Circuit City is DEAD

[Groundbeef]

http://www.guardian.co.uk/business/feedarticle/8270330

Guess the holidays were not so good for them.

[Rich-n-Texas]

We're ALL dead!!!

DEAD!

Dead Dead Dead!

:eek6:

[Ajani]

We're ALL dead!!!

DEAD!

Dead Dead Dead!

:eek6:

Pix, is that you?

[Rich-n-Texas]

How the heck did you quote that so fast?

Mr. You must be psychic!

:yikes:

[GMichael]

It's not looking so good these days. Hope it starts to turn around.

[pixelthis]

It's not looking so good these days. Hope it starts to turn around.


Here is a link with a bit more info.
As for "turning around" well, we are going off of the cliff being chased by a tiger,
dont think it looks too good regardless.
Its really like a death in the family, I bought a 47" tv, and god knows how much other
electronic stuff in the last decade from this place.
It was always a great place to go and check out the latest.
A huge shopping complex opened in town recently with a CC at the center, wonder what
(if anything) they are going to replace it with.
With all of the dark storefronts(goodys, katbee, etc) the seriousness of the current mess
is starting to hit home.:1:
http://www.crn.com/retail/212900983

[pixelthis]

We're ALL dead!!!

DEAD!

Dead Dead Dead!

:eek6:


NICE TRY ACE...
But nobody can say stuff is

DEAD


like I can.
Nice try tho:1:

[GMichael]

Kobayashi Maru

[Rich-n-Texas]

And I thought vampires slept during daylight hours. :sosp:

[GMichael]

Day walker!!

[Groundbeef]

Of note, the CEO of CC commented "We shouldn't have anchored ourselves to LCD. Had we sold more Plasma's we would still be in buisness."

[pixelthis]

Of note, the CEO of CC commented "We shouldn't have anchored ourselves to LCD. Had we sold more Plasma's we would still be in buisness."

GEE, the way you plasma fanboys lie it must be second nature to you(oh wait, it is)

BTW ever get that 2700 dollar catastropic failure fixed on your POS fanboy?

The people betting on Plasma are gonna be the ones needing plasma,
except not the kind that is in those POS tv sets they are peddling.:1:

[pixelthis]

And I thought vampires slept during daylight hours. :sosp:


This new suntan lotion is great.
YOU are just jelous that we vampires get more tail than you do.
(Oh wait, doesnt everybody):1:

[Woochifer]

http://www.guardian.co.uk/business/feedarticle/8270330

Guess the holidays were not so good for them.

Problem for Circuit City is that many of their suppliers cut them off back in November, when hundreds of their stores were already holding liquidation sales. When a retail store goes into liquidation, the inventory is no longer "owned" by the retailer, but rather the company holding the liquidation sale. In this scenario, the suppliers get screwed because they have to get in line with all the other creditors. They can't just take back what they shipped to the stores, so obviously if they saw this coming, they prepared for it by limiting their exposure and cutting off CC's supply line.

I recall that their sale prices over the holidays were readily undercut by BB and others (they were advertising a 40" Sony LCD TV while BB was selling the 46" version of that same model for about the same price).

This bankruptcy will leave a lot of pockmarked cities, since CC not only has its current and recently closed stores getting emptied out. But, they were also sitting on hundreds of other leases when they decided to try competing with BB by moving those stores into larger spaces.

[Woochifer]

GEE, the way you plasma fanboys lie it must be second nature to you(oh wait, it is)

BTW ever get that 2700 dollar catastropic failure fixed on your POS fanboy?

The people betting on Plasma are gonna be the ones needing plasma,
except not the kind that is in those POS tv sets they are peddling.:1:

Spoken like the closeted plasma fanboy that you are! Your post probably just convinced several more people to buy plasma TVs. :cool:

[thekid]

We all knew this was coming, I just hate to see 30,000 people join the ranks of the unemployed. I hope we can get this economy turned around soon or at least stop the bleeding......

