Who's going to Circuit City tomorrow???

[mitsuguy]

I know I'm dropping by...

Circuit City

Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business.
Please check back later for updates about the status of our website. In the meantime, we hope the information below will help answer most of your questions.
What's going on at Circuit City?

• Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors.
• The process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.
• We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation.
• Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed.
• At the company's corporate offices in Richmond, Virginia, a small staff will remain on duty during the completion of the liquidation process; most associates will be relieved of their duties immediately.
• Consistent with federal labor laws, Circuit City associates are receiving 60-days notice of the termination of their employment. Those who stay on to help with the liquidation, of course, will receive pay and benefits. Those who are dismissed earlier will be receiving pay and benefits for the 60-day period beginning January 16, 2009.
• Associates at our company headquarters will be asked to come back on Monday, January 19, to find out more about their status and to retrieve their personal belongings.

Are you also shutting down your operations in Canada?

• No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.

How many people are losing their jobs as a result of this action?

• Circuit City employs approximately 34,000 associates in the U.S.

Can you provide some background on Circuit City?

• Founded in 1949 as the Wards Company, Circuit City is headquartered in Richmond, Virginia. At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the U.S. and approximately 765 retail stores and dealer outlets in Canada.
• For a timeline history of the company, go to Investor Information & Newsroom, and click on Company Information.

Will Circuit City stores continue to accept Circuit City gift cards?

• Yes, customers holding Circuit City gift cards may redeem them at full value at our stores during the liquidation sales. Once the stores are closed and the company is out of business, the gift cards will have no value.

Are Circuit City's extended warranties affected by the liquidation?

• No. Circuit City Advantage Protection Plans® (extended warranties) have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's closing.
• Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.

When will the liquidation sales begin?

• Liquidation sales begin as early as Saturday, January 17, 2009, and will last as long as it takes to sell through the merchandise at each of the stores. We expect the sales to wrap up by the end of March 2009.

How much will merchandise be marked down, and can customers negotiate prices for the merchandise?

• There will be clearance pricing, but specific discounts are not being announced. All sale prices are at the discretion of the liquidator. Prices are non-negotiable and all adjustments must be approved by the liquidator's on-site managers.

What payment types will be accepted at the liquidation stores?

• Stores in liquidation will accept cash, Circuit City gift cards and most credit cards. Personal checks will not be accepted. All sales are final.

Will Circuit City's price matching policy or the One Price PromiseSM apply during the liquidation sale?

• Because the liquidation company is in charge of the sales at the closing stores, their policies are in force. So, One Price Promise does not apply during liquidation events, nor does the company's Unbeatable Price Guarantee. All sales are final.

What about returns and refunds?

• Customers can return products they purchased prior to January 16 for a 14-day period for exchange or refunds. All other terms of return policy are in force.
• When closing sales begin on or around January 17, 2009, all sales will be final.

Will delivery service be available for products purchased from liquidation stores?

• No. Unfortunately, we will not be able to provide delivery services for products purchased from liquidation stores.

Will Circuit City offer home theater installations during the closing sale?

• Yes, we will continue to offer home theater installations during our closing sales.

Will Circuit City offer PC services and repairs at liquidation stores during the closing sale?

• Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.

Will car electronics installations be available at liquidation stores during the closing sale?

• No new car installations will be offered.

Will Circuit City's extended warranties still be available on products purchased from liquidation stores?

• Yes, we're making no changes to our Circuit City Advantage Protection Plans®. Coverage is national and purchases will still be protected just as they always were.
• Circuit City Advantage Protection Plans® have been backed by third-party independent companies for more than 15 years and as a result, are not impacted by Circuit City's bankruptcy or liquidation.
• Currently, all Circuit City Advantage Protection Plans are fully backed by the Assurant Solutions companies. Assurant Solutions operates as Federal Warranty Service Corporation, Sureway, Inc., and United Service Protection, Inc. Assurant Solutions is part of Assurant, Inc. (NYSE: AIZ), and its extended service contacts are backed by an Assurant insurance subsidiary rated A "Excellent" by A.M. Best Co.

What if a customer purchased products at one of the closing stores and the product needs service?

• For products covered under the manufacturer's warranty, customers should call the manufacturer.
• For products covered under Circuit City Advantage®, guests can call the toll-free number that is printed on the bottom of the product receipt.

