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Author: Subject: 30,000 get their pink slips from Circuit City today!

True Peach





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  posted on 1/16/2009 at 12:16 PM
Another big company going under! There are not enough jobs to go around and things are gonna start getting real ugly soon.

 

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True Peach



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  posted on 1/16/2009 at 12:18 PM
Wow.

 

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True Peach



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  posted on 1/16/2009 at 12:19 PM
Circuit City says will liquidate assetsReuters, Friday January 16 2009

ATLANTA, Jan 16 (Reuters) - Bankrupt retailer Circuit City Stores said on Friday it will liquidate its assets after it failed to reach a deal with creditors and lenders regarding a potential sale of the company.
Circuit City, the second-largest U.S. specialty electronics retailer, was due to present the results of an auction for its assets at a hearing in U.S. Bankruptcy Court in Richmond, Virginia, on Friday.
It had conducted negotiations with potential bidders to sell the company, but had advised that liquidation was possible if no deal was reached.
"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 ... and so this is the only possible path for our company," Vice Chairman James Marcum said in a statement.
Shares of the chain fell 68 percent to 5 cents.
Circuit City filed for Chapter 11 protection in November, citing a deteriorating cash position and tighter terms from vendors. It has liquidated and closed 155 stores, and now has about 567 U.S. stores.
It has struggled behind Best Buy Inc and faced heightened competition from other store chains, such as discounter Wal-Mart Stores Inc. Best Buy shares rose 1.5 percent on Friday after the Circuit City announcement.
The specialty chain is the biggest retailer to fall so far as rising unemployment and tighter credit lead consumers to halt spending and spur retail failures.
Restructuring experts are expecting a wave of store closures and potential bankruptcies as the soft economy continues to pressure business.
Last week, the retailer received bankruptcy court approval to proceed with an auction to sell the company. At the time, Circuit City said it was in talks with two undisclosed parties that could either buy the company or provide additional financing.
Circuit City was founded in 1949 when Samuel Wurtzel opened Ward's, Richmond's first retail television store.

 

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Zen Peach



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  posted on 1/16/2009 at 12:23 PM
quote:
They have already started getting ugly. The question is, how bad will it get, and when will we hit bottom? I don't think anyone has the answer to that.


As far as the stock market goes, supposedly you know you have hit the bottom when bad news is coming out and it's not dropping. Using Wednesday as an indicator, we're not there yet.

 

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Ultimate Peach



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  posted on 1/16/2009 at 12:25 PM
Ouch. We have a Circuit City not even 10 minutes from here. I used to go in there for their big CD selection, but that was a long time ago. Wow. 30,000. It's been rough out there and about to get rougher.
 

Zen Peach



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  posted on 1/16/2009 at 12:26 PM
Thats ugly.
Is Guitar Center next ?

 

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True Peach



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  posted on 1/16/2009 at 12:39 PM
Another 4000 jobs cut by Hertz!

 

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Zen Peach



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  posted on 1/16/2009 at 12:46 PM
Are we better off than we were 8 years ago?

Bush was actually smiling yesterday when he was talking about the economy.

 

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Zen Peach



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  posted on 1/16/2009 at 12:49 PM
Circuit City has been in trouble for awhile.

My nephew is their number one rated Firedog (Computer geek fixit guy) in this area.

The Auburn store where he works just opened last January.

He has said that they have virtually no stock in the backrooms, what they have is what's on the shelves.

One of their biggest problems locally is they have way to many people on the clock for the volume of sales.

They've been after him to increase his hours, but he's a HS senior and needs some time for school.

(And his business, he's been a website designer since he was 14)

 

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Peach Master



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  posted on 1/16/2009 at 12:50 PM
It really is sad. When I bought my flat panel tv from them in April, the salesmen asked me if I wanted to purchase their extended warranty. I told him, "now why would I do that since you guys will be out of business in a year?" He looked at me sideways, but also kind of knew the writing was on the wall.

Unemployment will be over 10% IMO

 

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Zen Peach



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  posted on 1/16/2009 at 01:01 PM
quote:
It really is sad. When I bought my flat panel tv from them in April, the salesmen asked me if I wanted to purchase their extended warranty. I told him, "now why would I do that since you guys will be out of business in a year?" He looked at me sideways, but also kind of knew the writing was on the wall.

