Circuit City: No Milk, No Plasma TV

Circuit City has announced the shutting of 155 stores, and there could be more to come, given that the retailer is examining “all available options and alternatives to restructure its business.” It is exiting 12 markets, including Atlanta and Phoenix.

We thought a Circuit City salesperson in one report summed it up best when he said: “They’re not going to get bailed out like Lehman Brothers. People aren’t going to buy plasma TVs when they can’t buy milk.”

The closures, which are to take place by the end of the year, will still leave Circuit City with about 560 stores nationwide. When will we see more doors shutting?

Are there any other retailers on your watch list that could have significant closures either before, or directly after, the holiday season?


3 Responses to “Circuit City: No Milk, No Plasma TV”

  1. 1 Boston Broker November 4, 2008 at 10:52 am

    Happy for Circuit City that “They’re not going to get bailed out like Lehman Brothers”. That’s one lucky salesperson.

  2. 2 James November 4, 2008 at 1:14 pm

    Big ticket discretionary categories will have a very hard time, Home furnishings, furniture stores, appliances, sporting goods, boating supply, jewerly, specialty mall tenants like Brookstone, some Specialized stores like REI, anything to do with recreational vehicles Snowmobiles and motorcycles,etc. I think men’s and women’s clothing and shoe stores will start to feel the pinch soon. People are already spending only what they have to to get by. Stores like Circuit City where competition is intense, products are available online, and there is already an oversupply will close completely.
    New Dodge pick ups are being advertised for $12K, and basically no one is buying them.
    Markets can reach a point where there is no buyer at any price.

  3. 3 Brad Ellman, November 7, 2008 at 11:03 am

    Take a look at Philip J. Schoonover’s total pay from 2007:over $6.5MM. He basically ruined a decent company with his bad policies and got paid very well for it.
    Add in the current “bad loans” fiasco and with no money, no customers. Their shelves in my local store are looking very thin with merchandise……….

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