More bad news for Circuit City. Its stock is trading so low that it is in danger of being delisted from the New York Stock Exchange.
Circuit City Bankruptcy Watch
This clip is a sort of medley of all of Circuit City’s dashed dreams and hopes, as told through their ads from nearly two decades ago. Look at the first one, the ad that announced their arrival to the New England area. What do the eager young bucks in it promise and how have those promises stood the test of time?
If you were confused about why Circuit City might close 150 stores, this customer complaint sent in by William O’Donnell makes it pretty clear: Circuit City sucks. They try to get out of price-matching with a nearby B&H, out of the 3 hard drives he went through, one was missing parts and one wasn’t even the right drive, and they try to tell him that it’s supposed to come missing parts. Basically, when they don’t know what they’re talking about, they just make some shit up to make their lives easier. That’s what happens when you cut costs by firing anyone who knows what they’re doing. Here’s Will’s tale:
The Wall Street Journal is reporting that beleaguered retailer Circuit City is considering a plan to close 150 stores and cut thousands of jobs in an effort to avoid bankruptcy.
Circuit City has announced that, after extensive research, they’ve decided that consumers want to see the same prices in the stores as on-line.
Since the end of May, Circuit City’s stock has lost about 87% of its value; the company has fired its CEO, lost a $1.3 billion takeover offer from Blockbuster, and posted quarterly losses of $239.2 million. Now the Washington Post says that the company lost a recommendation from a firm that advises manufacturers on whether to ship goods to retailers — meaning that Circuit City may be having trouble paying its vendors. Are they ready to go under?