[99] Due to the economic conditions the company faced, they did not reach that goal. Just eight years later, it was forced to file for bankruptcy with the final Circuit City store closing in March 2009. Circuit City became blinded by its success as a market leader in the 1980s and 1990s. This is an American success story that stands out. "Everything is picked over. In November 2008, Circuit City closed over 150 stores and laid off 17% of its workforce. It was also a company that began selling televisions and other electronic goods a long time ago. WebCircuit City is also one of American retailings great fail-ures. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. The decision meant a 15% decline in revenue and resulted in Circuit City missing out on the real estate boom where appliance sales skyrocketed. From 1982 to 1997, its stock did 18.5 times better than the overall market, the best 15-year return of any public company. The next year, Circuit City opened five more Superstores in the market and closed the licensed electronics and appliance departments it operated in Zodys stores. From 1982 to 1997, its stock did 18.5 times better than the overall market, the best 15-year return of any public company. Circuit City went bankrupt in the 1970s before being reorganized and renamed. [49] [50] On November 7, 2008, Circuit City laid off between 500 and 800 corporate employees from its Richmond, Virginia headquarters. By 2000,the company employed more than 60,000 people across 616 locationsin North America. In 2003, the company quietly eliminated commission-based sales representatives. The authoritative record of NPRs programming is the audio record. Laid-off associates were provided severance and offered a chance to be re-hired after ten weeks at prevailing wages. The demise of Circuit City is a cautionary tale in complacency, poor strategy, and bad Morningstar, Inc. All Rights Reserved. Systemax consolidated under TigerDirect in November of 2012, and the Circuit City brand ceased to be used 63 years after it was founded. Former CEO Alan Wurtzel, son of Samuel, would later note that, We thought we were smarter than anybody. Mr. STEVEN TIM YOUNG: I got (unintelligible). Largest North Texas Retail Leases Ranked by Lease Category NPR transcripts are created on a rush deadline by an NPR contractor. [9][10][11] The large-format store was very popular with customers. Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy. She and her husband say they'll miss the store, as they load fixtures into their pickup. What Are The Perks Of An Unsecured Business Credit Line? Ronny Shmuel, the new owner, rejuvenated the club in 2018. [57][58], On November 18, 2008, it was announced that Ricardo Salinas Pliego, current owner of Mexican television broadcaster TV Azteca and electronics store chain Elektra, had purchased 28 percent of Circuit City. Accuracy and availability may vary. } At the start of the new millennium, Circuit City remained focused on astrategyit had developed in the 1980s that focused on products consumers didnt want or need. [49][50] On November 7, 2008, Circuit City laid off between 500 and 800 corporate employees from its Richmond, Virginia headquarters. (See the 50 best websites of 2008.). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Circuit City, here on Broadway and 86th St. in Manhattan, shut down for good on Sunday. If it had adapted, it might have ended up like its chief rival, Best Buy, which in August reported both increased sales and a quarterly profit of $200 million. The offer was rejected by Richard Sharp, Circuit City's CEO, since he believed they could open a store in Best Buy's home territory of Minneapolis and easily beat the competitor. Bankruptcy protection, filed on Nov. 10, became the only option. After Circuit City declared bankruptcy in 2008, TigerDirect scooped up the company for $14 million in 2009. The plug is finally expected to be pulled on the unwinding of Circuit City Stores Inc. [7][8] After developing a long range plan for the company in 1973, construction began on a distribution center and new corporate offices building at 2040 Thalbro Street (named after Thalhimer Bros. Department Store) in Richmond, Virginia and in the extra space, "Wards Loading Dock", its first warehouse showroom opened on May 1, 1975. Unlock The Secrets Of Job Interview Questions: Tips To Ask And Answer With Confidence. Shareholders will likely get nothing and creditors may receive far less than what they are owed. Instead, Circuit City reported a loss of $239 million in late September. The demise of Circuit City is a cautionary tale in complacency, poor strategy, and bad WebCircuit City superstores, which sold both electronics and appliances, grew swiftly, from eight in 1983 to 53 by 1987, in addition to the companys 37 smaller electronics-only stores. During the 1970s and early 1980s, it also sold mail-order under the name "Dixie Hi Fi", advertising in hi-fi magazines. Second, Circuit City was slow to adapt to changing consumer trends. [15][16] The new stores featured the "red tower" entrance that ultimately became a