Circuit City seeks jolt as embattled CEO departs: related news

Circuit City seeks jolt as embattled CEO departs

Circuit City Inc. CEO Philip J. Schoonover poses in front of a display of widescreen televisions at the Circuit City store in Glen Allen, Va., Nov. 21, 2005. THE ASSOCIATED PRESS/Steve Helber, File

Circuit City Seeks Jolt as Embattled CEO Departs

Circuit City Inc. CEO Philip J. Schoonover poses in front of a display of widescreen televisions at... Expand

Sony Trucks Literally Turn Around to Stop Circuit City Shipments

Circuit City took a major blow today, according to a reliable inside source, when Sony's merchandise that was being delivered to nationwide Circuit City distribution centers was stopped in transit and ordered to return to Sony "among worries that Circuit City couldn't pay for the shipments." This development means that Circuit City is not getting any Sony products replenished until they are able to convince Sony that their credit line is reliable. And with as bad as things are looking for Circuit City at the moment, that day may never come.

Circuit City Files for Bankruptcy

Circuit City Stores Inc. has filed a voluntary petition for reorganization relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia in Richmond, Va. The company plans to continue operating the business without interruption as management focuses on developing and executing a comprehensive corporate restructuring plan. Circuit City's Canadian operations also will be seeking protection under the companies' Creditors Arrangement Act in Canada. In conjunction with the filing, Circuit City is seeking customary authority from the bankruptcy court that will enable it to continue operating its business and serving its customers in the ordinary course. In addition, Circuit City has negotiated a commitment for a $1.

Circuit City's bankruptcy is a positive for Best Buy

Circuit City Stores Inc.'s Chapter 11 bankruptcy protection filing on Monday came on the heels of its announcement that it would close 155 of its more than 700 stores in the United States. More locations will likely disappear in the next few quarters and the entire chain may eventually be liquidated. But what does this all mean for the companies Circuit City (CC/NYSE) does business with? HewlettPackard Co. (HPQ/NYSE)sits atop the list of its unsecured creditors, but UBS estimates its unsecured claim of US$118.8-million represents just 0.9% of accounts receivable and 0.09% of total company sales. UBS analyst Brian Nagel believes BestBuyCo. (BBY/NYSE) could benefit from Circuit City's woes since 82% of its units are within five miles of a Circuit City store.

Circuit City files for bankruptcy protection

In this Sept. 29, 2008 file photo, of the exterior of Circuit City store in San Mateo, Calif. Circuit City Stores has filed for bankruptcy Monday, Nov. 10, 2008, about a week after it said it would close 20 percent of its stores. In this Sept. 29, 2008 file photo, of the exterior of Circuit City store in San Mateo, Calif. Circuit City Stores has filed for bankruptcy Monday, Nov. 10, 2008, about a week after it said it would close 20 percent of its stores. (AP Photo/Paul Sakuma, file)

Circuit City Files Chapter 11, Announces More Layoffs

It looks like it could be a tough holiday season for Circuit City and its employees. Just one week after Circuit City announced another series of store closings and layoffs the company today announced it has filed for Chapter 11 bankruptcy. Filing for Chapter 11 will allow Circuit City to put off its creditors while it attempts to reorganize its finances and get back on its feet. The company also announced an additional 700 job cuts, over and above those announced last week. Circuit City also said it had arranged a $1.1 billion revolving line of credit to augment its working capital.

Circuit City Closing 155 Midwest Stores Tomorrow, Source Confirms

We have got confirmation from a reliable source: Circuit City is closing 155 stores tomorrow: "They are going to be midwest ones, which are underperforming right now. Liquidators will be taking control of these stores this Monday." He got more juicy details and his opinion on the possibility of Circuit City going under because of the current economic situation. Update: Circuit City's Director of Corporate Communications Bill Cimino has replied to the rumors in an internal forum. Update 2: Another reader who works at Circuit City confirms the closing. Read more about it after the jump.

Circuit City Seeks Jolt As Embattled CEO Departs

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Circuit City seeks jolt as embattled CEO departs

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Circuit City dumps CEO

allen king, ceo, chairman, circuit city, james marcum, philip schoonover, presidentCircuit City dumps CEO

Circuit City Is Reeling And On The Ropes

Circuit City Is Reeling And On The Ropes It looks like Circuit City is in dire straights at the moment. Although I guess most companies and individuals are as the market plummets on a daily basis. The electronics retailers isn’t quite ready to take its final death gasp, but after losing $239 million and stock prices dipping below 50 cents a share things don’t look good. I mentioned to my wife whilst enjoying a brownie last night that perhaps Circuit City should overcharge in the style of Best Buy. I can’t get over how popular the yellow tag store remains despite much higher prices.

Circuit City Shareholder Shrinks Stake

Circuit City’s stock dropped Wednesday after one of its top shareholders dropped more than 750,000 shares. According to the Associated Press, HBK Investments said in an SEC filing this week that it has dropped its stake in Circuit City to 8.7 percent, from just over 9 percent as of earlier this summer. Circuit City’s stock fell 15 percent Wednesday to $1.54 a share.

