Tag - Circuit City
Systemax on Friday announced it has finished its acquisition of online electronics retailer Circuit City following its bankruptcy and launched a revised Circuit City website. Systemax has also aquired CompUSA last year and oversees online retailer TigerDirect. The new Circuit City site has 24/7 customer service, advanced search functions and photo and video galleries of the products it carries.
PC builder and retailer Systemax may revive the Circuit City name through a deal, a court filing shows (PDF). Already the owner of TigerDirect and recently CompUSA stores, the company is in the running for bids on Circuit City's name before May 11th and would pay as much as $6.5 million to acquire both the brand name itself and the rights to run the Circuit City website. It's not known which other companies are in the running or how likely they are to win a bid.
Following its bankruptcy and sale to Systemax, CompUSA has quietly been reopening new stores with a very different policy on Internet access. In a talk with Wired, Systemax's Technology Products chief Gilbert Fiorentino has confirmed both that there are now 30 new CompUSA stores but that the new shops have a largely open Internet policy that puts every computer in the store on an Internet connection. Shoppers are reportedly encouraged to use demo units to check prices and reviews, and are unrestricted from ordinary tasks like checking Facebook.
Electronics chain store Circuit City announced on Thursday it will permanently shut down all 567 of its stores across the country as of Sunday, March 8th, earlier than previously announced due to the record-high shopper turnouts for going-out-of-business sales. Some locations have already closed due to sold-out stock, as shoppers cleaned out store shelves since the sales began on January 17th in an attempt to liquidate $1.7 billion in inventory.
The collapse of Circuit City in the US may not only cast doubt on the future of its Canadian retail chain The Source but could shift many stores towards Best Buy. Circuit City's Canadian subsidiary InterTAN says all 765 The Source stores are being put up for auction this week and that buyers could pick up some or all of the stores for their own purposes. Proposals from buyers are due as early as Friday and could result in a decision shortly afterwards.
Circuit City today revealed that it has decided to liquidate all its assets and effectively shut down the company. The retailer says the move comes after it was unable to strike a deal with its creditors and other moneylenders to fund the company's business following its move for Chapter 11 bankruptcy in November, which gave it an opportunity to reorganize its business. It also warns that there is unlikely to be enough money left from selling its stores and other resources to pay equity holders.
Circuit City on Friday morning made public that it's currently in talks with an unnamed company to potentially sell off its assets following its bankruptcy. The retailer declines to provide any more details than required by a hearing pushing the details into the open but confirms that two "highly motivated" companies are discussing the possibility of deals that would either give the company enough money to continue on and restructure itself or else to effectively buy out the resources of the entire store chain.
Retailer Office Depot today said it will close 126 of its North American stores in a bid to remain healthy. The company plans to make 112 closures of these within the next three months and the remainder throughout the rest of 2009 as their leases come to a close. New store openings will also be cut in half to 20 next year. The move, which drops about 10.8 percent of the company's total stores, will have a total cost of between $270 million to $300 million for Office Depot but should save about $75 million in day-to-day expenses throughout 2009 while also boosting earnings from $70 million to $90 million.
NextWorth has expanded its iPod and iPhone trade-in program to include Amazon.com and Circuit City. Customers can trade their devices at select Circuit City retail locations, receiving a store gift card for the trade-in value as determined by a store employee. Alternatively, devices can be shipped to NextWorth for inspection and valuation. The company claims that e-gift cards will be sent to customers within 24 hours of the inspection.
Circuit City on Monday filed for Chapter 11 bankruptcy in a last-stage bid to remain in business. The move follows an already drastic step to shutter 155 stores and requires the retailer to reorganize the company and its finances to more readily pay back debts to its creditors, which include Samsung, Sony and other companies whose products are sold through the chain.