Circuit City office retailers lead sector declines: related news

Circuit City Stores (CC) NewsBite - Circuit City Tumbles after BBI Drops Bid

Circuit City Stores Inc. (CC) opened at 2.22. So far today, the stock has hit a low of 2.10 and a high of 2.27. CC is now trading at 2.18, down 0.37 (-16.67%). The stock hit its 52 week high of 15.33 in July and set its 52 week low of 2.10 today. CC has been moving downwards for the past year. Circuit City Stores shares have been taking a hit after Blockbuster Inc. (BBI) withdrew its bid for the company, citing "market conditions." In April, Blockbuster had offered to buy Circuit City for at least $6 a share, or more than $1 billion. Technical indicators for the stock are bearish and steady while S&P gives CC a neutral 3 STARS (out of 5) hold rating. We will just watch this one for now. There are no trades that we like for CC. [RHF - Seven Summits Strategic Investments NewsBite]

Circuit City, office retailers lead sector declines

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Circuit City Demands All Copies of Mad Magazine with Ad Parody Destroyed

In this month's Mad Magazine, there's an ad parody for Circuit City (Sucker City! Oh, Mad Magazine you rascal!) that takes aim at the electronics retailer. Always across the street from a Best Buy! Expensive TVs! The price always goes down right after you bought it! Wah wahhhh! I wasn't even aware that Circuit City sold Mad Magazine, but apparently they do, and they sure are pissed. In fact, they're ordering every store to destroy every copy of the offending issue. Hit the jump for the full ad parody and Circuit City's internal response.

Circuit City Declares 'Sales Tax Holiday' August 9-10 in Its California Stores; Extra Savings Will Help Back to School Shoppers Facing High Energy Bills

RICHMOND, Va., Aug. 5 /PRNewswire-FirstCall/ -- In a move to help consumers stretch their dollars during the important back to school shopping season, Circuit City stores across California will invite shoppers to celebrate a "Sales Tax Holiday" August 9-10, 2008. During the weekend, Circuit City will absorb the cost of state and local sales taxes for all purchases made in all of its 95 California stores. The savings for shoppers, averaging eight percent, will be in addition to seasonal sales promotions already underway. "We've seen shoppers enjoy the savings during sales tax holidays in other states around the country and we want to offer that same opportunity to consumers in California," said John T. Harlow, executive vice president and chief operating officer at Circuit City Stores, Inc.

Blockbuster Looks At Circuit City's Books; Ditches Acquisition Offer

We were one of a very small number of people who actually saw some logic behind Blockbuster bidding for Circuit City -- though, it seemed unlikely that Blockbuster viewed the purchase in the same way we did. Most people assumed (probably correctly) that Blockbuster didn't really have much of a plan at all, other than to merge the two struggling companies and have an even bigger mess on their hands. Blockbuster has now withdrawn the offer to buy Circuit City, gamely claiming that it has to do with "market conditions" and a better understanding of just how awful Circuit City's books appear to be. That's press release talk. What's more likely is that Blockbuster realized that everyone was right: it would screw up the merger and make a bad situation worse.

Blockbuster backs out of Circuit City offer

Video retailer Blockbuster tonight said it has withdrawn its offer to buy Circuit City. The company provides few details as to the reason for its sudden exit but says that a combination of "market conditions" and the process of due diligence, or examining the health of Circuit City as a business, have led it to believe that a takeover of the electronics chain is not in its best interests. Blockbuster still argues that the idea of unifying media and electronics under one name but that it will have to do so through its own stores rather than Circuit City's locations.

US: Blockbuster Drops Bid For Circuit City

Blockbuster Inc has dropped its $1.35bn bid for Circuit City Stores, saying the move was prompted by a closer look at the electronic retailer’s books. Blockbuster Chairman and CEO Jim Keyes noted, “Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City”. The news sent shares of Circuit City plummeting 14% in trading after the close of US markets.