Unemployment will be over 10% IMO


They also don't stand behind their products.

I bought an HP burner that crapped out after ten months.

When I called about it they said yeah, it did have a one year manuf. warranty, but I'd need to send it to HP.

 

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Zen Peach



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  posted on 1/16/2009 at 01:04 PM
So why are all these companies going out of business? Did they not plan for the times when sales were slow?

 

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Zen Peach



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  posted on 1/16/2009 at 01:05 PM
quote:
Are we better off than we were 8 years ago?

Bush was actually smiling yesterday when he was talking about the economy.


Of course he was. He doesnt need a job and he has millions socked away. What does he care if the soup lines get longer? In a few days, theres going to be a lot of people blaming Obama for all this. Just watch.

 

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Zen Peach



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  posted on 1/16/2009 at 01:19 PM
Sean Hannity already is. He is all over Obama for not being more optimistic, and inspiring, rather than telling us the truth.

 

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Zen Peach



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  posted on 1/16/2009 at 01:50 PM
I guess all those little family-owned businesses where we used to shop weren't such a bd thing after all.

otf, it is surprising to me how few people there are in every store I go in. I try to avoid shopping at the Home Depot, but I'll have to go down there today. If it is like other days, there will be only a few cars in the parking lot, and a few people in the store. Salespeople and cashiers standing around everywhere.

I was looking for a new bed frame before Christmas, and I went in one store where I was the only customer, and the man there was literally almost begging me to buy a bed.

This is a sad state of affairs, but maybe this is the natural result of the way this country has been living for many years.

 

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Peach Extraordinaire



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  posted on 1/16/2009 at 01:58 PM
Ours closed around xmas.... I went to see if they had a deal on a laptop for my dad, with 30% to 40% off ....can't hurt to look....

They had a nice hp 15.5 , it was boxed & they would not open it.......WTF...LOL...
Plus the prices were high then marked at the % off.....

Left & went to BB & found a nice toshiba 17' for the same price..... Plus they are open still......

My closest was Clarksville , Tn. [closed] or Nashville [closed] .......or St.Louis,,,,to far...

 

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Peach Extraordinaire



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  posted on 1/16/2009 at 02:06 PM
quote:
quote:
I guess all those little family-owned businesses where we used to shop weren't such a bd thing after all.

otf, it is surprising to me how few people there are in every store I go in. I try to avoid shopping at the Home Depot, but I'll have to go down there today. If it is like other days, there will be only a few cars in the parking lot, and a few people in the store. Salespeople and cashiers standing around everywhere.

I was looking for a new bed frame before Christmas, and I went in one store where I was the only customer, and the man there was literally almost begging me to buy a bed.

This is a sad state of affairs, but maybe this is the natural result of the way this country has been living for many years.




There is a Loews near me. When I go there I can almost get a parking space just a few feet from the door. One guy working there told me that just about all full time workers had been cut to 30 hours.



I have a buddy that is a dj at a small am station.......They cut him in half and cut the staff by half......so far.....
No one is buying ad time.......

 

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Sublime Peach



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  posted on 1/16/2009 at 02:41 PM
It looks to me like we are in the middle of both a financial and commercial sector collapse. What do the conservatives here propose as a means of reversing them? I saw where someone said all it would take are tax cuts. Personally, I don't think these companies are going out of business because of taxes. I think it is because people are not spending money. The ones still working are holding on to their money and the ones without full employment have no money. Where are jobs going to come from? As for the financial sector, no one trusts anyone enough to loan money. What is going to happen to change that.

So, first was the financial/economic collapse, followed by the commercial sector collapse. We are seeing the collapse of the Republican party right before our eyes and see nothing really to stop the same thing from happening to the Democrats. That would be political collapse.

Am I missing something here? Is this not happening? We have the biggest industries in the world begging the government for help. The champions of market economoies are begging the government to intervene in their markets.

The 'liberal' answer is government spending. Since that is communism, according to the right wing, I am interested in hearing from conservatives/republicans here what they think is the way to a thriving economy.

