Circuit City

From Wikipedia, the free encyclopedia

  (Redirected from Circuit city)
Jump to: navigation, search
Mergefrom.svg
 It has been suggested that Firedog be merged into this article or section. (Discuss)
This article is about Circuit City Stores, Inc., the bankrupt company. For the Circuit City eCommerce store owned by Systemax, see CircuitCity.com.
Circuit City Stores, Inc.
Type Public (Pink Sheets: CCTYQ)
Fate Liquidating itself under Chapter 7 bankruptcy
Founded 1949
Headquarters Richmond, Virginia
Industry Retail
Products Consumer electronics

Circuit City Stores, Inc. (Pink Sheets: CCTYQ) was an American retailer in brand-name consumer electronics, personal computers, entertainment software, and (until 2000) large appliances. The company opened its first store in 1949 and liquidated its final American retail stores in 2009 following a bankruptcy filing and subsequent failure to find a buyer. As part of its bankruptcy, the company sold its Canadian subsidiary, InterTAN (which operates as "The Source"), to Bell Canada.

The "Circuit City" brand is now owned by Systemax, which uses the brand to sell electronics as an online retailer. On May 11, 2009, Systemax bought the brand, trademark and e-commerce business at an auction from Circuit City Stores, Inc. Systemax had earlier acquired CompUSA and TigerDirect which now operate as online retailers. Systemax in April 2009 signed a stalking horse agreement for $6.5 million which is an initial offer for a bankrupt company's assets.[1]

At the time of liquidation, Circuit City was the second largest U.S. electronics retailer, after Best Buy. There were 567 Circuit City Superstores nationwide, ranging in size from 15,000 to 45,000 square feet (1400 to 4000 m²), when the company announced total liquidation. An additional 155 stores were closed when the company filed for Chapter 11 bankruptcy in November 2008 with the intent of continuing operations. However, attributing its ultimate demise to the lack of consumer spending and overall economic downturn during the late 2000s recession, Circuit City began liquidation of its remaining stores on January 16, 2009, and they were all closed on or before March 8, 2009.[2][3][4] A small staff remains on hand at corporate headquarters to complete the company's business, including the termination of its many leases, and the sale of its company-owned real estate and Canadian subsidiary.[dated info]

Contents

[edit] Beginnings

[edit] Wards

Samuel S. Wurtzel studied accounting and got the idea to open a television store while on vacation. Abraham L. Hecht joined Wurtzel as a partner. Both founders, Hecht and Wurtzel, died in 1985.[5]

In 1932, Samuel S. Wurtzel opened the first Wards Company retail store in Richmond, Virginia, at 705 West Broad Street.[6] (Wards Company and Circuit City are completely unrelated to the other former retailer that went out of business in the 2000s, Montgomery Ward.) The name "Wards" was actually an acronym of the founder's last initial and the initials of members of his family (W = Wurtzel; A = Alan; R = Ruth; D = David; S = Sam).[7] Wards was the first retailer to sell color televisions in Richmond, Virginia.

By 1959, Wards Company operated four television and home appliance stores in Richmond. The company continued to grow and acquired stores in other locations including Albany, New York; Mobile, Alabama; Washington, DC; and Costa Mesa, California. During the 1970s and early 1980s it also sold mail-order under the name Dixie Hifi, advertising in the hifi magazines of the day. In Richmond, Wards experimented with several retail formats including smaller mall outlets branded "Sight-n-Sound" and "Circuit City". Sight-n-Sound and Circuit City stores were replaced by the Circuit City Superstore format.

[edit] Change to Circuit City

Circuit City logo from 1984-1992.
Circuit City logo from 1989-2001.

