The economy is weak as we all know and when the economy is weak sales of certain items tend to drop. The car industry is hurting as is the home industry. Consumer electronics are still predicted to grow, but despite that, Circuit City has found itself in a world of trouble.
Circuit City stock prices were so low that the only way to try to save the company was to announce the closing of 154 stores in the U.S. to help get the company back into the black. The closing of stores is bad news for employees and shareholders, but it is good news for consumers looking for good deals.
Circuit City has announced closing sales at the 154 locations slated for closure. Merchandise in the store is being sold at discounts of up to 30%. I am sure that as things wind down discounts will be even higher. The catch is that all items sold during the closing sales are non-returnable. Sounds like a good time to do some holiday shopping.
Circuit City
Written by Shane McGlaun on November 6th, 2008 with no comments.
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If you are an all-in-one device fiend, this digital picture frame and DVD player in one should whet your appetite for gadgets. The LG DP889 packs in multiple features making for a well rounded device that can show off your photos and play your favorite movies.
This LG frame has all that you’d expect from a digital picture frame. It has a 3-in-1 memory card slot, USB upload capability, and the ability to play video and audio files. However, this is no ordinary device. In fact, with the built-in DVD player, you can watch a movie right on your desk.
But there are added features that really amp up this product. For instance, you can rip photos off of a DVD or CD to display on the frame and with the dual headphone jacks, a pair can watch a film on the frame without disturbing anyone else. There are also built-in speakers, a battery pack and more. You can pick up your very own LG DP889 for $279.95.
[via Coolest Gadgets]
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Written by Brenda Stokes on September 3rd, 2008 with no comments.
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I remember Mad magazine. The fold up joke page. The bad humor. Apparently it’s still around and going strong, has Circuit city pretty pissed off even. In this month’s issue of Mad Magazine, there’s an ad parody for Circuit City that reads Sucker City!. The parody takes aim at the electronics retailer and maybe says what many people were already thinking.
Like how they are always across the street from a Best Buy, Expensive TVs and how the price always goes up right after you bought them. Circuit city is not happy and ordered that all copies being sold at their stores be destroyed. I really doubt that anyone buys Mad Magazines from Best Buy anyway. In the ad you’ll also notice the Wii Epilepsy bundle with optical disc and bitestick controller.
[The Consumerist]
Written by Conner Flynn on August 4th, 2008 with no comments.
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Not everyone has 15 different flash drives just lying on their desk at any given moment. Just waiting to be swooped up and actually used for something. In some parts of the world, people only have a couple or even less.
I know, shocking, it’s just so wrong. That’d make a great speech for tech addicted teens though, it will probably be about as effective as the similar one given to get you to finish your vegetables. Well if you do feel the need to buy different flash drives to suit your mood of the day, this cute little drive from SanDisk would be great for those that prefer their drives to be stylish.
The SanDisk Cruzer Patter USB Drive isn’t just some designer item being sold for outrageous amounts either. It is being sold at Circuit City for $11.99 for a 2GB drive.
[via chipchick]
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Written by Abby McVay on July 21st, 2008 with no comments.
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Surprise surprise.. Blockbuster Inc. announced that they were abandoning their bid to acquire Circuit City citing that a deal was “not in the movie rental company’s best interest amid current market conditions.” Umm.. wait a second.. even if the market conditions were better, did this deal ever really make much sense? Apparently Soleil Securities analyst Scott Tilghman thought the same - “We didn’t believe that such a debt-laden marriage made sense and questioned the potential synergies that Blockbuster believed might have existed.” Circuit City shares fell 15 percent to $2.17 a share after the news broke while Blockbuster shares rose 13.9 percent to $2.86 a share.
[Check it out via Reuters]
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Written by flung on July 3rd, 2008 with no comments.
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Blockbuster has made public that it is offering to purchase Circuit City for at least 6 dollars a share - subject to due diligence. According to Blockbuster CEO Jim Keyes, the two companies have been discussing a possible sale since the end of last year. The offer was originally made on February 17th but Circuit City has failed to provide the due diligence necessary to allow Blockbuster to make a more “definitive offer.” The company has decided to make the offer public “because it believes the shareholders of Circuit City should have the opportunity to participate in determining the destiny of the company.”
According to a public letter from Blockbuster, the “combination of the two companies would result in an $18 billion global retail enterprise uniquely positioned to capitalize on the growing convergence of media content and electronic devices.”
You can read more about the offer here:
[Check it out via News.com]
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Written by flung on April 14th, 2008 with comments disabled.
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The actual price would be somewhere between 1 and 1.3 billion dollars, but that’s still a lot of coin. Both companies are suffering, and both companies could probably use the boost that this would offer to each of them so it’s a wonder why Circuit City has been sitting on its hands with this offer since February 17th.
Circuit City posted a $200 million loss towards the end of 2007. Blockbuster is constantly battling Netflix, as well as its other Brick and Mortar competitors and the loss that online movie download services have brought the company.
Together they would make an $18 billion a year company and both would likely save money from the several synergies they could create, especially the fact that they’d be able to combine the video purchasing efforts from their suppliers. Furthermore, if Blockbuster does in fact come out with a set top box, Circuit City would be the perfect platform to launch such a product.
[via Crave]
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Written by James Allan Brady on April 14th, 2008 with comments disabled.
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When it comes to getting my gadget or video game fix and I don’t want to wait for something to ship from an online store it’s off to Best Buy or Circuit City for me. I also like to watch lots of movies and I am in the movie store almost every Tuesday looking for something cool to watch and Blockbuster is a store of choice. It seems that Blockbuster and Circuit City could see a merger at some time in the near future.
Blockbuster announced today that it has offered to buy Circuit City for $6.00 per share in cash with the offer subject to due diligence. Blockbuster says that the offer was made in a letter sent to Circuit City Chairman and CEO Philip Schoonover on February 17 on behalf of the Blockbuster Board of Directors.
The catch is that Blockbuster says that Circuit City has failed to provide the necessary due diligence to allow Blockbuster to make a final offer for the company. According to Blockbuster it decided to make the offer public to allow Circuit City shareholders to have the chance to determine the destiny of Circuit City. Blockbuster says that the offer to buy Circuit City is conditional on timely commencement of due diligence and that it has other strategic opportunities.
Blockbuster
Written by Shane McGlaun on April 14th, 2008 with comments disabled.
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