Circuit City Closing Stores And Leaving For Good November 3, 2008 is going to be the date

[BuffaloHelp 24]

Earlier this afternoon I stopped in my local Circuit City to say hello to few of my friends. I didn't know what was going on but one of the managers pulls me aside and says, "you know we're closing, right?"

It hit me like a bomb went off and I was having a hearing loss.

I frequently visit this particular Circuit City store chain to see how my buddies are doing. I've worked with them years before in various electronics stores and I kept close touch with all of them. I not only enjoy browsing through electronics like a kid in a candy store (geeky I know) but also to keep up with certain news or new technologies so that I am somewhat well informed.

The detail is not to be discussed with me during my visit, but about 155 stores are to be closed immediately on Monday November 3, 2008. And remaining stores are to be closed by the end of this year. The official note from the president was sent dated November 2, 2008 outlining the details of medical coverage, termination terms and any other severance pay.

Your health coverage under Circuit City's group health plan will terminate on the last day of the month in which your employment ends. However, you can elect to receive COBRA continuation coverage for yourself and qualifying dependents under Circuit City's group health plan in accordance with the Consolidated Omnibus Budget Reconciliation Act ("COBRA"). Such continuation coverage shall be at your own expense, and shall in all respects be subject to the requirements, conditions and limitations of COBRA and of the health plan of circuit City, which may be amended form time to time. COBRA election information will also be provided to you under separate cover.

While services like auto installation and firedog departments are completely out, warranty and other extended services are to be covered by 3rd party service. Liquidators are to come and sell remaining store inventories as they see it fit.

This is a bad sign for the United States economy. And especially less than 48 hours before the historical presidential election, Circuit City's holiday kickoff month will turn into holiday layoff month. What will happen to all those jobless workers in this downhill economy?

If Circuit City's closing news came a month earlier, would this news have made the election's outcome any different? Will people's vote swing because of this news?

I am deeply troubled by what's going on in the United States. And I'm not even touching on losing jobs to overseas or made in **** country flooding every street corner. I am troubled by CEO's, CFO's or what FO's earning record salaries, bonuses or benefits when the common workers are taking all the beating working for the man. How could this happen? How could anyone let this happen? We are suppose to be the "advanced" civilization. Are we still practicing "what's your's is mine and what's mine is mine?" Isn't that what cavemen practiced?

What will happen to all those unemployed workers and all the other workers who lost their jobs in coming holiday season. Is this just the beginning of what is to come; come to all of us?

[anwiii 17]

wow. that is depressing. although i really didn't have any friends who worked there, i was always browsing the electronics section when i lived in california since it was closer than fry's. wow. that corner section will never be the same. i wonder what the reason was to shut the doors....when you find out from your buddies, let us know. that just adds to the now growing unemployment rate. i wonder during these times if there can be training for all those that have lost their jobs and continue to lose their jobs to be self employed. with the way things are going there just wont ever be enough jobs for anyone unless we teach people to be self sufficient. too bad these smaller companies can't be a part of the bailout plan which never really made sense to me to begin with. we're losing an icon. wonder who's next. keep us updated...

[Saint_Michael 3]

Well odds are the reason they are closing stores is because Circuit city took a huge hit in the stock market and because of that the value of its stock is so low that it could be kicked off the exchange. I wouldn't be surprise if Circuit City files for bankruptcy in the near future among other companies such as Kmart, Macy's and other big name stores. As for the jobless nothing will be done by the government or the rich and so most people will either look for new jobs or file for unemployment and get the $200 or something like that to survive while trying to look for people who are hiring and not firing.As to why it happen, the rich and powerful did this and they could careless as long as they make their money, maybe a depression is what this world needs in order to figure out what is more important besides money.

