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Circuit City May Shut Stores, Cut Jobs

By ASHLEY M. HEHER

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AP
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CHICAGO (Oct. 20) – Shares of beleaguered electronics retailer Circuit City Stores Inc. rose Monday after a report said the chain may close at least 20 percent of its stores to shore up its finances and avoid filing for bankruptcy protection.

Circuit City store

Paul Sakuma, AP

Circuit City’s advisers are trying to line up additional financing but so far lenders have shown little interest, according to the Wall Street Journal.

Citing “several people familiar with the matter,” The Wall Street Journal said the nation’s second-largest consumer electronics chain was considering closing at least 150 locations and slashing thousands of jobs to avert a Chapter 11 filing.
Closing dozens of stores would allow the retailer to liquidate $350 million in inventory that could be used to pay real-estate costs, including leases on abandoned sites.
Circuit City spokesman Jim Babb said the chain wouldn’t comment on the details of the report or “rumors” as it continues “a comprehensive review of all aspects of our business” in order to accelerate its turnaround plan and boost its financial and operating performance.
“As previously announced, this includes assessing the productivity of our asset base and making decisions that are in the best long-term interest of Circuit City and our stakeholders,” he said in a statement Monday.
Investors appeared pleased at the report, sending the company’s shares up more than 20 percent in morning trading and providing a small gain for the stock that’s lost more than 90 percent of its value this year. But by early afternoon, the shares had fallen back and were flat at 39 cents.

Douglas C. Pizac, AP

35 photos

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Store: Mervyns

Why? The ailing department store chain on Friday said it would move forward with plans to liquidate its remaining stores.

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Standard & Poor’s analyst Michael Souers said he was maintaining his “Hold” rating on the retailer, but slashed his price target in half to $1.
“While we would applaud (Circuit City) for its attempt to stay solvent, we remain highly pessimistic on holiday sales, and on consumer spending in 2009,” he wrote in a research note to investors, adding that he was maintaining his projections that the company would lose $2.65 per share in 2009 and $2.48 per share in 2010.
The Richmond, Va.-based company, which is in the midst of a comprehensive review as it works to operate as a standalone business while exploring strategic alternatives, has had only one profitable quarter in the past year. It posted a wider second-quarter loss last month with a 13.3 percent decline in same-store sales.
The results came after Circuit City replaced its chief executive and withdrew its outlook for the full year because of traffic declines, stronger competition and a weak brand.
In May, Goldman Sachs & Co. was hired to help the retailer explore strategic options amid a now-withdrawn $1 billion takeover bid from Blockbuster Inc.
The Journal reported that Circuit City hired Skadden, Arps, Slate, Meagher & Flom LLP as its bankruptcy counsel earlier this month, citing unidentified people familiar with the matter. The newspaper also said the company hired FTI Consulting Inc. to develop a turnaround plan and has retained investment bank Rothschild Inc. to lead discussions with banks and acquire emergency financing.

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2008-10-20 06:43:27

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1 – 10 of 113
113 comments

Weindeldesigns 04:38:10 AM Oct 21 2008

I see so many people bitch about customer service at places like these. Fast food joints too. Yet I don’t see any of the bitchers taking these underpaying jobs to deal with customer who want every thing for free but expect the best product and service that money can buy. We will be our own down fall and the funny thing about it is: WE WILL BITCH ABOUT IT!!!

They’re on Cityskoop.com every week with sales so it seems like they’re really trying to move merchandise. then again so is Best Buy. what a crazy time with Linens N Things also going under.

Keep their job one more day??????? If they had any sense at all, they would be working somewhere else.



Wow, sorry but politics aren’t applicable here, unless you’re talking about George Bush’s adminstration allowing businesses to run amok and then execs bail out with a lot of money leaving despair and destruction in their wake without an ounce of conscience.

CherokeeA1 11:03:18 PM Oct 20 2008

I will tell you why Circuit City is going under. I went in there last year with my daughter to buy an IPod. No one asked me if I needed help. There were six salespersons standing around talking to each other. I went across the street to Sears and was waited on immediately. I have not been back to Circuit City.

Shadowsmgc 10:37:21 PM Oct 20 2008

SJILL0101 08:03:51 PM Oct 20 2008 Report This! You choose to forget the war in Iraq has plunged this country into this recession. Before Bush, we had a surplus, we now are so deeply in debt as a country, we will never see the end of it.Outsourced jobs by rich Republican CEOs.No one buys American anything anymore, not that there’s a whole lot of American goods to buy…No jobs, less you brave guys want to join the Army. My son went to Iraq twice for over 2 yrs. What does he say we accomplish? Nothing! NADA.But you go watch McC commercials and choose how you vote.There will be no stores left soon, each one we lose means no competition. Higher prices.————————————————————————————-Barrack will make us all even. He will implement his Socialistic plans. He’ll take from Joe The Plumber, and give those poor non-working stiffs. Each to his own needs etc. The “War” began well before the Iraqi invasion. It will come to our soil, eventually. I