Circuit City closes stores, slashes jobs to survive

Circuit City Stores Inc. is hoping that by closing hundreds of stores and cutting thousands of jobs it can survive consumers who are reluctant to spend and vendors less eager to give it credit. Circuit City is closing 155 of its more than 700 U.S. stores by Dec. 31. The stores are spread throughout 28 states, including multiple locations in areas like Phoenix and Atlanta. It is laying off about 17 per cent of its domestic work force, which could affect up to 7,300 people.Circuit City also said it will further cut back on new store openings and plans to work with landlords to renegotiate leases, lower rent or terminate agreements while it deals with tightening credit from its vendors. CC (NYSE) rose 10 cents (U.S.) to $36 cents.

Circuit City files for bankruptcy

Circuit City, the US electronics retailer, filed for bankruptcy protection on Monday, admitting it was struggling to persuade suppliers to keep its stores stocked for the holiday season. With more than 700 stores and 40,000 employees, Circuit City is the largest US retailer to fall victim to the credit crisis. Credit card spending, which accounts for three quarters of its business, was particularly hard hit, said Bruce Besanko, chief financial officer, in a court filing. The retailer had been reporting losses for two years after losing trade to Best Buy, its larger rival, and Wal-Mart, the discounter. Lex says while the credit crunch dealt the final blow to Circuit City, the real damage was done by Wal-Mart’s move two years ago into mainstream consumer electronics.

Circuit City Announces Store Closings, Layoffs

Circuit City announced today it is planning to shutter 155 of its retail stores and layoff 17 percent of its workers. The company's financial situation has worsened over the past few weeks as the effects of the economic slowdown began to take its toll and suppliers began tightening credit. As the holiday season is fast approaching, the reduction in available credit is critical to Circuit City's ability to keep stock on hand. The company plans to hold liquidation sales at the stores targeted for closing. Of the 12 new stores it had planned to open this year, only two will be opened and the company said it is shelving plans on all store openings for next year. Circuit City is also facing the threat of having its shares delisted from the New York Stock Exchange as its stock price had fallen below $1 for 30 straight trading days.

155 Less Record Stores As Circuit City Downsizes

CIRCUIT CITY (Hypebot) –As part of a fight for survival, Circuit City is closing 155 underperforming stores located in 55 U.S. media markets. The closures means Circuit City will exit 12 media markets completely. A PDF of locations that are closing can be found and downloaded here.

Circuit City Considering Store Closures

Richmond, Va.-based Circuit City Inc. is considering a scale-back plan that would shutter about 10 percent of its store base, reports The Wall Street Journal (WSJ). The plan, which would close 150 stores and eliminate thousands of jobs, comes as Circuit City is trying to avoid any bankruptcy filing before the holiday shopping season to avoid giving the impression it wouldn't be able to honor warranties on its products, WSJ said. The company hired the law firm Skadden, Arps, Slate, Meagher & Flom LLP as bankruptcy attorneys earlier this month, and hired FTI Consulting Inc. and investment bank Rothschild Inc. to help find a way to raise emergency funds, WSJ said. While the company did not release details of the plan, Circuit City spokesman Bill Cimino said the company and its advisers "are conducting a comprehensive review of all aspects of

Circuit City Edges Even Closer to Doom

Yes, my friends, it looks like the death spasms are might be kicking in for Circuit City—it's definitely twitching in any case. Fresh off losing $239 million and watching its stock plunge below 50 cents a share, a firm that advises on manufacturers on whether or not to ship their wares to retailers has just yanked its recommendation for Circuit City. In other words, they don't think Circuit City can pay for the merch. It may very well be seeing CompUSA in retailer heaven soon (before being re-animated like a zombie). [WaPo via Consumerist]

Circuit City web sales short-circuit in the second quarter

In the second quarter ended Aug. 31, Circuit City, No. 16 in the Internet Retailer Top 500 Guide, reported that direct sales, which are almost all generated online, increased by only 1%, although the company didn’t break out a specific number. In comparison, Circuit City posted direct sales growth of 20% in the second quarter of 2007.

Circuit City to Close 155 Stores RICHMOND, Va.Circuit City Stores, citing its deteriorating liquidity position and the continued...

RICHMOND, Va.–Circuit City Stores, citing its “deteriorating liquidity position and the continued weak macroeconomic environment,� will close 155 stores, reduce future store openings and “aggressively� renegotiate certain leases, the retailer said in a statement.

CIRCUIT CITY STORES INTEGRATING THE CITY LEADERSHIP INTO CORE RETAIL OPERATION

CIRCUIT CITY STORES INC SAYS INTEGRATING THE CITY(TM) LEADERSHIP INTO THE CORE RETAIL OPERATION Ryan Vlastelica rv

Circuit City CEO quits

Chairman and CEO of struggling US consumer electronics retailer Circuit City, Philip Schoonover, has resigned with immediate effect....

Justice: Circuit City CEO Let Go

After a little over two years as CEO of Circuit City (CC), the board has finally woken up and ousted Phillip J. Schoonover, who despite being brought in to turn the company around has done nothing but preside over its near demise:

Circuit City Gets a New Lease on Life (Literally)

Circuit City might yet outdo Best Buy on Black Friday deals for another year. Bank of America has given Circuit City a $1.1 billion loan that'll help cover its operating expenses until it's expected to come out of bankruptcy next year, giving it a second chance. Still, I don't see how even a billion dollars will cover all the money they owe people like Samsung and HP. I mean, I'd be busting some kneecaps if I were them.

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