Circu​it City Closi​ng 155 Store​s - Mass Bankr​uptci​es

[Mrs. Sharon B. Hodge]

Circu​it City Closi​ng 155 Store​s - Mass Bankr​uptci​es

Well their stock is at 26 cents...I say stick a fork in em

they were a crappy store anyway lol. I call out BEST BUY is gonna end up goin bust cuz their stock is floatin around 24 bux a share and it used to 75 if many of you guys have invested in em. Thats just the pudding on the top.
and then of course Sears and K-Mart will close down eventually as well
Sears and K-Mart haven't even reported earning for this yr yet LOL. Because if they did then that would knock their stock down to roughly 60-70% and then they would be forced to liquidate everything and shutdown.
I say then that Sears will be GONE NEXT YR
And for Target well thats only a matter of time....
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http://consumerist. com/5074161/breaking-circuit-city-closing-155-s...
According to anonymous insider tips, Circuit City is closing 155 stores and withdrawing from 12 markets. This will be officially announced tomorrow at 8am, says our source. A scan we received of a letter distributed to CC employees helps corroborate the story. The tipsters say that store employees were told this morning. No information was provided at that time about severance pay. Employees in certain departments, like car installation, and Firedog, will likely be out of a job within 48 hours. Warranties will still be honored. A Consumerist commenter on this post says this story is true, and a few posts in Google Finance forums also attest to the store closing. One post there says the store closings will be effective 12/31/08. The news wouldn't be entirely unexpected as...

WSJ reported on Oct 20th that the retailer was considering closing 150 stores. On Friday, Oct 31, trucks carrying SONY goods to Circuit City were ordered to turn around and come back to the SONY warehouses due to concerns about CC being able to pay for the inventory.
That same day, CC was warned it get delisted from the New York Stock Exchange because its stock price averaged below $1 for 30 days

Suffice to say, even if the store closings don't get announced tomorrow, Circuit City is officially fried



Suffice to say, even if the store closings don't get announced tomorrow, Circuit City is officially fried

UPDATE: A Consumerist commenter on this post and a message in the Google Finance forums have also said that the store closing are going to happen

UPDATE 2: Another Circuit City insider writes: "A team of liquidators will be coming in and taking control of the store. They will set prices as they see fit, and price match guarantee, employee discounts, CC circulars, and the new one price guarantee are all out the window. The price you see is the price you will pay, although it ought to be at a bit of a discount. Firedog services as well as car audio installation are gone immediately. Returns and warranties have to be taken to a CC that's not closing.
No new stock will be delivered, we just gotta crank away and sell off everything, and when it's sold, we hit the road"

UPDATE 3: A CC employee scanned and sent us this letter he received from CC about the store closings:
http://cache. gawker. com/assets/images/consumerist/2008/11/ccclose

Eddie NWO Censored



Oct 15, 2008 Linen N Things selling off all its Linens

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Linens 'n Things to close stores
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Seattle Times
October 17, 2008

http://seattletimes. nwsource. com/html/businesstechnology/20082796...

Linens 'n Things will close all 317 of its remaining stores in 48 states, including nearly a dozen throughout Washington, after finishing...

By Amy Martinez

Seattle Times business reporter

Linens 'n Things will close all 317 of its remaining stores in 48 states, including nearly a dozen throughout Washington, after finishing going-out-of-business sales

The bankrupt New Jersey-based retailer was unable to find a buyer willing to take over the locations as a going concern.
It already has closed 218 stores this year

Linens 'n Things' Web site lists 11 Washington state locations, including Federal Way's SeaTac Village and Lynnwood's Alderwood shopping area

The closing sales began today, promising discounts of up to 30 percent



Mervyns closing all 149 stores

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Mervyns plans liquidation
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SF Buziness Times
October 17, 2008

http://www. bizjournals. com/sanfrancisco/stories/2008/10/13/daily6...

It’s over for Mervyns

The Hayward retailer said Friday that it would close its remaining 149 locations. The stores will remain open through the holiday season with liquidation sales.
Mervyns previously planned to close 26 underperforming locations

The 59-year old chain, with a California-heavy store base, filed for Chapter 11 bankruptcy protection at the end of July, but proved unable to gain any traction on its turnaround efforts. The company had struggled in recent years, squeezed at the bottom by retailers like Wal-Mart (NYSE: WMT) and out-performed by its mid-tier competitors like Kohl’s and J.C.
Penney (NYSE: JCP)

The economic downturn and housing crisis further hurt Mervyns since many of its California stores were in hard-hit areas

In April, John Goodman, formerly president and general manager of Levi’s Dockers brand, joined Mervyns as CEO but proved unable to turn the tide

“We are disappointed with this outcome, but the company’s declining liquidity position and the extremely challenging retail environment, together with the fact that we’ve exhausted all other possibilities, requires that we take this action,” Goodman said in a statement

An ownership group led by Cerberus Capital Management and Sun Capital Management purchased Mervyns from Target (NYSE: TGT) in 2004 for $1.
2 billion

http://www. bizjournals. com/sanfrancisco/stories/2008/10/13/daily6...