Shadowsmgc 10:25:17 PM Oct 20 2008

ChristosStavros 08:43:27 PM Oct 20 2008 Report This! ALL of you IDIOTS you IDIOTS you IDIOTS that voted for Dubya-monkey ARE REAPING WHAT YOU HAVE SOWN!——————————————————————————————Chris, You ain’t seen nothing yet. This economy is going waaayyy dooowwnn. If you’re lucid, you’ll know that the main reason for our Economic/Financial meltdown, is the Majority led, Democrat Congress. They’ve quite openly protected, and defended the Thieves and looters, as they pilfered, and drained our treasury. Any company, Country, or entity who allows it’s leadership to be so grossly overpaid, should fail. When we, the citizens sit by, and watch Fannie Mae, Freddie Mac, Merrill Lynch, and AIG, be looted, we’re complicit, by our inactivity. We really deserve a deep depression, more severe than the one in the 30’s. It would be cruel justice, but we deserve it. Dennis

MKN84 09:49:16 PM Oct 20 2008

Why one more Christmas? One last fill of the pockets and then run? One last bonus check for the execs who are already making high six figure salaries? Nobody likes this store any more. Its got a fatal flaw. Their retail image is irreparable. Just close now and forget it. Who are you trying to fool? What are you going to do, stiff the employees on Christmas Eve??

ChristosStavros 08:43:27 PM Oct 20 2008

ALL of you IDIOTS you IDIOTS you IDIOTS that voted for Dubya-monkey ARE REAPING WHAT YOU HAVE SOWN!

JFNorthglenn42 08:24:55 PM Oct 20 2008

To Gangary214 At the time the comissioned salespeople were let go it was attributed to a “model” Best Buy was successfully using and killing Circuit City in market share acros the country …it wasn’t about putting a few $ in the poor pockets of salespeople who really cared it was about putting a few $$$$ in the rich top level managers and appeasing the stockholders

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Financial Crisis Quiz

When the stock markets first reopened after the 9/11 attacks, how many points did the Dow Jones fall?

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    >Are Assassins Out To Kill Obama?

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    Breaking from Newsmax.com

    Secret Service: ‘Kill’ Obama Report Unfounded

    Barack Obama asserted during Wednesday night’s presidential debate that someone shouted “kill him” when the Democrat’s name was mentioned at a Sarah Palin rally.

    “I was baffled,” he told the Wilkes-Barre, Pa., Times Leader after reading the Times-Tribune report.

    But the head Secret Service agent at Tuesday’s Palin rally in Scranton, Pa., said: Never happened.

    The Scranton Times-Tribune first reported the alleged incident on Tuesday in a story written by reporter David Singleton, saying that while congressional candidate Chris Hackett was addressing the crowd and mentioned Obama’s name, a man in the audience shouted “kill him.”

    Other media outlets picked up the story, including ABC News, MSNBC, and The Associated Press, with most attributing it to the Times-Tribune.

    During the debate Obama mentioned to John McCain “some of the rallies that your running mate was holding, in which all the Republican reports indicated were shouting, when my name came up, things like ‘terrorist’ and ‘kill him,’ and that your running mate didn’t mention, didn’t stop, didn’t say, ‘Hold on a second, that’s kind of out of line.'”

    But Bill Slavoski, the agent in charge of the Secret Service field office in Scranton, was in the audience at the rally, along with an undisclosed number of other agents, and he said not one of them heard the comment.

    He said the Secret Service conducted an investigation and could not find a single person to corroborate Singleton’s allegation.

    “We have yet to find someone to back up the story,” Slavoski said. “We had people all over and we have yet to find anyone who said they heard it.”

    Times-Tribune Metro Editor Jeff Sonderman said on Wednesday: “We stand by the story.”

    But Slavoski insisted that Singleton was the only one to say he heard someone yell “kill him.”

    ___________________________________________________________________

    All of the above brings up a possible reason why Obama is keeping his Harvard record sealed. It is why he is running as a black candidate rather than as one having more Arab blood than black. Though there is reliable evidence to the contrary, Obama insists that he has never been a Muslim. Many Muslims consider him a murtadd (apostate), that is, a Muslim who converted to another religion and, therefore, someone whose blood may be shed? To delve into to what I believe is pure deception by Obama, go to Daniel Pipes’ web site: http://www.danielpipes.org/article/5286

    This is certainly why he won’t own up to his Muslim heritage or former membership in that faith. The simple truth is that he is human–he is afraid of assassination. If he admits that he was a Muslim before he converted to Christianity, under Sariah law he becomes subject to “legal” Arab assassination. You see, Muslims don’t like defectors, even high profile ones like Obama.

    Even more damaging to America than losing a president to assassination is the intimidation factor. If Obama becomes president this could haunt him all his official life. It could also create a vulnerability to unfriendly persuasion by Muslim terrorist nations and could place him in a position of weakness and criticism as he negotiates without previous conditions or restraints with Muslim states, as he said he would do in the case of Iran, Lybia, Syria and others and with hardline Communist states like Cuba, Venezuela, North Korea, and China

    Now can you see why it is so important for America not to elect a man with a predominance of Arab blood, especially one who clearly was a former Muslim?

    .