[Dan Fruzzetti @ Jan 16th 2009 10:48AM]

As if anyone else was thinking about lining up in front of whatever stores remain to buy (or shoplift) out the inventory at deep discounts. I wonder if they'll tolerate haggling now that the company's got no will to live...

[Andrew @ Jan 16th 2009 11:05AM]

Tragic. But thanks for the warning - just used up the Circuit City gift card sitting on my desk.

[James Jones @ Jan 16th 2009 11:15AM]

There liquidator companies are crooks.I use to work for compusa and the liquidator company wouldn't even give a descent discount to compusa employees.I was there to the end and there wasn't any bargains.Never cheaper than online pricing.

[SiXiam @ Jan 16th 2009 10:48AM]

Good riddance to bad rubbish...

[Michgar @ Jan 16th 2009 10:53AM]

So wait, will they liquidate at the actual physical stores, or is this inventory being purchased by the four different capital groups? I want to know who I have to hit up for a new car stereo...

[jjanssens @ Jan 16th 2009 10:54AM]

What does this mean for our stores in Canada called "The Source by Circuit City"? Are they all closing too?

[Ian @ Jan 16th 2009 10:56AM]

I'm just glad they took over all the silly Radio Shacks.

[Mr. Picklesworth @ Jan 16th 2009 11:18AM]

I hope they take the damn beeping door thing with them. It's The Reason I never shop at their stupid stores; I get screamed at by a stupid buzzer every time I open the door.

[Jason @ Jan 16th 2009 7:14PM]

I manage a Source By Circuit City in Ottawa, Canada, and want to assure you that we are not closing our doors, we are in talks with a few potential buyers and will release news on Jan 23rd. We run our business differently than Circuit City (we do not focus on HDTV's) and we are profitable. Its really sad to see Circuit City go under, but Intertan (the company that ran Radio Shack in Canada and now the Source) will be open for business as usual.

[ack154 @ Jan 16th 2009 10:53AM]

I thought it was odd that they literally just built a new store near me in the last year, considering the troubles they were having just then. Now I expect even that brand new store will be liquidated and shuttered.

[216 @ Jan 16th 2009 10:57AM]

yea I know of atleast 2/3 brand new stores in my area. Nice stores too.

[Kali4 @ Jan 16th 2009 11:03AM]

2/3 of a store is brand new? Is that a toad in your pocket?


just messin'

[Flaystus @ Jan 16th 2009 10:53AM]

Sorry BEST BUY but as long as I have a Fry's I don't need ya!

[ImaYam @ Jan 16th 2009 11:04AM]

IN case you didnt know, it appears you didnt, that Fry's is the SAME corporation and as Best Buy.

[p3t3b2 @ Jan 16th 2009 11:56AM]

@ImaYam

Actually Fry's isn't, Fry's is a private company, no investors to answer to everything is kept within the Fry family.

[TrentD @ Jan 16th 2009 11:55AM]

ImaYam, what are you talking about? Fry's is owned by the Fry's family, not Best Buy.

[Newsom02 @ Jan 18th 2009 5:36PM]

Fry's may be less expensive but it is not a quality company. If there is something that may need to be returned or exchanged I prefer to deal with Best Buy.