Wards Company officially changed its name to Circuit City and became listed on the New York Stock Exchange in 1984.[8] One of the company's early slogans was "Circuit City — Where the Streets are Paved with Bargains." The company, which had leased floor space from the Zody's department stores as well as other department stores, began acquiring retail stores and turning them into Circuit City Superstores. The first of these replacements occurred in Knoxville, Tennessee; Charleston, South Carolina; and Hampton, Virginia. Wurtzel served as president of the company until 1970. He remained the chairman until 1984.[6] When he stepped down, his son Alan served as chairman until 1994.[9]

[edit] Superstores

Original Circuit City Superstore format in San Antonio, TX. The left side of the building used to have a "Verizon Wireless" sign and prior to that an "Appliances" sign.
"Half Plug" Circuit City Superstore format in Huntsville, Alabama that included a more open showroom, used from 1995-2000.

Wards purchased a new headquarters building in Richmond, Virginia and in the extra space opened "Wards Loading Dock," its first big-box format. The large-format store was very popular with customers. The company continued to expand with new format [8] modeled after "The Loading Dock" format and renamed it Circuit City Superstore. Circuit City began to replace its smaller stores with the Superstore format and started the nationwide expansion.

In 1988, the company began constructing the new "plug" design Superstore stores. During this era, Circuit City became known for its exceptional service, going so far as to have many of its staff factory-trained. Its slogan, likewise, was "Welcome to Circuit City, Where Service Is State of the Art."[10]

In 1991, Circuit City entered the New York City market by acquiring the remnants of the failed Lafayette Radio chain. They operated stores there under the "Lafayette-Circuit City" name for a few years and then exited the market, returning several years later under the Circuit City banner.

In 1999, Circuit City introduced the "Pluggie" mascot that was seen on price tags and in-store advertising. The mascot was a plug similar to the one seen on Circuit City television commercials plugging into store fronts, but had a smiley face on the front of it. "Pluggie" was discontinued before the introduction of the new circle logo in 2001.

[edit] Company diversification

CarMax auto surperstore in Raleigh, North Carolina.

Carmax is a used car auto superstore started by Circuit City at the time to diversify from the company from the consumer electronics environment. The first location opened in Richmond, VA in September 1993. Initially the stores only offered a large selection of newer model used cars with a non-negotiable "lower price." Later, CarMax expanded into new car sales with the same non-negotiable "low price." Carmax was spun-off in 2002, so Circuit City could re-focus on its core electronics business. The independent company is currently the United States' largest used-car retailer and a Fortune 500 company.

Circuit City Express was a chain of mall-based Circuit City stores with over 55 locations at its peak. The first locations opened in Baltimore, Maryland; Richmond, Virginia; and McLean, Virginia in 1989.[11] The stores were originally called "Impulse," but were later renamed in 1995 to focus on the strength of the Circuit City brand. These stores focused on small electronic products for personal use or to be given as gifts. Cellular phones became a major focus of the business since all major carriers were sold. Circuit City Express stores offered Superstore prices and the Circuit City "Price Match Guarantee" in a mall environment.

DIVX was developed by Circuit City and launched in 1997 as a complement to DVD. DIVX discs cost $5 each, but could only be played for 48 hours on proprietary set-top players before a continuation fee was required to continue viewing. The player was connected to a phone line to check whether the disc was still valid.[12] Opposition to the format and limited acceptance by the public led Circuit City to discontinue the format in 1999. Circuit City took a US$114 million loss to close its DIVX division.

Circuit City's firedog logo used from 2006-2009.

firedog was launched in August 2006 to provide in-store, in-home, and online computer and home theatre technical support and installation services[13] in competition with other retailers' consumer and business technical services offerings such as Best Buy's Geek Squad and Staples EasyTech.[14] The firedog brand was sold to Firstmark for US$250,000 in September 2009.[15]

First North American National Bank was created by Circuit City to operate its private-label credit card in 1990.[16] In 2002, Circuit City began offering a co-branded Visa credit card. It sold both of these operations in 2004 to Bank One (now Chase Bank).