[bobsticks]

We all knew this was coming, I just hate to see 30,000 people join the ranks of the unemployed. I hope we can get this economy turned around soon or at least stop the bleeding......

True, so true. That many more to join the ranks of the walking zombies...

[mbbuchanan]

What a shame about C.C. Before they cut off their Commissioned employees and tried to restructure their way out of trouble a thousand times, they were a classy company.

[pixelthis]

We all knew this was coming, I just hate to see 30,000 people join the ranks of the unemployed. I hope we can get this economy turned around soon or at least stop the bleeding......


Dream on.
Obamanation let it slip when he said some were talking about a FOUR YEAR
recession.
Actually decade long DEPRESSION would be more APT.
The one great thing that always pulled our butt outta the fire, our manufacturing capacity...
IS GONE.:1:

[sallysue]

Of note, the CEO of CC commented "We shouldn't have anchored ourselves to LCD. Had we sold more Plasma's we would still be in buisness."

If that's quote is accurate, I wonder what he was smokin'?

It's just a sign of the times and this I can tell you first hand and as I'm sure you've all read, the CE industry is in a lull to put it mildly. Some folks read about but I experienced it. At some unclear point in time, customers stopped coming in for audio video gear. The just stopped - this trend began some 8 months ago and we can see the results in another brick and mortar CE company. Everybody has a theory but at the end of the day it appears that surplus/disposable income vanished.

On another point, I have to admit getting a little chuckle at Sony's financial down turn. They ran a wild west approach to product distribution and so no exclusivity rights were given to retailers. Brick and mortars can't compete with those that have vitually no overhead such as e-tailers. The customer is the winner by getting a better price but how is the brick and mortar to survive when customers can buy the sets online for damn near cost. It's a miracle some companies like CC have lasted this long. Soon your only choice for CE (medium grade )may be BB . I'm picking on Sony but Panasonic and Samsung did the same thing. Pioneer Elite held the line though, but that's not enough to a make a business.

Who's to say the e-tailers have to sell cheap any longer?

[Feanor]

Canadian residents will know that The Source (http://www.thesource.ca/estore/default.aspx?language=en-CA&ref=3064&MSCSProfile=287001FD2674671CC1C6E1B8FD422E082E204E E99351E80D92A7266D3B7D705780999D444B69511AFD1B3352 3370885904F82141F831213C46F43E1FF6901BCDD320BAFF7C 27ED0B9D927AC071F698CDE798537819F92823A55E27EF81F8 AFB3155F835E5179FBB99E8A1177890D72B8ACD9D74EEF9FB1 F0B7BBEA5574AEEA1C36526C9D5F20842B) is a subsidiary of Circuit City. However news is that The Source will be carrying on "business as usual" per this press release (http://www.thesource.ca/sitelets/press/InterTANPressRelease2EN.pdf). That is, it isn't be included in the CC liquidation.

As you'll see however, The Source, (actually InterTAN), has obtained Ontario Supreme Court creditor protection and is seeking buyer.

[Woochifer]

If that's quote is accurate, I wonder what he was smokin'?

It was tongue in cheek. Thumb through some of the plasma threads if you want to see where it came from.


On another point, I have to admit getting a little chuckle at Sony's financial down turn. They ran a wild west approach to product distribution and so no exclusivity rights were given to retailers. Brick and mortars can't compete with those that have vitually no overhead such as e-tailers. The customer is the winner by getting a better price but how is the brick and mortar to survive when customers can buy the sets online for damn near cost. It's a miracle some companies like CC have lasted this long. Soon your only choice for CE (medium grade )may be BB . I'm picking on Sony but Panasonic and Samsung did the same thing. Pioneer Elite held the line though, but that's not enough to a make a business.

CE retailing used to be dominated by regional chains that sold a wide range of product lines, from mass market entry level lines up to higher end specialty lines. Once Circuit City began their national expansion, that changed the entire landscape. Best Buy wound up beating CC at their own game. In the meantime, most regional CE chains disappeared altogether, forcing the mass market CE manufacturers to distribute to anyone and everyone. The independent stores are largely propped up by territorial exclusivity and the higher end manufacturers imposing much stricter controls over online and unauthorized vendors.