» Read the press release about Circuit City's liquidation
» Learn more at our investor relations website








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Circuit City Stores, Inc. to Liquidate

RICHMOND, Va., Jan 16, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Circuit City Stores, Inc. announced today that it will seek Bankruptcy Court approval to begin the process to liquidate the assets of the company.
"We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction. 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 in the limited timeframe available, and so this is the only possible path for our company," said James A. Marcum, vice chairman and acting president and chief executive officer for Circuit City Stores, Inc.
Circuit City will provide more details in the near term about the plans for the liquidation of the stores and other assets, the status of the company's Web site and firedogSM services operations, the status of its Canadian operations and plans for the company's bankruptcy proceedings.
The company does not anticipate any value will remain from the bankruptcy estate for the holders of the company's common equity, although this will be determined in the continuing bankruptcy proceedings.
The company filed for Chapter 11 bankruptcy protection in November 2008. The case number for Circuit City's Chapter 11 filing is 08-35653. Additional information can be found by visiting the company's investor information home page at Investor Information & Newsroom and clicking on "Breaking News" and at the Claims Agent's Web site at Kurtzman Carson Consultants LLC.
About Circuit City Stores, Inc.
Circuit City Stores, Inc. (OTC: CCTYQ) is a specialty retailer of consumer electronics and related services. At December 31, 2008, the domestic segment operated 567 stores in 153 U.S. media markets. At December 31, 2008, the international segment operated through approximately 765 retail stores and dealer outlets in Canada. Circuit City operates Web sites at Circuit City, The Source By Circuit City / La Source Par Circuit City and Circuit City.
Forward-Looking Statements
Statements made in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the company's expectations concerning the bankruptcy process. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, developments in the bankruptcy proceedings, the results of the liquidation sales and other matters.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
SOURCE Circuit City Stores, Inc.
Circuit City
Copyright (C) 2009 PR Newswire. All rights reserved

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[mm2002]

Yep, some bargains will be had there, probably 20 to 30 cents on the dollar, or better!

[FishFood]

Pay attention dive industry. This is what happens when a company doesn't change with the times.

[Empacher]

I will be there looking for some BluRays

[mm2002]

Originally Posted by FishFood

Pay attention dive industry. This is what happens when a company doesn't change with the times.

Hey, don't warn 'em. Let 'em screw up then we can buy all their stuff cheap.

[Lulubelle]

My circuit city stock sent me to grad school back in the day. Sad.
Careful with the liquidation sales, often they are not any better than holiday discounts until the very end.

[BarbadosSlim93]

I saw a news story where Circuit City was having "close out" prices on a lot of their stock for liquidation. What ended up happening is that the "close out" prices were actually higher than the previous prices, and the old price stickers were covered by the new super red tags. Companies like Circuit City hire outside companies to do their liquidation sales. A lot of times this is a scam and the prices either aren't discounted at all, or are still higher than what you can find at Wal-mart or Best Buy.

Be careful.

[mitsuguy]

Originally Posted by BarbadosSlim93

I saw a news story where Circuit City was having "close out" prices on a lot of their stock for liquidation. What ended up happening is that the "close out" prices were actually higher than the previous prices, and the old price stickers were covered by the new super red tags. Companies like Circuit City hire outside companies to do their liquidation sales. A lot of times this is a scam and the prices either aren't discounted at all, or are still higher than what you can find at Wal-mart or Best Buy.

Be careful.

that's why I love my blackberry... I go to the store, look it up on the web and see what kind of deal it really is...

I bought my wife a laptop back in November, before Thanksgiving... got a kickass deal on it at Bestbuy... Long story short, it went up $150 in price for their Thanksgiving sales, and the one that replaced it in it's price range didn't have a lot of the things hers does...

[Grizbear98]

I'll be going to Circuit City tomorrow morning... to begin working for a liquidator and then slowly lose the best job I've ever had slowly over the next 2 months. The worst part is I have to take time a lot of time off in February to go class in the Galapagos. I hope I have something at all to come back to.

RIP Circuit City

[mitsuguy]

Originally Posted by Grizbear98

I'll be going to Circuit City tomorrow morning... to begin working for a liquidator and then slowly lose the best job I've ever had slowly over the next 2 months. The worst part is I have to take time a lot of time off in February to go class in the Galapagos. I hope I have something at all to come back to.

RIP Circuit City

Don't come back

seriously... ya like to dive? my wife and I are just going to become instructors and not coming back