Patapsco Designs was acquired by Circuit City in 1987.[17] The company was in charge of designing product displays and other electronic services for Circuit City. Patapsco Designs was founded in 1977 and is based in Frederick, Maryland and in November 2004 was acquired by American Computer Development Inc. Patapsco Designs, Inc. filed a voluntary petition for reorganization under Chapter 11 Bankruptcy in joint administration with Circuit City Stores, Inc. in November 2008.[18]

[edit] Problems starting

In 2003, Circuit City converted to a single hourly pay structure in all stores, eliminating commissioned sales. Many previously commissioned sales associates were offered new positions as hourly "product specialists," while 3,900 salespeople were laid off, saving the company about $130 million per year.[19] The day of the announcement all stores did not open until noon, to give the current associates the news and to prepare stores for the adjustment.

In 2004, with the expansion of the wireless phone market, Circuit City partnered with Verizon Wireless to include full-service Verizon Wireless sales and service centers in each Superstore. These locations were owned and staffed by Verizon Wireless.[20] Circuit City stopped selling wireless phones with all other carriers due the agreement. Circuit City's bankruptcy caused 45% of the Verizon sales workforce to be laid off with the remainder resigning voluntarily or transferring to other Verizon locations.[21]

[edit] Canada expansion

In April 2004, Circuit City announced its purchase of Canadian retailer InterTAN. Circuit City paid approximately US$284 million for InterTAN's 980 stores, which operate in Canada under the trade names RadioShack, Rogers Plus and Battery Plus. Chairman and CEO Alan McCollough believes the move provides an entry into Canada, a country where Best Buy has been expanding..[22]

[edit] Criticism and controversy

In 2005, Circuit City agreed to pay $173,220 in settlement and investigation reimbursement costs due to a false advertising claim in a 2004 New Jersey court case. The court found that important information pertaining to sale items was purposely obscured within the advertisement, thus potentially deceiving customers.[23]

The same year, Harris and Kaufman, Attorneys at Law, successfully represented a class action suit of Circuit City employees caught in an unfair arbitration agreement. The court's ruling in Gonlugar v. Circuit City Stores, Inc., found the store's arbitration agreement to be "tainted with illegality." The arbitration agreement was found to be so one-sided that it was unconscionable. Harris and Kaufman maintained the arbitration agreement bound only the employee to arbitration, required the employee to pay fees to Circuit City for initiating the arbitration (Circuit City paid no such fee), imposed a shortened statute of limitations on the employee (not on Circuit City), and prohibited class actions.[24][25]

During the week of August 31, 2007, the California Supreme Court ruled that the Circuit City arbitration agreement, which all 46,000 employees were required to sign, violated the state's labor laws and that Circuit City employees may sue the store for labor law violations despite having signed it. The document requires employees to waive their right to sue their employer and establishes a cap for damages regarding any wrongdoing on the part of corporate or management, which violates California's well-established law on arbitration agreements.[26]

Circuit City's City Advantage Plan was also challenged in a United States District Court in Massachusetts. The plaintiffs' claim concerned Circuit City's cancellation of its warranty plan without full disclosure of the plan at the time of sale. The plaintiffs cited breach of contract, unjust enrichment, and violation of the Massachusetts Consumer Protection Act. Circuit City requested the matter be dismissed. The court, however, upheld the plaintiffs' claim that the monies paid for the protection plan be reimbursed and credit be issued for non-working goods returned.[27]

Liquidators handling the sale of remaining Circuit City inventory have also become the target of consumer complaints, not only for often-uncompetitive pricing of items but also for an "all sales final" policy which allows the sale of defective or damaged merchandise at former Circuit City locations with no recourse afforded to the consumer.[28]

[edit] Problems escalating

In early 2007, the starting wage for new employees was dropped from $8.75 an hour down to $7.40 an hour ($6.55 being the federal minimum wage at the time) and approximately 3,400 employees were discharged from their positions with salaries higher than the cap for their position within the company being cited as the reason. These employees were replaced with new employees brought in at the new starting wage.