What a shame about C.C. Before they cut off their Commissioned employees and tried to restructure their way out of trouble a thousand times, they were a classy company.

I don't know if I would call them a classy company, given that their employee benefits and training programs were a joke compared to what regional specialty chains gave their employees. Unfortunately, most of those companies have also gone by the wayside. Circuit City's commissioned sales setup was similar to other CE stores, and they were one of the last ones standing.

[mbbuchanan]

Whoochifer probably isn't old enough to remember but less than ten years ago all sales staff at C.C. were required to wear a full suit on the sales floor, know their stuff,and were compensated well. As far as training goes C.C.'s was head and shoulders above any other major retailer. The benefits there were (at one time) very competitive, they had health insurance and paid sick leave, 401k, vacation, and it was not uncommon for a good sales man to make close to 100k a year( ans this was in the nineties). All of this though went by the way side about 8 years ago when they and the Good Guys went in together to push DIVX and they lost some hundreds of millions of dollars. This eventually tanked Good Guys. C.C.'s stock plummeted over night from $45.00 to $9.00 a share and they have never recovered. So to make a short story long, yes Whoochifer , at one time they were a classy company.

[pixelthis]

If that's quote is accurate, I wonder what he was smokin'?

It's just a sign of the times and this I can tell you first hand and as I'm sure you've all read, the CE industry is in a lull to put it mildly. Some folks read about but I experienced it. At some unclear point in time, customers stopped coming in for audio video gear. The just stopped - this trend began some 8 months ago and we can see the results in another brick and mortar CE company. Everybody has a theory but at the end of the day it appears that surplus/disposable income vanished.

On another point, I have to admit getting a little chuckle at Sony's financial down turn. They ran a wild west approach to product distribution and so no exclusivity rights were given to retailers. Brick and mortars can't compete with those that have vitually no overhead such as e-tailers. The customer is the winner by getting a better price but how is the brick and mortar to survive when customers can buy the sets online for damn near cost. It's a miracle some companies like CC have lasted this long. Soon your only choice for CE (medium grade )may be BB . I'm picking on Sony but Panasonic and Samsung did the same thing. Pioneer Elite held the line though, but that's not enough to a make a business.

Who's to say the e-tailers have to sell cheap any longer?


a "LULL" would be putting it mildly.
And that "quote" was a dig aimed at me, had as much to do with reality as anything
else the poster puts up...
MAINLY, NOTHING

CE is a nonessential market, and the reliability of todays products is also a problem.
My receiver could stand to be replaced (and might) but the amps sound good,
and there are no new features I cant work around, and its got a phono preamp,
something rapidly disapearing.
So its bills and groceries instead of CE gear.
Also if things start to get rough I might have to start packing heat, that is 600 to a 1000
right there.
SMALL (pun intended) WONDER that the current CES is focusing on handheld portable devices, inexpensive stuff that wont hit you hard .:1:

[thekid]

Dream on.
Obamanation let it slip when he said some were talking about a FOUR YEAR
recession.
Actually decade long DEPRESSION would be more APT.
The one great thing that always pulled our butt outta the fire, our manufacturing capacity...
IS GONE.:1:

Pix

Doncha remember a few years back someone (who shall remain nameless) was walking around talking about the "new" economy. Manufacturing was part of the "old" economy and we did not need those types of jobs.......... :wink5:

If anything comes out of this mess hopefully the pols on both sides of the aisle will start getting back to basics in regards to sound economic policies and practicies but that is probably too much to ask.

[sallysue]

a "LULL" would be putting it mildly.
And that "quote" was a dig aimed at me, had as much to do with reality as anything
else the poster puts up...
MAINLY, NOTHING

Roger dodger...


Also if things start to get rough I might have to start packing heat, that is 600 to a 1000
right there.

