Circuit City reports $239 million Q2 loss

FROM TWICE: Sales down 9.6%


SEPT. 29 | FROM TWICE: Circuit City has taken itself off the auction block following a $239.2 million net loss in its second fiscal quarter, and will focus on preparing the business for the holiday selling season.
Net sales for the three months, ended Aug. 31, fell 9.6% to $2.4 billion and same-store sales declined 13.3%.

The net loss mushroomed from the $62.8 million loss reported during the year-ago period.

“Clearly, the performance of the company is unacceptable to all of our stakeholders, and it is imperative that we take the right steps to accelerate our turnaround,” said vice chairman James Marcum, who last week succeeded Phil Schoonover as acting president and CEO.



Link: http://www.videobusiness.com/article/CA6600156.html

I've always liked BEST BUY better than CIRCUIT CITY.

Sometimes I'll go to CIRCUIT CITY if BEST BUY is out of stock on a particular item I'm trying to buy.

They've always seemed to be a BEST BUY wanna be store.

I've always liked BEST BUY better than CIRCUIT CITY.

Sometimes I'll go to CIRCUIT CITY if BEST BUY is out of stock on a particular item I'm trying to buy.

They've always seemed to be a BEST BUY wanna be store.


I agree...

Except for this one time..

All the additcted HDM collectors here will all remember that day...

When somehow, someway, ALL HD DVDs at Circuit City were "accidentally" BOGO.

I loved Circuit City for those couple of days :D

Don't tell the government, they will bail them out.......:helpme

CC was my favorite place when VCR was popular I was offered a job right on the spot I don't like to wear suites and ties, so that was out of the question. Today CC is going down, they already filed for Bankruptcy along with Linen N' Things that I can recall. Not much places for us into this stuff left then comes online.

Don't tell the government, they will bail them out.......:helpme

Nope, they won't as well they should not. But thousands more will be hitting the unemployment lines soon as they layoff. Man this economy is Fucked, and will be for years I think. I mean really fucked. I am really starting to see it fall all around me and it is starting to bumb me out.

What have you noticed? I keep hearing all of these doomsday scenarios on tv/radio but I have not noticed anything yet. I talk to friends, they have not noticed it either.

I am really starting to see it fall all around me and it is starting to bumb me out.

I hope they don't fold. We need Circuit City if only to have someone other than Walmart to help keep Best Buy's prices in check.

What have you noticed? I keep hearing all of these doomsday scenarios on tv/radio but I have not noticed anything yet. I talk to friends, they have not noticed it either.


I guarantee you will start to see some things soon. Here in Chicago, it isn't nearly as bad as other areas, but it's coming. I have allot of friends in the construction and building fields and that has been slowing down in both commercial and residential for almost 2 years and now is coming to a absolute halt. I have 2 crane operator friends that are still busy downtown on the Spire and other commercial buildings, but some of them have slowed or stopped due to credit freezes. Some are going to go belly up before they can finish them. I have close family in the architecture field that have projects going belly up and 1 huge healthcare project that is frozen now that will definitely cause layoffs at the 2 offices. Layoffs and hiring freezes everywhere as consumer sales fall. I work in computers with many big accounts. Many have freezed all upgrade and expansion projects that are not critical. Some of this will change fairly quickly once the resolution is past and credit starts flowing again, but many will not be able to recover without taking some drastic measures. And it will definitely get worse (perhaps much worse) before it is all said and done. Unemployment numbers are going to climb substantially in the up and coming months and this holiday season will be ugly as far as sales go.

And if you see the amount of homes that are for sale or foreclosed in the areas around me, it is staggering. And there are many parts of the country that are MUCH worse than here. And the property value of my house dropped from around $330,000 to around $280,00 in the last year..And going down I assume.

Yeah I know..I am in chi as well. I am talking about the dooms day scenarios mentioned if the bank industry does not get the bail out they want: companies can't pay salaries, no car, student, etc loans, etc. IMHO the real estate market went thru irrational exuberance due to the interest rates being artificially too low. Thus the slow down in the construction is to be expected. Real estate prices in chi have been too inflated for years. So much has been built, its ridiculous, while foreclosure rate is high. Is the Spire the spiral skyscraper that was planned in chi? I understand that trump is having a hard time selling out his place...speaking of trump, I still have not had a chance to check out that place...

I guarantee you will start to see some things soon. Here in Chicago, it isn't nearly as bad as other areas, but it's coming. I have allot of friends in the construction and building fields and that has been slowing down in both commercial and residential for almost 2 years and now is coming to a absolute halt. I have 2 crane operator friends that are still busy downtown on the Spire and other commercial buildings, but some of them have slowed or stopped due to credit freezes. Some are going to go belly up before they can finish them. I have close family in the architecture field that have projects going belly up and 1 huge healthcare project that is frozen now that will definitely cause layoffs at the 2 offices. Layoffs and hiring freezes everywhere as consumer sales fall. I work in computers with many big accounts. Many have freezed all upgrade and expansion projects that are not critical. Some of this will change fairly quickly once the resolution is past and credit starts flowing again, but many will not be able to recover without taking some drastic measures. And it will definitely get worse (perhaps much worse) before it is all said and done. Unemployment numbers are going to climb substantially in the up and coming months and this holiday season will be ugly as far as sales go.

And if you see the amount of homes that are for sale or foreclosed in the areas around me, it is staggering. And there are many parts of the country that are MUCH worse than here. And the property value of my house dropped from around $330,000 to around $280,00 in the last year..And going down I assume.

Yeah I know..I am in chi as well. I am talking about the dooms day scenarios mentioned if the bank industry does not get the bail out they want: companies can't pay salaries, no car, student, etc loans, etc. IMHO the real estate market went thru irrational exuberance due to the interest rates being artificially too low. Thus the slow down in the construction is to be expected. Real estate prices in chi have been too inflated for years. So much has been built, its ridiculous, while foreclosure rate is high. Is the Spire the spiral skyscraper that was planned in chi? I understand that trump is having a hard time selling out his place...speaking of trump, I still have not had a chance to check out that place...

No doubt. The residential problems with ballooning property values and ballooning mortgages are 2 big reasons why we are in this mess to begin with. It was known that the bubble would blow, and it did big-time. But plummeting property values was just the icing on the cake that I wanted to toss in, hardly our biggest issue now. But it is another thing that hits people hard trying to refi.. People that got their homes within the past few years can't get outta their balloons can't because the property value dropped so much and no equity. Now the credit turmoil and that increases the problem 10 fold. And property values plummet, but property taxes explode (good ol Cook County):banghead:. But this is just the tip now.

What I was really referring to was commercial construction and expansion. Like I said before we seen the slow down here around 2 years ago or so. Don't let all those tower cranes downtown fool you.. That is always one of the 1st thing to start in a recession. Now it has come to an almost complete halt.. All the slow downs and layoffs are on the rise big-time and that is the scary thing. The "dooms day" scenarios are quite real IMHO. Not unavoidable as some say, but very real. The squeeze is on and I am seeing it around me. Companies are laying off and loosing money and it will get worse before it gets better. Many small to middle businesses that count on credit to get them through the rough times may not get it.. And then the tents fold and more and more people are in an already saturated unemployment market..

I haven't seen it fall down around me.
Neither has anyone else I've talked to.
I don't think I will.
I don't listen to doom&gloom BS - Gas prices will be $5/gallon due to the hurricane !! :eek:
The economy is fucked !, etc...
:rolleyes:

I don't know how a link about CC got turned into an "the economy sucks" thread. I could see how it could turn into a "how did CC only lose so and so much" or "did CC ever make money" however.