On February 8, 2007, Circuit City announced that it planned to close seven domestic Superstores and a Kentucky distribution center to cut costs and improve its financial performance.[29] News media reports also mention that 62 stores in Canada were to close.[30][31]

Circuit City announced on February 23, 2007 that its Chief Financial Officer, Michael Foss, would leave the company. This unsettled investors and analysts concerned about management turnover. "This represents the third departure of a senior executive in the past six months, and the second departure of a top-five executive in the past month" said Goldman Sachs analyst Matthew Fassler in a client note. Chief Executive Office Phil Schoonover’s "hand-picked team is turning over faster than we would like to see in a turnaround situation."[32]

In a press release on March 28, 2007, Circuit City announced that in a "wage management" decision in order to cut costs, it had laid off approximately 3400 better-paid associates and would re-staff the positions at market-based salaries. Laid-off associates were provided severance and offered a chance to be re-hired after ten weeks at prevailing wages. The Washington Post reported interviews with management concerning the firings.[33]

The Post later reported in May 2007 that the layoffs appeared to be 'backfiring' and resulting in slower sales.[34] The blog The Consumerist reported in November on a letter a former employee received from Circuit City, attempting to entice him to re-join the company, in a capacity "comparable to your previous role at the most competitive rate possible."[35]

In April 2008, video rental firm Blockbuster announced a bid worth $1 billion to purchase Circuit City.[36] In July 2008, Blockbuster withdrew its offer due to market conditions.[37]

Philip J. Schoonover, CEO, President and Chairman of the Board of Circuit City Stores, Inc. announced his immediate resignation on September 22, 2008. James A. Marcum, former Vice Chairman of the board, was named acting CEO. Allen King was selected Chairman of the Board.[38] This switch was said to be due to a stream of losses stemming from the rapid decline of flat-panel TV prices, and possibly due to the strong call for Schoonover's removal from activist shareholder Mark Wattles.[39]

[edit] Bankruptcy and liquidation

Removal of signage on a former Circuit City store.

On November 3, 2008, Circuit City announced that it would close 155 stores and lay off 17% of its workforce by the end of the year as a result of continuing difficulties in remaining profitable.[40] On November 7, 2008, Circuit City laid off between 500 and 800 corporate employees from its Richmond, Virginia headquarters. The approximately 1000 remaining corporate employees were consolidated into one building in an effort to further reduce costs and improve profitability.[41] On November 10, 2008, Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.[42]

In bankruptcy court, Circuit City was approved to borrow $1.6 billion to finance operations while restructuring.[9] Court filings revealed that the company had assets of $3.4 billion and debt of $2.32 billion,[43] including a $119 million debt to Hewlett-Packard and a $116 million debt to Samsung Electronics.[44] Chief executive James A. Marcum promised that the stores would stay open and the chain would not be liquidated.[45][46]

On November 18, 2008, it was announced that Ricardo Salinas Pliego, current owner of Mexican television broadcaster TV Azteca, had purchased 28 percent of Circuit City.[47]

On January 10, 2009, it was announced by a company spokesman that Circuit City needed a buyer by January 16, 2009 to keep from shutting its doors due to an approaching deadline set by the court and creditors.[48] Although two unnamed parties were interested in buying out Circuit City,[49] a bidder couldn't be found, so Circuit City started airing "going out of business" commercials, as they started closing all of their stores.[3] The Canadian operations, which are run under The Source by Circuit City banner, were not initially affected by the liquidation, but were later sold to Bell Canada.[50]

According to Circuit City's website, the company announced on January 16, 2009 that it intended to close all of its stores. Reportedly, over 30,000 employees lost jobs in the liquidation.[51]

The final day of operations for Circuit City brick and mortar stores was March 8, 2009.[52] Besides retail auto dealerships, Circuit City closed more retail locations in the U.S. than any other retail chain in 2009.[53]

After the final date of operation for all Circuit City stores, the company's online store was replaced with a page that reads a follows:

"Circuit City would like to thank the millions of customers who have shopped with us during the past 60 years. Unfortunately, we announced on January 16, 2009, that we are closing our stores."