Are you gonna shoot yer speakers? :wink5:

[Rich-n-Texas]

...My receiver could stand to be replaced (and might) but the amps sound good,
and there are no new features I cant work around, and its got a phono preamp,
something rapidly disapearing.
Hmmm... my old receiver didn't have phono inputs, but my 3800 does.

SMALL (pun intended) WONDER that the current CES is focusing on handheld portable devices, inexpensive stuff that wont hit you hard .:1:
So why was 3D HDTV at the top of your list in your sad "CES tidbits" thread?

[Woochifer]

Whoochifer probably isn't old enough to remember but less than ten years ago all sales staff at C.C. were required to wear a full suit on the sales floor, know their stuff,and were compensated well. As far as training goes C.C.'s was head and shoulders above any other major retailer. The benefits there were (at one time) very competitive, they had health insurance and paid sick leave, 401k, vacation, and it was not uncommon for a good sales man to make close to 100k a year( ans this was in the nineties). All of this though went by the way side about 8 years ago when they and the Good Guys went in together to push DIVX and they lost some hundreds of millions of dollars. This eventually tanked Good Guys. C.C.'s stock plummeted over night from $45.00 to $9.00 a share and they have never recovered. So to make a short story long, yes Whoochifer , at one time they were a classy company.

Well, maybe my assessment was a tad harsh, but I am old enough to go back more than 20 years when several friends of mine worked at different electronics stores. Compared to the places where they were working, Circuit City was considered the place of last resort. All of those stores also required their sales reps to wear dress shirts and ties, and even now Fry's and Magnolia (including the locations inside BB) still have similar dress codes.

At places like the defunct Rogersound Labs and Good Guys chains, new hires were required to go through days of training at the company headquarters. At Good Guys, the new hires were limited to selling personal devices and video games. They could not sell any mobile, video, and audio components until they had worked there for close to a year, and gotten certified to sell the products in those sections. As their financial position got more precarious, they pared that back considerably and the company's customer service nose dived. Like Circuit City, they also fired most of their sales staff and hired a bunch of newly scrubbed hourly employees shortly before they went belly up, but unlike CC they kept their top sales reps (who were also pulling six figures) on commission.

When a friend of mine was between jobs, he got a position at CC and said that they pretty much threw the new hires on the floor the same day with minimal product training. Just a briefing on procedures and how to work the point-of-sale system. Maybe things tightened up during the 90s, but I remember Circuit City being a step down from the other electronics stores as a place to work.

[JSE]

No wonder they are going out of business. They just built a gigantic store a few miles from my house in a new shopping center. They started back in October. The thing is huge! I'm guessing a minimum of several million in construction costs alone. The problem is, it still has never opened! Probably never will now. There have been people working there filling it with inventory for the last month so I peaked through a rip in the brown paper on the windows and it looked like it's ready to open. Fully stocked and just sitting there. The shelves are full, lights are on, but no workers. Kindof eary?

[Woochifer]

No wonder they are going out of business. They just built a gigantic store a few miles from my house in a new shopping center. They started back in October. The thing is huge! I'm guessing a minimum of several million in construction costs alone. The problem is, it still has never opened! Probably never will now. There have been people working there filling it with inventory for the last month so I peaked through a rip in the brown paper on the windows and it looked like it's ready to open. Fully stocked and just sitting there. The shelves are full, lights are on, but no workers. Kindof eary?


They started doing a lot of this when they doubled the size of their new store prototype to about 60,000 square feet in order to compete with Best Buy whose typical stores are even larger. Close to my house, Circuit City vacated their existing store location, and built two brand new store buildings within a few miles. In so many cases, they built a brand new store less than two miles from their a vacated store, and wind up paying leases on two buildings in the meantime.

Strange that they would continue to construct new stores while they closed more than 200 locations back in November. Nice of them to provide a brand spanking new location for a liquidation sale, given that all of those brand new store fixtures and inventory now belong to the liquidators.

[JSE]

Strange that they would continue to construct new stores while they closed more than 200 locations back in November. Nice of them to provide a brand spanking new location for a liquidation sale, given that all of those brand new store fixtures and inventory now belong to the liquidators.