 

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Peach Master



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  posted on 1/16/2009 at 02:47 PM
They closed the CC near me before Xmas and had the firesale...even sold the tables and shelves. Sad...Still, there is too much redundancy in the economy. How many stores do we need selling the same thing? The "invisible hand" is streamlining
 

Zen Peach



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  posted on 1/16/2009 at 02:56 PM
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Am I missing something here? Is this not happening? We have the biggest industries in the world begging the government for help. The champions of market economoies are begging the government to intervene in their markets.



It can be either as complicated or as simple as one wants to look at it, IMO.

Personally, I think a large and simple cause is that in our country for the last 20 years, a large portion of the population doesn't really have the desire to actually pay for anything.

The best phrase for this situation I think has been "the credit crunch." No more money to move around from computer screen to computer screen anymore. Have we built our entire society with Monopoly money?

 

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Zen Peach



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  posted on 1/16/2009 at 02:56 PM
quote:
It looks to me like we are in the middle of both a financial and commercial sector collapse. What do the conservatives here propose as a means of reversing them? I saw where someone said all it would take are tax cuts. Personally, I don't think these companies are going out of business because of taxes. I think it is because people are not spending money. The ones still working are holding on to their money and the ones without full employment have no money. Where are jobs going to come from? As for the financial sector, no one trusts anyone enough to loan money. What is going to happen to change that.

So, first was the financial/economic collapse, followed by the commercial sector collapse. We are seeing the collapse of the Republican party right before our eyes and see nothing really to stop the same thing from happening to the Democrats. That would be political collapse.

Am I missing something here? Is this not happening? We have the biggest industries in the world begging the government for help. The champions of market economoies are begging the government to intervene in their markets.

The 'liberal' answer is government spending. Since that is communism, according to the right wing, I am interested in hearing from conservatives/republicans here what they think is the way to a thriving economy.



I don't think the government trying to prop up the economy with more borrowed money is inspiring a lot of confidence. We have now been warned by the incoming president of trillion dollar deficits for years to come. As painful as it may be, no amount of borrowed money thrown at problems will put off the inevitable, just cause more and bigger problems in the end.

It would be painful, but I think the best course to take would be to finally let market forces hash things out...Problem is, American's don't like pain.

If the size of government and taxes were cut, and we could be patient enough to let the economy follow it's natural course, I think we would come back stronger than ever.

 

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True Peach



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  posted on 1/16/2009 at 03:10 PM
We had better start building and manurfacturing things in this country again or there won't be enough jobs to go around. I foresee a lot of illegal aliens losing those lawnmowing and dishwashing jobs if we don't start creating more jobs in this country.

[Edited on 1/16/2009 by sixty8]

 

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Sublime Peach



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  posted on 1/16/2009 at 03:12 PM
quote:
and we could be patient enough to let the economy follow it's natural course, I think we would come back stronger than ever.


OK, people without jobs, banks without money...what brings it back at all much less stronger than ever? Magic? Reality says we go back to bartering and growing our own food and hunting. If no one has a job to buy what the market offers how does it come back at all? If no one is buying, who is going to produce something to buy? How are they going to afford to transport it to non-existent stores? Help me understand your thinking here.

 

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Peach Extraordinaire



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  posted on 1/16/2009 at 03:33 PM
Reading all this makes me really depressed. It appears there are no "real" answers. We are going to collapse it's inevitable.

 

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Zen Peach



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  posted on 1/16/2009 at 03:42 PM
quote:
It can be either as complicated or as simple as one wants to look at it, IMO.

Personally, I think a large and simple cause is that in our country for the last 20 years, a large portion of the population doesn't really have the desire to actually pay for anything.

The best phrase for this situation I think has been "the credit crunch." No more money to move around from computer screen to computer screen anymore. Have we built our entire society with Monopoly money?
Good points, BHawk. I think a lot of money used both in private sector and by big business is 'funny money'.

Sad for all these folks at Circuit City loosing their jobs. This has been coming on for awhile and I can only imagine what a miserable workplace this created knowing what was likely down the road (similar story as with many other businesses lately). My company just had a significant number of local layoffs in the past week ... again. It's a sickening feeling not knowing what's around the corner.

 

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