[kobra500 1]

It's all gone to *BLEEP*, money and power, once you have them you can't live without them, Think about all the benefits people could have, if the company "nike" high ups instead of giving themselve a ?200,000 raise instead give themselves a ?20,000 and spread the remaining money down to the workers in the factories, make sure they get the money, after all there the ones who are working so hard for so little.These rich people need to live 6months in debt and see how they like it, infact this should be a new reality tv show, then maybe they'll be more sympathetic towards the working man, at anyway lets hope this generation can work it out , so that the next generations don't have to suffer because of big business and greedy power hungry people, there are 6billion people in this world assuming 80-90% are average joes or maybe small-medium business owner, that should be more than enough people to make an impression.

[Running With Scissors 0]

I feel bad for all those workers that lose there job and right before the holidays too. Like Saint_Michael said their stock was really low for a while and I thought someone like BestBuy was going to buy up all the Circuit City stock. Over where I live it's all BestBuys anyway. I hope this whole big companies going under thing isn't going to get any worse but I have a feeling it's just getting started.

[harrison858 0]

Wow, this really stinks. I couldn't imagine what would happen to all those workers that all of the sudden heard this news, and are going to be fired like in 2 days. And as for the rest of the stores.... wtf? Why do all of them have to close? Circuit City is one of the most widely visited electronic stores.I never knew that Circuit City took such a big hit. Everything looked the same.And as for the holidays, workers that expected a good Thanksgiving or a good Christmas will be rethinking their plans, and they will suffer from all the losses.Thank you, BuffaloHELP for letting us know. I hope the economy improves soon, and I hope the next president can boost the economy wherever it needs to be.The important thing isn't who wins, or who gets the most money. It is being 1, strong nation, who can overcome crisis in the modern world. I hope the next president can understand that.

[Spyda 0]

Wow this sucks. Circuit City is honestly one of my favorite electronics store. One is closing right by me, and the only other place around now that's similar to Circuit City is Best Buy :lol:That sucks because I feel like Best Buy pressures you to buy a certain item, while when I'm at Circuit City I basically am free to buy what I want.Anyway, I really feel for those unemployed works. Too many jobs are being lost this time and day.

[TheDisturbedOne 1]

That's terrible that they have to close. I think what probably killed their chances of making it was the fact that not many people are spending money because of our crappy economy. Stores that sell expensive items (like Circuit City and Best Buy) are the first to get hit along with car dealerships and mortgage lenders.On the bright side, at least you can get some Christmas gifts for a lower price.

[Tran-Gate 0]

CURCUIT CITY IS CLOSING~?!?!?!?!aw.I love that place..........especially because its 5 minutes away.....

[Spyda 0]

CURCUIT CITY IS CLOSING~?!?!?!?!aw.
I love that place..........especially because its 5 minutes away.....

I don't think all Circuit Cities are closing down, just 150 some stores like Buffalo explained. This isn't like the whole company closing down, they're just closing some of their stores that aren't producing as much revenue as they could have.

[Running With Scissors 0]

Wow this sucks. Circuit City is honestly one of my favorite electronics store. One is closing right by me, and the only other place around now that's similar to Circuit City is Best Buy
That sucks because I feel like Best Buy pressures you to buy a certain item, while when I'm at Circuit City I basically am free to buy what I want.
Anyway, I really feel for those unemployed works. Too many jobs are being lost this time and day.

I know what you mean. I think the higher ups tell the rest of the staff what to pressure people into buying. I do like Best Buy though because I think they have more of a selection in most catagories.

On the bright side, at least you can get some Christmas gifts for a lower price.

Heck yes. Black Friday plus closing Circuit City equals really good prices. I think I'll be buying some new electronic stuff haha. Hopefully those workers can work at the next company to buy the land/space from Circuit City.

I don't think all Circuit Cities are closing down, just 150 some stores like Buffalo explained. This isn't like the whole company closing down, they're just closing some of their stores that aren't producing as much revenue as they could have.

As of now its just those 150 but if their stock doesn't turn around soon I have a feeling a lot more of them are going to start closing to pay for their loses.

[TheDisturbedOne 1]

Usually companies close a bunch of stores, then if things don't go better, the file for bankruptcy. I wouldn't expect any of those 150 stores to reopen, as if things turn around, Circuit City most likely won't want to take the chance of losing money be reopening the stores.