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One week after announcing 20% of its stores would close, electronic retailer Circuit City filed for Chapter 11 bankruptcy protection. CNBC reports it is "the largest retailer to file under Chapter 11 this year," after falling "victim to tighter credit terms from vendors and a loss of market share to Best Buy, Wal-Mart Stores, and other rivals." While the company is considering all options, it also owes $650 million to suppliers, like Sony, Zenith, Toshiba, Garmin and Nikon. A consultant told Bloomberg TV, "It's very incongruent for retailers to file bankruptcy before Christmas. You're gong to see a record number of retailer bankruptcies and closings." Dear Santa, Please go to the liquidation sales for my wish list...
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Too bad the company they contracted to run the liquidation sales is notorious for marking up the prices and then slapping a “huge” discount on them. You are actually only going to be saving about 10% off the regular prices. This is the company that handled the liquidation sales for The Whiz. You’re better off going to a store that will remain in business that way you can avoid any warranty hassles that come with a closed business.
I first read about CircuitCity's situation this morning at http:/www.uberi.com. It's a deal site that I go to frequently to find some bargains that cannot be located elsewhere.
In any case, Uberi.com warned about CircuitCity's closeout sales having items that are priced higher than its website. It also warns about risking any CircuitCity rebates. Just thought I should share that.
Comment 1 is right, they will have a "Sale" after hiking the prices.
IF there are any good deals, the Consumer needs to be very careful and check the market first.
Thanks for the great post I was checking out their website to see if they do have deals. But since they are doing all of this shady activity I am going to their rivals
The tidal wave of fu*ked companies is only beginning.