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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.
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 US 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.
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.
At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the US and approximately 765 retail stores and dealer outlets in Canada. For a timeline history of the company, go to http://investor.
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.
Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. 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. How much will merchandise be marked down, and can customers negotiate prices for the merchandise? 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. What payment types will be accepted at the liquidation stores?
Circuit City's price matching policy or the One Price PromiseSM apply during the liquidation sale? 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. Customers can return products they purchased prior to January 16 for a 14-day period for exchange or refunds. When closing sales begin on or around January 17, 2009, all sales will be final. Will delivery service be available for products purchased from liquidation stores? Unfortunately, we will not be able to provide delivery services for products purchased from liquidation stores.
Circuit City offer PC services and repairs at liquidation stores during the closing sale? Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores. Will car electronics installations be available at liquidation stores during the closing sale?
Terms and conditions of Circuit City Advantage Protection Plans What if a customer purchased products at one of the closing stores and the product needs service? For products covered under the manufacturer's warranty, customers should call the manufacturer.
psuJC said:They really should have left a thread in hot deals.... how many people are going to get screwed out of gift cards and/or returns. I returned a piece of software on Tuesday night and said goodbye (and good luck) to a CSR there who's been nice to me over the years.
Looks like I'll always be buying consumer electronics online now. With virtually no brick & mortar competition, I can only imagine that Best Buy is going to become even more unbearable to step foot in.
this absolutely bone-headed move of firing employees who made more money than their peers. Maybe the reason they were top earners had something to do with their competency, sales skills, and knowledge?
Yes, the firing of their top paid employees will probably go down in history as one of the worst moves, both in terms of just doing it, and the PR hit they took for the perceived stupidity of doing it. From the NY Times article: "to laying off its most experienced sales staff. The latter saved money but cost the company employee morale and countless customers."
When it was only a few stores it was cheaper to go to a non-liquidated store and buy something on sale than to buy an "all sales final clearance item" from the liquidator.
Circuit City will continue to accept gift cards and will honor returns for products for a 14-day period. The liquidation sale likely will be completed by the end of March."
Fenguin said:Looks like I'll always be buying consumer electronics online now. With virtually no brick & mortar competition, I can only imagine that Best Buy is going to become even more unbearable to step foot in.
this absolutely bone-headed move of firing employees who made more money than their peers. Maybe the reason they were top earners had something to do with their competency, sales skills, and knowledge?
Fenguin said:Looks like I'll always be buying consumer electronics online now. With virtually no brick & mortar competition, I can only imagine that Best Buy is going to become even more unbearable to step foot in.
this absolutely bone-headed move of firing employees who made more money than their peers. Maybe the reason they were top earners had something to do with their competency, sales skills, and knowledge?
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