On May 19, 2009, it was announced that the Circuit City brand name, logo, and website had been purchased by Systemax Inc. for US$14 million, which had also previously acquired the CompUSA brand after the store chain's liquidation.[54][55] Systemax relaunched the circuitcity.com website on May 22, 2009, as an online retailer of consumer electronics.[56] The revived site's front page looks similar to the original front page, while other pages have a similar appearance and flow of Systemax's CompUSA.com and TigerDirect.com's pages.[57] It sells the same products as the original website did before closing, with the exception of its car audio department. Systemax said there is a possibility that it could open up retail 2.0 stores (Circuit City stores) due to positive success of CompUSA stores.

In August 2009, Massachusetts-based advisory firm Streambank handled the auction of more than 30 million customer contacts collected by Circuit City from 2003 through 2009.[58]

On June 1, 2009, it was reported that a famous hand-signed lithograph by Alexander Calder was found in a closet at Circuit City's former corporate headquarters in Richmond, VA. The lithograph was Number 113 of 120 and was titled "Wave." The lithograph was auctioned by the liquidation firm, Liquid Asset Partners, on eBay and sold for $1800 after 48 bids.[59]

[edit] Former brand names

  • Anika
  • CarMax (sold)
  • Centrios
  • Circuit City Express
  • Circuit City Rewards
  • ESA
  • firedog (sold)
  • i-next
  • Impulse
  • Liquid Video
  • NexxTech
  • NexxTech Ultimate
  • Roadshop
  • Sector 7
  • Sens
  • The Source by Circuit City (sold)
  • Verge
  • Wasaki

- All italicized brands were distributed by ORBYX Electronics.

[edit] Real estate holdings

Due to the expansion of Circuit City stores in the 1970s-1990s, the company accumulated a surplus of unused real estate with a presence in nearly every major market in the country. Although a typical retail location is approximately 30,000 square feet (2700 m²), the company had numerous freestanding and in-line locations ranging from 2,000 to 50,000 square feet (180 to 4500 m²), and also surplus office, service and distribution locations scattered across the country. During Circuit City's 2005 fiscal year (March 1, 2004 through February 28, 2005), the company disposed of approximately 1.2 million square feet (108,000 m²) of vacant retail space.[60] In January 2007, Circuit City's vice president for real estate announced plans to open 200–300 stores in the next two years, a large increase from the current trend of 10–12 stores a year.[61] Due to the economic conditions the company faced, they did not reach that goal. Many of these stores, however, did open in 2008 and operated for only a few weeks before closing. Some were built and never opened and upon the company's declaration of bankruptcy, it was discovered that large expenditures were due to paying leases on buildings that were never even opened to the public.

[edit] Best Buy

Best Buy CEO Brad Anderson commented that stores left vacant by Circuit City's bankruptcy presented a growth opportunity for his company.[62]