Blockbuster Withdraws Proposal to Acquire Circuit City

Dallas-based Blockbuster Inc. announced Tuesday the withdrawal of its proposal to acquire Richmond, Va.-based Circuit City Stores Inc. Jim Keyes, Bockbuster chairman and CEO, said the company decided not to proceed with the acquisition "based on market conditions and the completion of our initial due process." He also said the proposition was not in the best interest of Blockbuster's shareholders. In response to the withdrawal, Philip Schnoonover, chairman, president and CEO of Circuit City, has said that "The board's review was not dependent on Blockbuster's participation." Circuit City is still exploring strategic alternatives, but will not disclose more information until the board approves a course of action.

Eye-Fi Expands Service with Adobe Photoshop Express and Nikon's My Picturetown and Announces Nationwide Retail Availability at Circuit City

MOUNTAIN VIEW, Calif., July 22 /PRNewswire/ -- Eye-Fi Inc., makers of the world's first wireless memory card for digital cameras, today announced new online photo sharing partnerships with Adobe and Nikon and its first nationwide retailer Circuit City. Images stored on Eye-Fi Cards will now wirelessly upload to Adobe(R) Photoshop(R) Express and Nikon's my Picturetown, enabling consumers to easily get their digital memories to destinations that provide a rich photo editing, sharing and storing experience. In addition, Eye-Fi Cards are now available at each of Circuit City's more than 600 retail stores nationwide and on the Circuit City Web site. "Expanding our partnerships to include more interactive sites is important to digital photo enthusiasts and to Eye-Fi," said Jef Holove, CEO of Eye-Fi.

Circuit City Stores Gains 7.54% On 2X Volume

June 23, 2008 (FinancialWire) Circuit City Stores (NYSE: CC) (Current Market Cap: US$722.43 Mil.) gained 7.54% Friday on volume of 17,636,118, which was more than twice its three-month average 7,351,220, to end the day at $4.28. Other companies in CC's sector include Best Buy Co. Inc. (NYSE: BBY), Dell Inc. (NASDAQ: DELL), and Wal-Mart Stores Inc. (NYSE: WMT). Circuit City was enrolled in Investrend Research affiliate ValuEngine's professional analyst program. Complete information is available at the company's InvestorPower page, which is accessible from http://www.investrend.com/company/list.asp?sPathParam=yes . FinancialWire is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.

Is Circuit City Headed for a Blowout?

Will Circuit City (CC) join the long list of electronics retailers, like Tweeter Home Entertainment and Harvey Electronics, that have filed for Chapter 11 bankruptcy protection in the past year? Given that shares of the Richmond [Va.] company are trading at just over 2, Wall Street is betting that could be a possibility. "Circuit City is in very serious trouble, and any scenario is possible today," says Nick McCoy, senior consultant at TNS Retail Forward, a research firm.

Blockbuster Drops Bid for Circuit City, Making Future For Both Unsure

We were excited for the merger talks between Blockbuster Video and Circuit City, as that union could create a probable entertainment behemoth, and we don't mean like Paula Abdul. Sadly word is coming down that Blockbuster is pulling its offer for Circuit off the table. Apparently it was ultimately decided that the match wasn't a good fit for Blockbuster's shareholders, so the plans have been scrapped. What could have been an awesome two-front retailer now means Blockbuster has to find new ways to catch up with Netflix, and Circuit City has to keep its head above water without any help. Bets on what happens next? [Forbes]

Three Cheers for Consumerist and Circuit City's Jim Babb

One of the great things about blogs is their power to embarrass companies. The other great thing about blogs is that sometimes they not only embarrass companies, but they provide useful lessons for all involved. Such is a recent case when Consumerist.com roundly mocked Circuit City's corporate management for being a bunch of humorless, overly sensitive fools. Apparently some Circuit City stores carry Mad magazine. When Mad magazine ran a parody ad for a store called Sucker City, someone in corporate operations reacted quickly to order all the magazines removed and destroyed. But!

Is open source hurt by piracy?

Sounds like what you are saying is for example, that the competition in the office suite space is Open Office Vs MS Office Vs pirated MS Office. Those willing to pirate see both Open Office and pirated MS office as "free" alternatives. If we stop piracy, then there is no longer a free MS Office alternative leading them to select Open Office instead.

