Today we can bring you early word that Circuit City is apparently on the verge of closing 155 stores and withdrawing from the consumer electronics business for good. Sister site the Consumerist broke the unverified news thanks to an insider tip, which has since been corroborated by a forum post over at Google Finance. Consumerist also reports that employees in certain departments, like car installation, will be unemployed within 48 hours (warranties will still be honoured). Most closings are expected to be wrapped up by December 31, 2008. It’s a sad day for everyone at Circuit City, but also an inevitable one, given the coverage we’ve seen over the past year. The Sony truck turnaround story from earlier this week was especially damning. [The Consumerist]
Tommy B
November 3, 2008 at 10:59 AM
This is the truth, they held a meeting at stores today to announce the closings. They should be announcing to the public Monday morning.
Report PermalinkTim
November 3, 2008 at 12:31 PM
Well, Mr. Jack Loftus, how about some honesty as opposed to dishonesty you put out as “news”! You are quite close to being a blad-faced liar, and seem like someone desperately trying to push CC’s stock further down! First, you say that Sony has discontinued shipments to CC, and that is false; Sony turned around trucks headed to a CC distribution center that had a huge sinhole appear right next to the building. Sony has NOT discontined merchandise shipments to CC. Second, you now have the gall to claim that CC is “withdrawing from the consumer electronics business for good.” Again, that is patently false on your part. CC has done and is doing no such thing; rather, CC is closing unprofitable stores in an effort to avoid bankruptcy altogether and to begin to turn the company around profitably by keeping its many other profitable stores in business–as consumer electronics sellers! Come to think of it, you ARE a liar!
Report PermalinkThe Pound
November 4, 2008 at 12:30 AM
@Tim:
It clearly says “Rumour” on the top of the page.
Report PermalinkCongratulations on making yourself look like an oblivious idiot.