Makes no sense at all. As far as I know, it's been sitting there as is for a couple of weeks now. No telling how long it has been sitting there fully stocked.

[GMichael]

We know that you are stalking it for a midnight run.

[Rich-n-Texas]

Hook me up Cartman!!!

[pixelthis]

Roger dodger...

.

Are you gonna shoot yer speakers? :wink5:


NO, just the guy taking them out the window.
Cracks re atarting to appear in the infrastructure, what with la la land going tits up and all.
In normal circumstances I can get by without a weapon just fine.
But in a general breakdown of public order (which is just a matter of WHEN, not IF)...:1:

[pixelthis]

Hmmm... my old receiver didn't have phono inputs, but my 3800 does.

they are rapidly disapearing, even on higher end gear.
I can see that a decent phono preamp can be expensive, but a lower line one at least would be nice for those of us that still spin vinyl



So why was 3D HDTV at the top of your list in your sad "CES tidbits" thread?
Just quoting what the talking head said, mainly that everybody was talking about 3D
at CES.
Dont care what anybody says, I have witnessed all of the 3D crashes and burns
over the last four decades, and have seen NOTHING that will elevate it above
"gimmick" status.
The biggest advance was polarized glasses, and those give you a king hell headach after a few minutes.
And at least I TRIED to post something of at least a little value.
LETS SEE HOW GOOD you could do!:1:

[JSE]

We know that you are stalking it for a midnight run.


Hook me up Cartman!!!


.........................:cool:

[pixelthis]

Makes no sense at all. As far as I know, it's been sitting there as is for a couple of weeks now. No telling how long it has been sitting there fully stocked.

They didnt build it, some real estate developer did.
We just had a huge developement open, its been very successfull, but teh biggest store is a Circuit CITY, right in the middle of it(Best Buy backed out)
Chains rarely build any store, they rent from a developer if they can.
A real time bomb in this country is commercial real estate, its going to be the next to go.
And if you think the private real estate market was a mess, YOU AINT SEEN NOTHING YET.:1:

[JSE]

They didnt build it, some real estate developer did.
We just had a huge developement open, its been very successfull, but teh biggest store is a Circuit CITY, right in the middle of it(Best Buy backed out)
Chains rarely build any store, they rent from a developer if they can.
A real time bomb in this country is commercial real estate, its going to be the next to go.
And if you think the private real estate market was a mess, YOU AINT SEEN NOTHING YET.:1:

It's possible Circuit City did not flip for the cost for the actual structure but they still had to pay for the buildout (interior),all the product, man power, insurance costs, etc.

Again, makes no sense.

[pixelthis]

It's possible Circuit City did not flip for the cost for the actual structure but they still had to pay for the buildout (interior),all the product, man power, insurance costs, etc.

Again, makes no sense.

COMPANIES have business plans that are religiously adherred to, sometimes extending for years.
If they had not gone through with their plans word would have gotten out,
and their stock would have acheived toilet paper status even faster than it actually did.
In other words it WOULD have been over, but by pretending business as usual they bought time.
Might seem like rearanging deck chairs on the titanic to you, but every week you keep things going is another week you get a paycheck.

You also buy time to dump your stock in a manner apropriate to the SEC so that your butt doedsnt wind up in jail.:1:

[02audionoob]

they are rapidly disapearing, even on higher end gear.
I can see that a decent phono preamp can be expensive, but a lower line one at least would be nice for those of us that still spin vinyl


I wouldn't mind providing the phono preamp if they'd just leave me that line level input to attach it to (instead of having to use the AUX input). I've got 7 sources on my Adcom GFP-565 preamp. If I upgrade, I might have to live with 4.

[Woochifer]

It's possible Circuit City did not flip for the cost for the actual structure but they still had to pay for the buildout (interior),all the product, man power, insurance costs, etc.

Again, makes no sense.

If CC was supposed to anchor the shopping center, they likely had lots of options, including land leases or the developer sells them the land outright in order to secure the financing for other portions of the development (much easier to get financing if an anchor tenant is already on board). For a new shopping center development, the anchor tenants are often partners with the developer.