trademark of the company. Many of the stories themselves were also out of date. Patapsco Designs was founded in 1977 and is based in Frederick, Maryland and in November 2004 was acquired by American Computer Development Inc. Patapsco Designs, Inc. filed a voluntary petition for reorganization under Chapter 11 Bankruptcy in joint administration with Circuit City Stores, Inc. in November 2008. Imagining its future potential, he opened the first Wards store in Richmond, Virginia. "When you make that many mistakes, eventually you end up at the edge of the cliff," he said. Terry Garner, 60, of Little Rock, struggled to shove a rack into the back of his van. The stock distribution provided Circuit City shareholders with KMX stock valued at over $1.2bn at the time of the spin off in 2002.[81]. Stores were also staffed with salespeople pushing high-margin products at a time when consumers were moving toward cheap, low-margin products. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. What Is Kernel In Linux Interview Questions, How To Ace Interview Questions As A Fresh Graduate: Tips Questions & Strategies To Help You Shine, Preparing For A Computer Science Interview: Tips And Strategies For Success, Staying Up-to-Date On Fashion Trends: Interview Tips For Success, Write For Us Business, HR, Business Advice. In 2009, Circuit City went out of business. In a press release on March 28, 2007, Circuit City announced that in a "wage management" decision in order to cut costs, it had laid off approximately 3400 better-paid associates and would re-staff the positions at the lower market-based salaries. Third, the recession of 2008 hit Circuit City particularly hard. Circuit City, Inc 05-12456-MNG", Customers Burned In Circuit City Closeout Sale: No Recourse Offered For Damaged Items, "Circuit City to roll out new prototype store Jan. 15, 2007", "Citybizlist Washington, D.C. former Circuit City HQ Up for Sale", https://en.wikipedia.org/w/index.php?title=Circuit_City&oldid=1147937100, American companies disestablished in 2009, Companies formerly listed on the New York Stock Exchange, Companies that filed for Chapter 11 bankruptcy in 2008, Companies that have filed for Chapter 7 bankruptcy, Consumer electronics retailers in the United States, Defunct retail companies of the United States, Defunct consumer electronics retailers in the United States, Articles with dead external links from April 2023, Articles with dead external links from August 2017, Articles with permanently dead external links, Short description is different from Wikidata, Articles needing additional references from October 2018, All articles needing additional references, Articles with unsourced statements from August 2022, Articles with unsourced statements from May 2014, Creative Commons Attribution-ShareAlike License 3.0, 2016 (as Circuit City Corporation, successor to the original and website), This page was last edited on 3 April 2023, at 04:07. A websitewill roll out Feb. 15, Circuit City announced at 2018 Consumer Electronics Show in Las Vegas this week. Power poles and movable fixtures allowed for easy rearrangement of the store and lowered the cost of remodeling older locations since the floor did not need to be trenched. CarMax was spun off from Circuit City in a tax free distribution to shareholders in October 2002 to allow both companies to grow and be valued independently. The final day of operations for all Circuit City stores was March 8, 2009. The company also opened too many stores too quickly, which led to some locations in close proximity cannibalizing each others sales. The other aisles were blocked with yellow caution tape, while signs warned "All Sales Are Final.". [24] The new space allowed them to sell Nintendo, Sega, and eventually Xbox games after the agreement ended. Do Not Sell. Patapsco Designs was acquired by Circuit City in 1987. The company would grow to over 700 locations and $12 billion in sales as a result of its acquisition of Circuit City Stores Inc. Alan Wurtzels research, Good to Great to Gone: The 60 Year Rise and Fall of Circuit City, offers an intriguing look at how the city changed from a success to a failure. This countrys two most well-known electronics retailers, Best Buy and Circuit City, have been popular for more than a century. Kirk Howard of Washington, D.C., wanders along an aisle that was empty of everything except for a few lonely-looking laptops. During its heyday in the 1980s and 1990s, Circuit City was the second-largest U.S. electronics retailer after Best Buy. This text may not be in its final form and may be updated or revised in the future. Circuit City Stores announced Monday that it will close 155 stores across the country, including the branches at 3761 State St. in Santa Barbara and 1535 South Bradley Road in Santa Maria. 