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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: What a sad store
By masher2 on 1/16/2009 4:08:00 PM , Rating: 5
In my location, the Best Buy is right off the interstate, next to the largest mall in the area, with the store itself visible directly to the interstate and two other major roads.

The Circuit City is in the back of a strip mall, visible nowhere except on an access road.

Circuit City puts the high ticket items up front, on the hopes that people coming in for a DVD will decide to impulse purchase a big-screen TV.

Best Buy puts the small stuff up front, on the hopes that someone snagging a big-screen TV might buy a few DVDs as well.

Is it any wonder one of these is beating the other to death?

RE: What a sad store
By Omega215D on 1/16/2009 9:29:29 PM , Rating: 2
Being that I live in NYC I have my choice of J&R, B&H Photo, several Best Buy and Circuit City stores.

The great thing is that the first three are pricematchers while Circuit City does not and usually can't find anything in their store when their systems say that item is in stock.

As for Newegg being lower in price, when it comes to digital cameras B&H and J&R are quite lower, even after taxes.

"It's okay. The scenarios aren't that clear. But it's good looking. [Steve Jobs] does good design, and [the iPad] is absolutely a good example of that." -- Bill Gates on the Apple iPad
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