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Electronic retailer Circuit City announced it will close 155 stores nationwide "in an effort to return the nation's No. 2 consumer electronics retailer to profitability," the AP reports. A total of eight stores will be closed in NY State, including the Gunhill Road store in the Bronx, Flatbush store in Brooklyn and East 86th Street store in Manhattan; two stores in NJ (and one in Connecticut will be closed. The company said it would open fewer stores (a new store opened at Broadway & 66th, in part of the old Tower Records space) and negotiate lower rents. This also means that thousands of jobs will be gone. The company's shares on the New York Stock Exchange have been trading under $1 in the past weeks; the NYSE warned Circuit City that it may be delisted if the stock continues to perform under $1..
Circuit City to Close 20% of Stores, Including 3 in NYC
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Another case of sudden jihad:
http://www.nypost.com/p/news/local/student_kills_prof_nGgR2x0Omat9UDx4
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It's actually the East 86th Street store, not the Broadway store.
here we go... this is the ice tip of the corporate closings...
@longacre--thank you, it's fixed. That was a little surprising, since they have a store at Bway & 79th already, too.
Circuit City has been loosing ground to Best Buy for years now. This should come as no surprise, even in this economic climate.
both these stores need someting to sell. I already bought me a hdtv and a computer years ago. It seems that I haven't been to either of these stores for any reason since. It's kinda weird how long windows XP has lasted. It'll almost be a decade of using XP soon.
Wow, and yet the crappiest Circuit City of all--the one in Atlantic Center--remains open?
#2: The top of the iceberg was CompUSA, Bombay Company and, more recently, Linens & Things. Circuit City has been getting their ass handed to them by Best Buy for quite awhile, so it was only a matter of time before this happened. It's just a horridly run company.
It's sad if this is going to affect people's jobs in NYC. That said, I do not like the Circuit City store I've been to the most (79th and B'way). I don't like stores that treat shoppers like criminals, with that "Let me see your receipt" baloney when we leave. So I just say "No" to that, and feel a little (shameful) joy that the company is having problems.
more like circuit shitty
Just in general, if people don't want to buy, you can't make them.
My purse is shut tight as a clam these days. For me to start spending again, I'd need to get a good raise, not just COL.
that 86th street location is jinxed,
maybe a bed, bath and beyond to compete with Gracious home may work.
These companies, like Canal Street electronics retailers are getting beatdown by the internet e-tailers. It is all about providing a service these days, it just costs too much to move boxes through brick and mortar.
The rumors of Circuit City's struggles have swirled for a while, which made it even more surprising (and ill-advised) that the chain opened a store in the old Tower Records building.
One thing that always bothered me about C.C. is it's sneaky Black Friday sales. They put popular items like a Cannon digital camera or an HP laptop on sale, but they only have 3 or 4 of that item in stock, so even the people that wait in line at 5 am get screwed. Other stores understandly have limited supplies, but to have only 3 or 4 of item that is advertised on TV, in the newspaper and on their website is misleading and demonstrative of shitty business ethics.
B&H photo is doing (I think) great with good service and an online prescence. The employees are very well-informed, the prices are competitive. It's hectic there, but as a consumer I'll take hectic over misinformed employees or being treated like a crook anyday.
Circuit City famously terminated many of its best-paid, highly talented and knowlegable staff in order to save money a couple years ago. They had Best Buy killing them in every market where the two competed and they were a publicly traded company. Never be publicly traded if you're in retail.
Umm, will there be bargains? I need about 300" of flat panel.
Compare Newegg prices to CC and you'll see why CC is doing so bad.
Businesses that can't compete should go under and let the more efficient ones flourish.
Unfortunately this basic rule of free market economy doesn't apply to Wall St.
I'm just amazed that J&R Music World is still in business. I can't stand those crooks. Terrible selection in their stores and their prices are generally awful, too. Yet somehow they manage to stick around year after year.
Compare Newegg prices to CC and you'll see why CC is doing so bad.
Better still, Newegg doesn't charge sales tax.
Businesses rise and fall on their merits.
Just a sign of America's decline.
Next up; brownouts and low-quality scratchy toilet paper.
Newegg.com 4 Life!
"These companies, like Canal Street electronics retailers are getting beatdown by the internet e-tailers. "
Actually, they're getting beatdown by NY sales tax along with the various taxes and licenses that the city and state punish businesses with.
"Actually, they're getting beatdown by NY sales tax along with the various taxes and licenses that the city and state punish businesses with."
Shhh, Obama will bring even more....