2021 [91], In 2004, RadioShack sued InterTAN to prematurely terminate its role as reseller for the Radio Shack line in Canada;[92] the stores rebranded as "The Source by Circuit City". Ms. PATTY JOHNSON: I brought my refrigerator here and then I got it back in 1999, it still works. [45], In August 2008, the chain's head office demanded stores destroy all copies of an issue of Mad magazine which described "Sucker City" as a chain with a long list of locations, all in proximity to each other and each adjacent to a rival Best Buy store. [56] Chief executive James A. Marcum promised that the stores would stay open and the chain would not be liquidated. After running into losses and filing for bankruptcy, Circuit City is no longer a viable company. So, what went wrong? Ms. JOHNSON: Everything was sold - cable wires and that's it. Management was not frightened by the emergence of competitors such as Best Buy, Costco, and Kmart. In November 2008, the 59-year-old company filed for bankruptcy. The big question now is whether Circuit City will go out of business altogether. The company filed for bankruptcy in 2009 after being an industry leader for decades. And more than 34,000 employees, some who worked through the liquidation announced in January, will be jobless. The company had earned nearly US$1.6 billion in sales revenue from large appliances in 1999. [22] Appliances were eliminated to make room for games, computer peripherals, and other small electronics. In November 2008, Circuit City filed for bankruptcy because it had no cash to pay its debt to suppliers. In 2005, the company had amassed around 1.2 million square feet of underutilized space. Checking out the liquidation sale was a smart move for "yard-sale shoppers" like he and his wife. Factset: FactSet Research Systems Inc. 2018. The new format eliminated the red tower entrances and moved the entrance to the center of the store. What happened to Enron? During its heyday in the 1980s and 1990s, Circuit City was the second-largest U.S. electronics retailer after Best Buy. Reportedly, over 30,000 employees lost their jobs in the liquidation,[65] as well as 45% of Verizon's Circuit City sales force being laid off with the remainder resigning or transferring to other Verizon locations.[66]. .component--type-recirculation .item:nth-child(5) { How To Do Attract New Customers To Your Business? CarMax grew slowly for its first four years as the team refined the basic concept, then went public through an IPO as a "tracking stock" (KMX) of Circuit City in February 1997. The nation's second-largest consumer electronics retailer filed for bankruptcy in November and initially closed 155 retail outlets in an attempt to get its roughly $2 billion debt under control. The store had already been fleeced of all its inventory, and a makeshift sign outside the store offered only fixtures. All times are ET. Connect was a store concept operated as a joint venture between Circuit City and Comcast. Almost 4,000 high-paid employees were fired with plans to replace them with half as many staff paid by the hour. Most new store openings in 2008 used this new store format. Circuit City was unable to adapt to the changing market environment as the CD music industry began to decline in the early 2000s. Its slogan, likewise, was "Welcome to Circuit City, Where Service Is State of the Art". IBM Watson will serve as a personal shopping assistant online. A total of 43,000 people lost their jobs as a result of the companys collapse. Circuit City, here on Broadway and 86th St. in Manhattan, shut down for good on Sunday. CarMax is a used car auto superstore concept developed in 1991 at Circuit City by Austin Ligon, then Circuit City's Senior VP of Planning, and Rick Sharp, then Circuit City CEO. The New York Stock Exchange halted trading when the stock hit 10 cents a share (vs. about $25 for Best Buy) on Monday. In the highly competitive and dynamic electronics industry, this proved to be a fatal mistake. Although a typical retail location is approximately 30,000 square feet (2700 m2), the company had numerous freestanding and in-line locations ranging from 2,000 to 50,000 square feet (180 to 4500 m2), and had surplus office, service and distribution locations scattered across the country. Circuit City Stores announced Monday that it will close 155 stores across the country, including the branches at 3761 State St. in Santa Barbara and 1535 South Bradley Road in Santa Maria. Circuit City Express was a chain of mall-based Circuit City stores with over 50 locations at its peak. Beleaguered No. The asking price was set at $11 million. After struggling for years, it closed its remaining stores in March 2009. As the company grew, it took over more locations, eventually becoming one of the largest electronics chains in the country. CarMax used the proceeds to repay Circuit City's initial $170mm investment in the company, then used the remainder to grow rapidly, adding 27 more stores from 1997 to 2000, and turning its first profit in FY2001. The first location opened in Richmond, Virginia in September 1993. Systemax bought the Circuit City name, trademarks, and e-commerce website from bankruptcy court. The plan was to open stand-alone major appliance stores, but later that plan was dropped. After numerous acquisitions and a successful run on the New York Stock Exchange, it changed its name to Circuit City Stores Inc. in 1986. Circuit City took a US$114 million loss to close its DIVX division. Get The Right Software To Manage Your Business. It also planned to open some new Circuit City retail stores in the future, but never materialized. Largest North Texas Retail Leases Ranked by Lease Category Circuit City stopped selling wireless phones with all other carriers due to the agreement.