I know that once things get moving along, you can't really stop it and that might be the case here. CC probably had these plans and contracts in motion, even before they went through their first round of store closures. It's just strange that they would continue to stock and fit the building interior while other CC locations in the market were getting liquidated.

Close to my house, Mervyns department store relocated to a brand new building across the street from their old one, and the chain declared bankruptcy only a month later. There too, you had a brand new building that opened just in time to host a liquidation sale. But, at least that store opened for business!

[JSE]

If CC was supposed to anchor the shopping center, they likely had lots of options, including land leases or the developer sells them the land outright in order to secure the financing for other portions of the development (much easier to get financing if an anchor tenant is already on board). For a new shopping center development, the anchor tenants are often partners with the developer.

I know that once things get moving along, you can't really stop it and that might be the case here. CC probably had these plans and contracts in motion, even before they went through their first round of store closures. It's just strange that they would continue to stock and fit the building interior while other CC locations in the market were getting liquidated.

Close to my house, Mervyns department store relocated to a brand new building across the street from their old one, and the chain declared bankruptcy only a month later. There too, you had a brand new building that opened just in time to host a liquidation sale. But, at least that store opened for business!

The CC is/was going to be third largest store in the shopping center. There is already a huge HEB Market Center (grocery store) open and an Academy Sporting Goods store which will open soon. I can see how things can't really be stopped once everything is put in motion but to outfit and stock the store? That's just plain stupid. I need to go by there again this weekend and see if they have started taking out the stock. I can't see them leaving it there for long and I don't think they would open the store just to liquidate everything. Seems like it would be cheaper to just move the stock to existing closing stores. There are two within 10 miles.

[Mr Peabody]

I didn't want to start yet another Circuit City thread so here's the latest.

Circuit City is getting a BBB warning in my area because they are actually selling TV's and other big ticket items for more than what they were originally and putting a 20% discount tag on them. The news story said Circuit City going out of business is actually causing better sales in competitive stores. I went in CC Saturday before seeing this story tonight and saw this for myself. I went in looking for a bargain and found things that were supposed to be discounted at a higher price than seen online or other stores. They said a liquidation company bought CC's inventory and the right to sell it off for X amount of dollars and gave the value of the inventory. If the company sold the inventory at a discount they wouldn't make any money. They may not any way once every one finds out what's going on.

[Feanor]

...

Circuit City is getting a BBB warning in my area because they are actually selling TV's and other big ticket items for more than what they were originally and putting a 20% discount tag on them....

Caveat emptor

[Groundbeef]

The problem is that CC isn't selling anything anymore. All of their inventory has been sold. It's now a liquidator doing the selling.

They need to take down the old price tags though. That is a problem.

[squeegy200]

No wonder they are going out of business. They just built a gigantic store a few miles from my house in a new shopping center. They started back in October. The thing is huge! I'm guessing a minimum of several million in construction costs alone. The problem is, it still has never opened! Probably never will now. There have been people working there filling it with inventory for the last month so I peaked through a rip in the brown paper on the windows and it looked like it's ready to open. Fully stocked and just sitting there. The shelves are full, lights are on, but no workers. Kindof eary?

There is a store near my house which moved into the now defunct CompUSA Store Front in Arcadia CA. They opened there doors with a Grand Opening a couple weeks before Christmas and soon afterwards hung a "Going Out of Business" banner across the front of the newly hung sign. The paint has barely dried on their newly paved parking lot.

[Mr Peabody]

Caveat emptor

Don't be using that Canadian slang on here, if your cubbards empty, just say so.

[pixelthis]

I didn't want to start yet another Circuit City thread so here's the latest.

Circuit City is getting a BBB warning in my area because they are actually selling TV's and other big ticket items for more than what they were originally and putting a 20% discount tag on them. The news story said Circuit City going out of business is actually causing better sales in competitive stores. I went in CC Saturday before seeing this story tonight and saw this for myself. I went in looking for a bargain and found things that were supposed to be discounted at a higher price than seen online or other stores. They said a liquidation company bought CC's inventory and the right to sell it off for X amount of dollars and gave the value of the inventory. If the company sold the inventory at a discount they wouldn't make any money. They may not any way once every one finds out what's going on.


