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Best Buy will be the only game in town for many customers. Circuit City was second to Best Buy in the retail consumer electronics market.  (Source: AdRants)
Best Buy shall rule the land when it comes to retail electronics in the U.S.

It’s been a tough road for Circuit City. The retail electronics giant has been pummeled over the years by the likes of Best Buy and Walmart, and has been unable to turn its operations around due to the current state of the economy.

In early November, the company announced plans to close 155 stores in the United States. The stores combined accounted for $1.4 billion USD in sales for fiscal year 2008.

Just a week later, Circuit City filed for Chapter 11 bankruptcy protection -- the filing showed that the company has $2.2 billion USD in debt and $3.4 billion USD in assets. The news got even bleaker today as Circuit City's CEO announced that the company failed to find a buyer and that it could not refinance its debt.

As a result, Circuit City will liquidate all of its remaining stores. The liquidators lined up to sell off the merchandise from the remaining 567 stores include Great American Group, Hudson Capital, SB Capital Group and Tiger Capital.

"We are extremely disappointed by this outcome," said Circuit City CEO James A Marcum "Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company."

In early July, Blockbuster rejected a deal to purchase Circuit City.



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RE: The competition
By FITCamaro on 1/16/2009 3:11:11 PM , Rating: 2
Yes lets just get rid of all brick and mortar stores and buy everything online, all the time, never leaving our homes.

Get a grip. The convenience of going to the store and having it (and being able to take it back immediately if there's a problem) is worth the few extra bucks on some items. Sure I buy computer components and such online. But for big ticket items, I want to get it somewhere local.


RE: The competition
By Netscorer on 1/16/2009 10:06:11 PM , Rating: 2
Oh yeah,

there's nothing like an instant gratification when buying a big ticket item. And silly me, I thought convenience is defined in Webster as sitting in your PJs in front of the warm glow of the monitor, not freezing your nuts in a cold car going over icy roads and beating the crowds where some store jerk wants nothing to do with you even if you practically beg him to allow you to run your test DVD to see if that latest Sony LCD TV is really up to it's reputation.


RE: The competition
By Reclaimer77 on 1/17/2009 7:43:29 AM , Rating: 1
I agree.

Plus the shipping fee's on big items almost always negate the online savings. You never see free shipping offered on a 150lb TV or kitchen appliance lol.


RE: The competition
By sticks435 on 1/18/2009 10:58:23 PM , Rating: 2
Actully, Newegg has free shipping on a bunch of Tv's in prep for the SuperBowl.


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