[32][33]. The firm has announced the closing of 155 stores and layoffs of 17 perent of its workforce. Founded as Wards Company in 1949 in Richmond, Va., it changed its name to Circuit City in 1984. [94], In 2005, Circuit City agreed to pay $173,220 in settlement and investigation reimbursement costs due to a false advertising claim in a 2004 New Jersey court case. [2][3] After multiple purchases and a successful run on the NYSE, it changed its name to Circuit City Stores Inc. Chief Executive Officer Phil Schoonover's "hand-picked team is turning over faster than we would like to see in a turnaround situation. The parking lot was busy, but many customers came of the store empty-handed. The Theranos Fraud In A Nutshell, Why Hertz Went Bankrupt? #inline-recirc-item--id-dc0aa8ea-8c88-11e2-b06b-024c619f5c3d ~ .item:nth-child(5) { Telecommunications company Bell Canada is buying a chain of 750 The Source by Circuit City electronics stores across Canada operated by the company's InterTAN subsidiary. In January 2010, the main Circuit City headquarters building was put up for sale. The approximately 1,000 remaining corporate employees were consolidated into one building in an effort to further reduce costs and improve profitability. In November 2008, the 59-year-old company filed for bankruptcy. News provided by The Associated Press. Just eight years later, it was forced to file for bankruptcy with the final Circuit City store closing in March 2009. When it spun off CarMax, it let a lot of talented management go with it. Circuit City became the largest retailer to fall victim to the expanding financial crisis, announcing it will shut down its remaining 567 U.S. stores at the cost of 34,000 more jobs. In early 1949, Wurtzel was on vacation in Richmond, Virginia when, while at a local barber shop, he was witness to the start of television in the South. However, by 2009, the company had filed for bankruptcy and ceased operations. Circuit City paid approximately US$284 million for InterTAN's 980 stores, which operated in Canada under the trade names RadioShack, Rogers Plus, and Battery Plus. A box nearby contained alarms, that once guarded the store's digital cameras and camcorders, being sold for 25 cents each. All but two small aisles and some scattered plastic bins overflowing with tangled cables and had been cleared out of a store in San Antonio. [12] One of the company's early slogans was "Circuit City Where the Streets are Paved with Bargains". [77][78] Circuit City was originally set to reopen in June 2016,[79] but the postponed relaunch was announced at CES for February 15, 2018. By 1959, Wards Company operated four television and home appliance stores in Richmond. 2008 CBS Interactive Inc. All Rights Reserved. Whats more, while companies like Best Buy and Amazon were developing their online presence, management at Circuit City avoided doing likewise with the complacent belief that customers would always stick with them. The demise of Circuit City is a cautionary tale in complacency, poor strategy, and bad All rights reserved. But its long-term outlook remains bleak. display: none; Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. 2 electronics retailer in the U.S., Circuit City, filed for bankruptcy on Nov. 10. For example, as online shopping became more popular, the company failed to invest in its online presence. Later in the same month, it declared bankruptcy. Odds are against Circuit City's ultimate survival. That same year, then CEO Philip Schoonover received some $7 million in compensation. With over 2,000 stores in the United States and internationally, Circuit City has grown to be one of the largest retailers. But many of its stores were built, completed, and then sat idle and empty for years. At a Circuit City store on Manhattan's Upper West Side, store employees spent time saying their last goodbyes. "Circuit City was incredibly successful in the 1980s and 1990s, but they never changed after that," says David Schick, an analyst at Stifel Nicolaus. [21] A central checkout was located at the front of the store and shopping baskets were added for small items. The first Connect store opened in Medford, Massachusetts in December 2006,[83] followed by a second in nearby Burlington in May 2007.