THIS "LIQUIDATION" company was quite upfront about what they do as a general rule.
First they move in MORE stuff, and you might have noticed some items not in the Circuit
"program".
Then they mark everything UP, and then put a 30% off tag on everything.
Granddaddy did the same thing when business was slow, put everything on the sidewalk and double the price, they usually had to get more stuff because they would run out.
AND I know THAT YOU KNOW what "caveat emptor" really means dr pee pee.
You may be one of the "blonds" on this site but you're not that blond.:1:

[Mr Peabody]

I don't think they were "up front", if they announced "come on in, we just jacked up prices so we can allow a mark down and sell at original price while claiming we gave a discount", I don't think that would attract much interest. Most savvy consumers will notice what happened when they see the prices but others may be duped that don't normaaly shop online or keep there eye on the sales trends. I think most people do comparison shopping these days but you know about the slippery slope, if one turns a blind eye to the liquidators false advertising then what's next.

[pixelthis]

I don't think they were "up front", if they announced "come on in, we just jacked up prices so we can allow a mark down and sell at original price while claiming we gave a discount", I don't think that would attract much interest. Most savvy consumers will notice what happened when they see the prices but others may be duped that don't normaaly shop online or keep there eye on the sales trends. I think most people do comparison shopping these days but you know about the slippery slope, if one turns a blind eye to the liquidators false advertising then what's next.


well, thats what I read in the business section of the news.
They outlined their whole strategy, which is basically what I said, verbatim.
They were quite up front about it, actually.:1:

[bobsticks]

I know that once things get moving along, you can't really stop it and that might be the case here. CC probably had these plans and contracts in motion, even before they went through their first round of store closures. It's just strange that they would continue to stock and fit the building interior while other CC locations in the market were getting liquidated.

Not so strange really when you consider who's pulling the strings. As an extension of Pix's "one more paycheck" thought I would imagine most of the corporate officers had option collars.

With interest rates so low, the stock market is the only place to invest for reasonable returns, and one way to get insurance on your stock investments is to use a collar. With collars, your maximum loss on a stock is limited. For example, you could buy CCC (Not a real stock) for $68 a share and be guaranteed to receive at least $60 for that stock any time during the next five months (downside protection). This transaction is paired with a covered call so you could make around $2.60 a share in cash today (that's 3.97% simple interest or 9.52% annualized) and you will make even more if the stock price goes up.

It's only really illegal for the officers of the company if the company's portfolio consists of it's own suppliers and they funnel paper losses away from the primary's balance sheet. In today's world of byzantine shell corps who would really know?

I doubt the guys beind the desks had any problem paying some workers to put up fixtures and alphabetize the hip-hop discs for a few months, as it would help to maintain the illusion of normalcy with bankruptcy on the horizon. Everyday is a few more cents and when you're talking about millions of shares that equals a liferaft as the Titanic sinks.

[Rich-n-Texas]

And so it ends. Goodbye CC, I knew ye well.

(Well, not really, but...)

[Mr Peabody]

RIP, CC

"Well, at least he isn't suffering any more".

[pixelthis]

RIP, CC

"Well, at least he isn't suffering any more".

RIP
(Rest In Pieces)
I drive through the lot, taking a short cut, not really thinking about it.
I look over at a blazing light, the local CC, or whats left of it.
Less than a year old.
All that is left locally is a local hi-fi shop.
And Sears has taken on a few more receivers.
But thats it, basically.
So I turn left, the light disapears as I round the corner, drive through the back,
and pull in at the Hardees for my after shift burger.
Feel like something has faded, disapeared, not just a store, but an ERA.
Sad, really.:1:

[Mr Peabody]

Pix, you old fart don't you know that fat will clog your arteries?! Do you want it to explode if you ever had to chase some one again?