Circuit City pummelled after Blockbuster's retreat

Circuit City Stores Inc. plummeted to historic lows yesterday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer's future. Shares of the Richmond, Va.-based company fell 40 cents, or 15.7 per cent, to $2.17 (U.S.) in trading on the New York Stock Exchange yesterday, after earlier hitting a more than 17-year-low of $2.10. The company, which has lost 86 per cent of its stock value from its 52-week high of $15.33, says it will continue to review strategic alternatives. Blockbuster pulled its bid to buy Circuit City on Tuesday night, citing market conditions. The Dallas-based movie-rental chain had proposed a more than $1-billion deal in April to create a 9,300-store chain to sell electronics and rent movies and games.

US: Circuit City Names Vice-Chairman To Help With Recovery

Circuit City Stores has promoted company director James Marcum to the role of Vice Chairman, as part of its plans to accelerate the revival of its business. Circuit City Chairman Philip Schoonover called Marcum, 49, a "highly experienced retail turnaround executive" who would help management focus on ways to improve business.

Circuit City Offers Tips for Last-Minute Back-to-School Shoppers

RICHMOND, Va., Aug. 15 /PRNewswire-FirstCall/ -- Circuit City is offering last-minute shopping tips to help American families who are scrambling to prepare their students for college. The U.S. Department of Education predicts almost 18.4 million students will be enrolled in the nation's colleges and universities this fall. A national survey commissioned by Circuit City shows most families with college-bound students have been engaged in back-to-school shopping for two months or more. But for families who are still working to prepare their students, there are strategies that can help get the job done. College bound students are all about electronics ... they depend on their tech gear for work and for play. -- Hands-down, students say the computer is the device they find most useful at college .

Circuit City single again

NEW YORK (MarketWatch) -- No one was too wild about the idea of a Blockbuster Inc. and Circuit City Stores Inc. combination, but this soured courtship made Circuit City look like damaged goods.

Office 2004 11.5 adds XML; Office 2008 12.1.1 ships

Microsoft on Tuesday unveiled updates for Office 2004 and 2008, offering users some stability, security, performance, and compatibility fixes with the two business productivity suites. Office 2004 11.5.0 adds compatibility with documents from Office 2008 for Mac and Office 2007 for Windows by offering an update to the Open XML File Format Converter, allowing users to convert files from the newer versions of the suite.

Blockbuster abandons Circuit City deal

Blockbuster on Tuesday abandoned its offer to buy electronics retailer Circuit City Stores, after weeks of investor speculation that the deal was falling apart, reports Reuters. Shares of the video rental chain jumped more than 7% in extended trade after the news. Circuit City’s shares fell 1.6%, after declining nearly 12% at Tuesday’s close. Blockbuster’s chief executive Jim Keyes cited “market conditions� as a reason for withdrawing its offer, valued at up to $1.3bn, and said the deal was not in the best interests of its shareholders.

Open Office vs. MS Office - the Other Key to Windows/Linux Transition

As I have been going around alternately prodding my friends and family to try Linux, or asking them if they thought it would be possible, one thing I have heard repeatedly is that a lot of people use Microsoft Office and are concerned about their Office documents on Linux. I should also mention that a lot of them are very angry that Microsoft has changed the default document format in Office 2007 (again), such that it is incompatible with previous Office versions. Yes, of course, I know there are converters and such, but it's just one more thing for users to have to worry about - and in general they aren't confronted with it, or sometimes even aware of it, until they send a critical document to a colleague and discover that the colleague can't open it.

Pulse LLC and Circuit City Launch Interactive Online Training Platform for Store Associates and Product Manufacturers

RICHMOND, Va., July 28 /PRNewswire/ -- Pulse LLC announced today it has created an alliance with Circuit City Stores, Inc. to launch a unified community and social network unlike any of its kind in the retail industry. The partnership, entitled CityPulse, directly connects Circuit City associates with product manufacturers creating an integrated online training center.

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