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Friday, January 16, 2009

Circuit City and liquidators to sell off merchandise in remaining 567 US stores

Wow, their issues are really that serious where they're going out of business. I know that they were closing stores left and right just to remain operating, but according to the Tribune, it's not helping. Not it's time for liquidation.

You know when Circuit  City was at Evergreen Plaza (or The Plaza for those of you who don't understand what I'm saying) I liked to browse there when I visited. I don't remember when they closed down it might have been within maybe the last four or five years. The 95 West CTA bus would literally stop at the door I would enter to go into the store. Needless to say my last visit to the mall on West 95th Street have been limited since that store is no longer in operation.

There were other options but often they were less traveled. There was one at Ford City and there was one in River Oaks. Surely there were others, but those were the ones that I was more familiar with. In fact my firewire cable and card that I use to upload video from my MiniDV camcorder I bought at Ford City.

You know I'm sururpised that there was never a downtown location for Circuit City. Of course there is a downtown location for Best Buy now on Roosevelt Road at least a blog away from the Dan Ryan Expressway. A long walk away from State Street especially if your primary mode of transportation is the CTA L. And Best Buy is said to be looking for another location on the Magnificient Mile. Makes one wonder what took Best Buy so long to open a location in Downtown Chicago.

In any case in reading this story credit is an issue right now. Credit is probably one reason why we see a deep economic downturn right now (or perhaps recession is the term to use now). The Cubs sale is held up primarily due to credit concerns. Financial institutions are loathe to offer loans to anyone at the moment. Perhaps an after effect of this who sub-prime issue allowing people to take up mortgages they can't afford.

In any case the current economy appears to have claimed another victim.

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