When The Checks Stop Coming In

Jesus Take The Wheel, News, When The Checks Stop Coming In

January 16th, 2009 23 Comments 6897 Views

Posted by Bossip Staff

As you know, sh*t is hitting the fan. Remember when we reported last month about all the Circuit City stores closing and lay off’s? Well, Circuit City has just announced a company liquidation:

Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal. The company, which employs more than 30,000 employees, said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators. Calls to the Richmond, Va.-based company and the liquidators were not immediately returned. Circuit City filed for Chapter 11 bankruptcy protection in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season. It had been exploring strategic alternatives since May, when it opened its books to Blockbuster Inc. The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a 9,300-store chain to sell electronic gadgets and rent movies and games. Blockbuster withdrew the bid in July because of market conditions. Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of this year. Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores. The company already closed 155 stores in the U.S. in November and December. U.S. Bankruptcy Judge Kevin Huennekens had given the company permission to liquidate if a buyout was not achieved.

This is not a game. People need to get their lives in order immediately and be as prepared as possible for hard times.

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Tags: Jesus Take The Wheel, When The Checks Stop Coming In

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Comments

23 Responses to “When The Checks Stop Coming In”

kahmmillion

1/16/09, 13:07:pm

Good riddens…Circuit City a bunch of rip-offs anyway…

Sorry to that ppl lost their jobs though!

Blondee

1/16/09, 13:09:pm

1st

bbss

1/16/09, 13:11:pm

Thank *****ing GOD!!!!

Colonel Stink Meaner

1/16/09, 13:30:pm

I gotta go get some blank CD’s!!!

ms meca

1/16/09, 13:38:pm

the one in cincinnati closed in november they already had their liquidation sell

YAKOBO

1/16/09, 13:46:pm

atleast we still got walmart…

NEED WORK? http://WWW.CAREERKAZI.COM

Mrs. Rance

1/16/09, 13:47:pm

Wow they just opened one by my house like 4 months ago. Let me run by there and see if can pick up that $600 laptop for 50 bucks.

ms meca

1/16/09, 14:01:pm

man! when they went out of business the stuff was higher then before ! the price didnt go down!

Mrs. Rance

1/16/09, 14:04:pm

ms meca

man! when they went out of business the stuff was higher then before ! the price didnt go down!

****************************

Oh well, they can keep it then. Got some nerve. And they wonder why they went broke.

Lynn

1/16/09, 14:09:pm

They are going to do just what CompUSA did. Raise the prices to what they will say are “manufacturers suggested retail prices” and hope people will think they are getting bargains during the “liquidation” without checking. People would probably shop there more if everything didn’t have a mail-in rebate on it.

ms meca

1/16/09, 14:17:pm

mrs rance…

a tv i had originally seen was 599.. im thinkin ok it ah be cheaper why did i go back and the same tv was 799.99

ms meca

1/16/09, 14:18:pm

lynn

i agree thats what they did !

*****

1/16/09, 14:18:pm

This is crazy

i SAID IT... YA DAMN RIGHT

1/16/09, 15:57:pm

Damn, should I wait to cop my flat screen?

dismymoney

1/16/09, 18:18:pm

To hell with Circuit City and their cheap ***** merch!!! Non-alphabetizing DVD/CD *****hfuggahs.

AWWWWWWWWWWWSHADDAAAAAAAP!!!!

1/16/09, 18:27:pm

Awwww, ***** ‘em. The Circuit City closest to me use to follow Black shoppers all over the store like a shadow. It’s like they expected the bruthas to hall ***** out the front door with some Bose Acoustim***** 700s.

I never liked ‘Circuit City.’ Shut down that ‘Best Buy’ nonsense too. They ain’t that much better.

kyrptic

1/16/09, 19:48:pm

I love circuit city to. O well. time for me to go buy a new hdtv lol

james

1/16/09, 21:29:pm

i live in richmond va where the corporate office and store was. i used to work at the corporate store and i always knew this was gonna happen cause best buy was next door and they murdered the competition so bad. oh well

true boo

1/16/09, 21:50:pm

yall people are cold.saying good for them and ***** them.this recession’s making everyone lose their jobs. these people have families they have to support and take care of. times are hard now. the economy’s tragic.how would yall like it if recession’ butted it’s ugly rear into yall’s *****es and made yall lose your jobs? than other people with jobs would be like “oh ***** yall. who cares?” smh. karma’s a *****.

bighead

1/16/09, 22:11:pm

I hate to see people lose their jobs but the store I went to had really bad customer service.

Marquis de Sade

1/17/09, 00:56:am

Don’t expect a liquidation sale. They recently filed for Chapter 11 Bankruptcy, which is protection from their creditors. All of their big ticket items will be returned to their vendors or manufacturers. I think the reason Circuit City failed is because of poor merchandizing, ***** poor loss leader inventory, and bad customer service…Competing with Best Buy, Walmart, Sears & Amazon.Com probably didn’t bode well either.

Kristen

1/17/09, 07:53:am

AH HA!! That’s what they get!!! I ordered a memory stick from them online last year while I was deployed and those *****s never sent it. And they didnt give me my money back either… they tried to say some lame excuse about it taking a long time.