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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: Best Buy is already full retail
By StraightPipe on 1/16/2009 7:35:48 PM , Rating: 1
I really hope they do raise prices.

Anyone who's stupid enough to still be shopping these places will have the right to take part in a class action-punish fvck; suing WorstBuy out of existence. Then everyone will shop online. Mom + Pop shops will spring up again with new blood, better pricing, and a sales force who loves technology instead of burgerking retards.

At least if you are getting experienced advice from a small shop you'll have a reason to pay a premium over the typical website-warehouse-wholesaler business. Paying more for the service at B+M dont make no sense.

RE: Best Buy is already full retail
By FITCamaro on 1/17/2009 12:39:39 AM , Rating: 2
What and then you'll complain about the mom and pop stores being higher priced than online too? Any store that has to pay overhead costs and that can't buy in bulk is going to charge more. Best Buy or an independent mom and pop business. Best Buy though can at least buy in bulk. A small store cannot.

And just because its a small store, doesn't mean they'll know anything. And also, the most knowledgeable are not always the best salesmen.

RE: Best Buy is already full retail
By Nfarce on 1/17/2009 10:47:57 AM , Rating: 2
So true. I would just love to see one of these know-it-alls run a business...just for one SUMMER.

You probably lost him at the bulk price buy. I won't confuse him more with inventory costs and the accounting books at the end of the month for the creditors.

RE: Best Buy is already full retail
By Penti on 1/19/2009 8:57:19 AM , Rating: 1
Most small stores will just run as a franchise though. Retail is pretty much dead for every type of goods when it comes to me, just let me fucking order from the manufacturer.

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