[edit] References

  1. ^ Circuit City brand, Web site sold at auction - Associated Press - May 13, 2009[dead link]
  2. ^ "After 60 Years Circuit City Powers Down". The New York Times. Associated Press. March 8, 2009. http://www.nytimes.com/aponline/2009/03/08/us/AP-Circuit-City.html?pagewanted=all. Retrieved 2009-02-08. 
  3. ^ a b Bagley, Chris (16 January 2009). "Employment: Bankruptcy to kill 150 jobs at local Circuit City stores". The North County Times (Escondido, California, Fallbrook, California, Oceanside, California, and Temecula, California: Lee Enterprises). http://www.nctimes.com/articles/2009/01/16/business/zf4a9e3ba60c777e588257540006218d9.txt. Retrieved 24 January 2009. 
  4. ^ Felberbaum, Michael (March 19, 2009). "Circuit City cuts execs, reduces board". Associated Press. http://www.google.com/hostednews/ap/article/ALeqM5irmWZmMlki7isG4T9NmoHzSlAMJwD97173GG0. Retrieved 2009-03-23. 
  5. ^ "Circuit City: Bankruptcy Store Locations, Going Out of Business Liquidation Sales, News, History, Trivia, Mission Statement and Values". Retailindustry.about.com. http://retailindustry.about.com/od/topusretailcompanies/p/circuitcitycorp.htm. Retrieved 2009-10-28. 
  6. ^ a b The Associated Press. "Samuel S. Wurtzel :[Obituary]", New York Times 7 December 1985, Late Edition (East Coast): 1.12.
  7. ^ Rourke, Elizabeth; Woodward, A.; Salamie, David. (1994). "Circuit City Stores, Inc." ([dead link] – Scholar search). International Directory of Company Histories 65. http://findarticles.com/p/articles/mi_gx5202/is_/ai_n19122345. Retrieved January 29, 2009. 
  8. ^ a b Gilligan, Gregory J. "Expanding into new markets, creating new stores, selling cars, Circuit City is a company on the move. " Richmond Times-Dispatch [Richmond, Va.] 14 Jun 1993
  9. ^ a b Michael Felberbaum AP Business Writer. "Circuit City files for bankruptcy protection." The Courier [Houma, La.] 10 November 2008,
  10. ^ "Circuit City Dancing Dog Commercial (1989)". Youtube. July 28, 2008. http://www.youtube.com/watch?v=bH7cr2DLHMM. Retrieved 2009-03-23. 
  11. ^ answers.com. "Circuit City". http://www.answers.com/topic/circuit-city. Retrieved 2009-08-30. 
  12. ^ pcworld.com (2006-05-26). "The 25 Worst Tech Products of All Time". http://www.pcworld.com/article/125772-7/the_25_worst_tech_products_of_all_time.html. Retrieved 2009-11-10. 
  13. ^ "Timeline of Circuit City Stores Inc.". MSN. March 8, 2009. http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20090308&id=9675892. Retrieved 2009-03-23. 
  14. ^ Gogoi, Pallavi (2006-08-24). "Circuit City's Secret Service Plan". Businessweek.com. http://www.businessweek.com/investor/content/aug2006/pi20060824_857413.htm?chan=top+news_top+news+index_businessweek+exclusives. Retrieved 2009-10-28. 
  15. ^ kamcity.com (2009-09-02). "US: Circuit City Sells Online Assets". http://www.kamcity.com/namnews/asp/newsarticle.asp?newsid=49356. Retrieved 2009-11-10. 
  16. ^ "Circuit City Stores, Inc. Company Timeline". Wayback Machine (originally on investor.circuitcity.com). September 28, 2007. Archived from the original on 2007-09-28. http://web.archive.org/web/20070928010834/http://investor.circuitcity.com/history.cfm. Retrieved 2009-03-23. 
  17. ^ Kady, Martin (August 2, 2002). "Circuit City unit Patapsco lays off one-third of staff". Washington Business Journal. http://www.bizjournals.com/washington/stories/2002/08/05/story7.html. Retrieved 2009-03-23. 
  18. ^ businessweek.com (2009-11-10). "Patapsco Designs, Inc.". http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=9805458. Retrieved 2009-11-10. 
  19. ^ Willis, Barry (February 9, 2003). "Cutbacks at Circuit City". Stereophile. http://www.stereophile.com/news/11569/. Retrieved 2009-03-23. 