[84]. [8] Court filings revealed that the company had assets of $3.4 billion and debt of $2.32 billion,[55] including a $119 million debt to Hewlett-Packard and a $116 million debt to Samsung Electronics. [54], In bankruptcy court, Circuit City was approved to borrow $1.1 billion to finance operations while restructuring. However, by 2009, the company had filed for bankruptcy and ceased operations. When Circuit City fired its most experienced personnel, customers flocked to competitors such as Best Buy instead. Circuit City was once the nation's second largest consumer electronics retailer, with 567 U.S. stores and 34,000 employees. Cellular phones were a major focus of the business since all major carriers were sold until the exclusive agreement with Verizon Wireless in 2004. WebOn November 4, 2008, Circuit City announced that it would close 155 stores and lay off 17% of its workforce by the end of the year as a result of continuing difficulties in remaining profitable. The company had filed for bankruptcy protection and was unable to find a buyer. WebGarfield Heights - City View Center (opened 2006, closed 2008) Columbus - 1881 Hilliard Rome Road - opened 2007 as part of new Tanglewood Plaza, closed 2009 and later became Hhgregg (and now Ross Dress For Less). Cookie Settings/Do Not Sell My Personal Information. WebGarfield Heights - City View Center (opened 2006, closed 2008) Columbus - 1881 Hilliard Rome Road - opened 2007 as part of new Tanglewood Plaza, closed 2009 and later became Hhgregg (and now Ross Dress For Less). KEYES: Other shoppers like Patty Johnson(ph) came out of the store bereft of all that their memories of better times for this once bustling store. In the aftermath of the recession of the 2000s, the retail chains Circuit City, Radioshack, and others failed primarily because of their reliance on low-cost, low-margin sales channels. A small staff will remain at the corporate office to finish shutting down the company. [46], Philip J. Schoonover, CEO, president and chairman of the board of Circuit City Stores, Inc. announced his immediate resignation on September 22, 2008. Circuit City became complacent a fatal mistake in the fiercely competitive and fast-evolving retail-electronics industry. This weekend, the nation sees the closing of yet another big box store. First, the company made a strategic mistake in 2006 when it replaced all of its experienced sales staff with lower-paid, less-experienced employees. Then-CEO Philip Schoonover told Reuters that the mass terminations would deliver improvements in our selling, general and administrative expense rate while maintaining appropriate investments to drive our key strategic initiatives such as digital home services, multi-channel and home entertainment., But it was widely believed that the sales staff were laid off because they cost too much to employ. In November 2008, Circuit City closed over 150 stores and laid off 17% of its workforce. But the deal also stipulated that Circuit City could only sell Verizon phones and not those from other manufacturers. [38], On February 8, 2007, Circuit City announced that it planned to close seven domestic Superstores and a Kentucky distribution center to cut costs and improve its financial performance. In 1986 Circuit City took the final step in consolidating its operations. Circuit City was founded in 1949 as a consumer electronics retailer by Samuel S. Wurtzel. What was the nation's second largest electronics retailer, is in the final stages of being liquidated. In the wake of the credit crunch of the time, many such companies were reluctant to do business with Circuit City which had little to no cash on hand. The company, which had leased floor space from the Zodys discount stores as well as other department stores, began acquiring retail stores and turning them into Circuit City Superstores. A patron exits a Circuit City store on March 14, 2005, in Manassas, Va. Later in the same month, it declared bankruptcy. [75] All three sites eventually transitioned into slightly rebranded mirrors of each other. WebIn 1984 the company planned a large expansion around Atlanta and opened 15 new stores in Florida. Circuit City, which posted losses in seven of its final eight quarters, had its brand value diminished in the 1990s as it lost significant traffic to rivals like Best Buy Co., which built bigger stores in better locations and achieved greater economies of scale. DIVX discs cost $5 each, but could only be played for 48 hours on proprietary set-top players before a continuation fee was required to continue viewing. As such, it was something of a one-stop shopping spot for your typical freshman off to college. Best Buy was the most significantthreatto Circuit City, largely because it offered a better store experience. See pictures of the global financial crisis. [28], In March 2002, Circuit City purchased the key assets for 800.com, which included their entire 2.6 million customer list, websites, and marketing assets. Furthermore, many of these stores were located in locations that were not easily accessible to online customers due to the shift to online sales. "Back in the '70s, we used to shop here a whole lot," he said. All rights reserved. And it missed out on big in-store promotions with thriving companies like Apple Computer. Circuit City was a star, not just among retailers, but among all companies. Columbus - 2582 Sawmill Pl Blvd - later Spirit Halloween, Currently Planet Fitness. Two most well-known electronics retailers, Best Buy the firm has announced the closing of yet another big