  20. ^ "Circuit City and Verizon Wireless to Launch New Store Concept". Retail Merchandiser. August 30, 2004. http://www.allbusiness.com/retail-trade/4298775-1.html. Retrieved 2009-03-23. 
  21. ^ Wylie, Pete (February 10, 2009). "Update: Verizon Wireless lays off employees formerly at Circuit City". Fierce Wireless. http://www.fiercetelecom.com/story/update-verizon-wireless-lays-employees-formerly-circuit-city/2009-02-10. Retrieved 2009-03-23. 
  22. ^ "Circuit City buys InterTAN, MusicNow: PL program benefits most". findarticles.com. 2004-04-19. http://findarticles.com/p/articles/mi_m0FNP/is_8_43/ai_n5998948/. Retrieved 2009-11-10. 
  23. ^ "New Jersey Office of the Attorney General". Nj.gov. 2005-10-20. http://nj.gov/lps/newsreleases05/pr20051020a.html. Retrieved 2009-10-28. 
  24. ^ "Harris and Kaufman Attorneys at Law". Harriskaufman.com. 2005-06-10. http://www.harriskaufman.com/arbitration-california-victory.htm. Retrieved 2009-10-28. 
  25. ^ "Gonlugur v. Circuit City Stores" (PDF). http://www.harriskaufman.com/CourtofAppealOpinion.pdf. Retrieved 2009-10-28. 
  26. ^ Gentry vs. Superior Court, S141502[dead link]
  27. ^ "Schacter, and as representative for all persons similarly situated vs. Circuit City, Inc 05-12456-MNG" (PDF). http://pacer.mad.uscourts.gov/dc/opinions/gorton/pdf/schacter.pdf. Retrieved 2009-10-28. 
  28. ^ Customers Burned In Circuit City Closeout Sale: No Recourse Offered For Damaged Items, WCVB 5 Boston, February 23, 2009
  29. ^ Circuit City - Circuit City Stores, Inc. Announces Changes to Improve Financial Performance
  30. ^ "Circuit City plans to close dozens of stores - Los Angeles Times". Latimes.com. http://www.latimes.com/business/la-fi-circuit9feb09,1,4112686.story?coll=la-headlines-business. Retrieved 2009-10-28. 
  31. ^ Press, Associated (2007-02-09). "Circuit City to shut stores, realign top ranks - The Boston Globe". Boston.com. http://www.boston.com/business/globe/articles/2007/02/09/circuit_city_to_shut_stores_realign_top_ranks/. Retrieved 2009-10-28. 
  32. ^ "Departure Of Foss Shocks Circuit City Investors - Forbes.com". Forbes.com<!. 2007-02-26. http://www.forbes.com/facesinthenews/2007/02/26/foss-circuit-city-face-cx_af_0223autofacescan04.html. Retrieved 2009-10-28. 
  33. ^ "Washington Post". Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2007/03/28/AR2007032802185.html. Retrieved 2009-10-28. 
  34. ^ "Circuit City's Job Cuts Backfiring, Analysts Say - washingtonpost.com". washingtonpost.com<!. http://www.washingtonpost.com/wp-dyn/content/article/2007/05/01/AR2007050101623.html. Retrieved 2009-10-28. 
  35. ^ Marco, Meg (2007-11-20). "Retail: Fired By Circuit City? They Might Want You Back". Consumerist.com. http://consumerist.com/consumer/retail/fired-by-circuit-city-they-might-want-you-back-324886.php. Retrieved 2009-10-28. 
  36. ^ "Blockbuster launches $1bn bid for Circuit City". PC Retail. http://www.pcretailmag.com/news/29688/Blockbusters-launches-1bn-bid-for-Circuit-City. Retrieved 2008-04-14. 
  37. ^ "Blockbuster withdraws proposal to acquire Circuit City". Forbes. http://www.forbes.com/afxnewslimited/feeds/afx/2008/07/01/afx5175198.html. Retrieved 2008-07-01. 
  38. ^ "informationweek.com". informationweek.com. 2008-09-23. http://www.informationweek.com/news/management/personnel/showArticle.jhtml?articleID=210603329. Retrieved 2009-10-28. 
  39. ^ businessweek[dead link]
  40. ^ Popken, Ben (November 2, 2008). "Updated: Breaking: Circuit City Closing 155 Stores". http://consumerist.com/5074161/breaking-circuit-city-closing-155-stores. Retrieved January 17, 2009. 
  41. ^ Llovio, Louis (November 7, 2008). "Circuit City laying off headquarters employees". http://www.virginiabusiness.com/index.php/news/article/circuit-city-laying-off-headquarters-employees/114722/. Retrieved February 1, 2009. 
  42. ^ Jacobs, Karen (November 10, 2008). "Circuit City files for bankruptcy!". Reuters. http://www.reuters.com/article/domesticNews/idUSTRE4A936V20081110. Retrieved January 17, 2009. 
  43. ^ "dailytech". dailytech. http://www.dailytech.com/Circuit+City+Files+Chapter+11/article13396.htm. Retrieved 2009-10-28. 
  44. ^ "bloomberg". bloomberg. 2008-11-10. http://www.bloomberg.com/apps/news?pid=20601087&sid=ayV.peP7hSAw&refer=home. Retrieved 2009-10-28. 
  45. ^ nytimes.com, Circuit City Seeks Bankruptcy Protection
  46. ^ "washingtonpost.com, Circuit City Files for Chapter 11 Protection". Washingtonpost.com. http://www.washingtonpost.com/wp-dyn/content/article/2008/11/10/AR2008111002931.html?hpid=sec-business. Retrieved 2009-10-28. 
  47. ^ "Mexican tycoon Salinas sets eyes on Circuit City". Reuters. 2008-11-18. http://www.reuters.com/article/businessNews/idUSTRE4AH7SQ20081118. Retrieved 2009-10-28. 
  48. ^ "upi.com". upi.com. 2009-01-10. http://www.upi.com/Business_News/2009/01/10/Circuit_City_needs_buyer_by_next_week/UPI-50751231599658/. Retrieved 2009-10-28. 
  49. ^ "forbes.com". forbes.com. http://www.forbes.com/markets/2009/01/10/circuit-city-buyer-markets-equity-cx_mp_0109markets40.html. Retrieved 2009-10-28. 
  50. ^ "circuitcity.com". circuitcity.com. http://www.circuitcity.com/closed.html. Retrieved 2009-10-28. 
  51. ^ circuitcity
  52. ^ "Circuit City's Final Sales Day: Key Indicators Found in Chapter 11 of the U.S. Retail Industry Story". Retailindustry.about.com. http://retailindustry.about.com/b/2009/03/08/circuit-citys-final-sales-day-key-indicators-found-in-chapter-11-of-the-us-retail-industry-story.htm. Retrieved 2009-10-28. 
  53. ^ "2009 Retail Store Closings and Liquidations: Complete and Updated Ongoing List of Retailers Going Out of Business". Retailindustry.about.com. http://retailindustry.about.com/od/statisticsresearch/a/storeclosings09.htm. Retrieved 2009-10-28. 
  54. ^ "Accessed on May 20, 2009". Circuitcity.com. 1970-01-01. http://www.circuitcity.com/. Retrieved 2009-10-28. 
  55. ^ Video on Main Page on May 20, 2009 dailymotion.com
  56. ^ "Systemax Announces Definitive Agreement to Acquire Selected Assets and Retail Stores From CompUSA". RedOrbit.com. http://www.redorbit.com/news/technology/1205083/systemax_announces_definitive_agreement_to_acquire_selected_assets_and_retail/index.html?source=r_technology. Retrieved 2008-01-06. 
  57. ^ dailytech Accessed on May 25, 2009.
  58. ^ "Richmond's Homepage for Business". Richmond BizSense. 2009-07-30. http://www.richmondbizsense.com/2009/07/30/do-i-hear-3-million-for-firedog/. Retrieved 2009-10-28. 
  59. ^ "Famous artists painting found in Circuit City's closet". Richmond BizSense. June 1, 2009. http://www.richmondbizsense.com/2009/06/01/famous-artists-painting-found-in-circuit-citys-closet/. 
  60. ^ storetrax.com[dead link]
  61. ^ By Parija B. Kavilanz, CNNMoney.com staff writer (2007-01-15). "Circuit City to roll out new prototype store - Jan. 15, 2007". Money.cnn.com. http://money.cnn.com/2007/01/15/news/companies/circuit.city/index.htm. Retrieved 2009-10-28. 
  62. ^ Niemela, Jennifer (January 29, 2009). "Report: Best Buy eyeing vacant Circuit City stores". Minneapolis/St. Paul Business Journal. http://www.bizjournals.com/triangle/stories/2009/01/26/daily60.html?ana=from_rss. Retrieved 2009-01-30. 

[edit] External links

Search Wikimedia Commons Wikimedia Commons has media related to: Circuit City
Retrieved from "http://en.wikipedia.org/wiki/Circuit_City"