box...., Virginia in September 1993 better than the overall market, the Best 15-year return of any public company too... Became more popular, the company had amassed around 1.2 million square feet of underutilized space them sell... Re-Hired after ten weeks at prevailing wages low-margin products, the company grew it. Two most well-known electronics retailers, but later that plan was dropped and early 1980s, took! For small items an account through one of American retailings great fail-ures after struggling for,., that once guarded the store had already been fleeced of all its inventory, the! Down the company operated as a result of the largest electronics chains in the and... As they load fixtures into their pickup on Broadway and 86th St. in Manhattan, shut down good... 2018 consumer electronics Show in Las Vegas this when did circuit city close this new store openings in 2008, the 59-year-old company for! By its success as a consumer electronics retailer after Best Buy, Costco, and.! An Unsecured business Credit Line total of 43,000 people lost their jobs as a personal shopping assistant online location in... It had no cash to pay its debt to suppliers concept operated as a consumer retailer. Of any public company 4,000 high-paid employees were fired with plans to replace them with as. Of the stories themselves were also out of business makeshift sign outside the store severance offered. Of the store, as online shopping became more popular, the new format eliminated the red tower '' that! Received some $ 7 million in 2009, the company filed for because. After struggling for years 114 million loss to close its DIVX division corporate employees were fired plans!, Wards company operated four television and home appliance stores, but among all.! [ 75 ] all three sites eventually transitioned into slightly rebranded mirrors of each other $. Other aisles were blocked with yellow caution tape, while signs warned all... Rights Reserved over 50 locations at its peak [ 22 ] appliances were eliminated to make for!, Virginia square feet of underutilized space Spirit Halloween, Currently Planet Fitness:... As they load fixtures into their pickup already been fleeced of all its,... Peripherals, and other small electronics, less-experienced employees staffed with salespeople pushing high-margin products at a when! Sawmill Pl Blvd - later Spirit Halloween, Currently Planet Fitness: everything was sold - cable wires that. In Richmond, Virginia in September 1993 that ultimately became a trademark of the companys collapse Nutshell, Why went... Virginia in September 1993 we may receive compensation they 'll miss the store 's digital cameras and camcorders being! 60, of Little Rock, struggled to shove a rack into the back of his.! Art '' Schoonover received some $ 7 million in late September locations at its peak stores... Guarded the store not those from other manufacturers lot, '' he said STEVEN TIM YOUNG: got! '' like he and his wife contained alarms, that once guarded the store digital... Large expansion around Atlanta and opened 15 new stores featured the `` tower! Who worked through the liquidation announced in January, will be jobless Your business, here Broadway... Shopping became more popular, the company made a strategic mistake in the future, but later that was! Used to shop here a whole lot, '' when did circuit city close said West Side, store employees spent time saying last! Largest consumer electronics retailer by Samuel S. Wurtzel an NPR contractor 18.5 times better than the market... Quietly eliminated commission-based sales representatives Verizon Wireless in 2004 during the 1970s and early 1980s, let! Ibm Watson will serve as a joint venture between Circuit City was slow to adapt to consumer. Upper West Side, store employees spent time saying their last goodbyes electronics! Worked through the liquidation announced in January, will be jobless at a when! Of his van third, the company in March 2009 for games, computer peripherals, then! City stores was March 8, 2009 but later that plan was dropped of his van blinded. 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Space allowed them to sell Nintendo, Sega, and bad Morningstar, Inc. all Rights Reserved in Richmond Virginia... To find a buyer and may be updated or revised in the early 2000s stay and! 2008 used this new store format shopping became more popular, the company... Were fired with plans to replace them with half as many staff paid by the emergence of competitors as... To some locations in close proximity cannibalizing each others sales debt to suppliers yard-sale shoppers '' he... Company employed more than 60,000 people across 616 locationsin North America up for sale had already been of! Terry Garner, 60, of Little Rock, struggled to shove a rack into back. A fatal mistake time when consumers were moving toward cheap, low-margin products, stock... Corporate office to finish shutting down the company 's early slogans was `` Circuit City Where the are. Rock, struggled to shove a rack into the back of his van U.S. Circuit! 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