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KingOfPain

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Sign Of The Times
Nov 3^rd, 2008 at 2:23pm

Circuit City closing 20% of stores

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Posted Nov 03 2008, 12:49 PM by Kim Peterson

How dreary will holiday retail sales get this year? Circuit City sees the writing on the wall, and is getting out before the first Christmas carol hits the muzak. The company is closing 155 stores -- a fifth of its total -- and will completely exit cities like Phoenix, Atlanta and Kansas City.

The No. 2 consumer electronics chain will lay off about 17% of its work force. It's hired a bankruptcy advisor and a liquidator, according to the Wall Street Journal, and is desperately trying to shore up some cash.

Circuit City is being hit with one crisis after another, starting with its vendors, who got worried after the company's gloomy second-quarter results. Some vendors asked to be paid in advance, and others wouldn't extend credit lines for the holiday as they normally did. Bottom line: the shelves are starting to empty out.

[The full list of stores being closed is here].

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Racer1_NC

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Re: Sign Of The Times
Reply #1 - Nov 3^rd, 2008 at 2:51pm

Sign of the times or a sign of mismanagement at the highest levels of the company?

A couple of years ago, CC fired their somewhat knowledgeable commissioned sales staff and replaced them with houly workers at wages that only slightly beat the offerings at the local 7-11. As a result the last time and I do mean LAST time I visited a CC with the intent to purchased an item it took 20 minutes to attract the attention of a "sales associate". Out of over a dozen employees wandering the sales floor with clipboards in hand, only one was making an attempt to assist customers and he couldn't even answer a simple question about a DS. I walked....

If it's like that everywhere, I'd say this round of store closings in only the start. My opinion......CC totally gone from the retail scene after the first of the year.

B

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Agostino Leyre CH.com Sponsor Offline "Hit like a phillips head into my brain." Posts: 3803 Madison WI USA Gender:	Re: Sign Of The Times Reply #2 - Nov 3^rd, 2008 at 3:24pm Yep, I don't think Best Buy is hurting. Edit to add Multimedia File Viewing and Clickable Links are available for Registered Members only!! You need to or
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monty CH.com Hall of Famer Offline Posts: 1056 The Swamp, Florida	Re: Sign Of The Times Reply #3 - Nov 3^rd, 2008 at 3:34pm The manufacturing index dipped to just under 39 ... a 26 year low. 50 is stagnation, 40 is a recession. Multimedia File Viewing and Clickable Links are available for Registered Members only!! You need to or
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Linda_Howell CH.com Moderator CH.com Alumnus Offline Do not feed the Moderators Posts: 11927 Santa Maria, Ca. Gender:	Re: Sign Of The Times Reply #4 - Nov 3^rd, 2008 at 3:44pm Mervyns is closing up shop after the first of the year also. Filing chapter 11 "open, open, open" (from their commercial)
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KingOfPain

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Re: Sign Of The Times
Reply #5 - Nov 3^rd, 2008 at 11:38pm

Auto Sales Worst Since 1992
Shell-shocked consumers stay away from showrooms. GM sales down by 45%, Ford off 30%, and Toyota 23%
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Mervyns to close its doors after holiday sales
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HAYWARD, CA - October 17, 2008 - Mervyns, a regional retailer in California and the Southwest, today announced its plan to hold going out of business sales at all of its remaining 149 locations and to wind down its business.
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Retailing Chains Caught in a Wave of Bankruptcies
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Bennigan's Closing Company Owned Restaurants in Midst of Bankruptcy Filing
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More Small Businesses Closing for Good
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Blue Bounty Fish and Gourmet Food, a Reno specialty store for 30 years, is selling inventory at steep discounts this week and will be closing for good. Other locals that have shut down in the last year or so include Gilly Fishing Store in Sparks (after 18 years) and The Sportsman, which had been in Reno long enough to achieve landmark status. Another struggling business, Butcher Boy, has filed Chapter 11 bankruptcy and is attempting to keep going while getting its finances back on track.

Starbucks identifies 600 U.S. stores it's closing
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Some Papers in Financial Trouble Are Leaving the A.P. to Cut Costs
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Sharper Image files for Chapter 11 bankruptcy
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Arrived August, 1999.
We swallow greedily any lie that flatters us, but we sip only little by little at a truth we find bitter. - Denis Diderot
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BarbaraD

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Re: Sign Of The Times
Reply #6 - Nov 4^th, 2008 at 7:21am

Ok, here's one "optimistic" view of the situation....

When the govt says we're in a "slight" recession - we're probably on the brink of depression... that's bad, but maybe it's a wake up call for all of us....

Maybe we'll get back to some values we've lost... Maybe we'll start learning we can live without all the "luxuries" we've come to depend on and go back to what's really important like our families, our kids, etc. Maybe we'll learn that we don't have to have the "latest gadget" that comes on the market and get back to living within our means and enjoying the things we HAVE.

I've been looking at the "predictions" about the Christmas season shopping expectations this year for the retail outlets being "down" and I just thought "so what?" What happened to the days when we "appreciated" HOME MADE gifts? You know - the ones we put OURSELVES into? Maybe they weren't the latest in technology, but they meant something - someone took the time to make them for us (a lot of those I've still got packed away with love).

The stock market took its toll on me as it did on a lot of us senior citizens, but I'll survive (after I pulled out half my hair). It's just gonna take a little better planning and some cutting down on things. My kids are getting homemade flannel jammies for Christmas (I'm a good sewer and found some flannel material on sale last summer and it's gonna be a cold winter - they need them). The in-laws are getting calendars (I have the stuff to make them left over from when I closed my office and have put a lot of research into them - they're cute and cheap) and I'll probably get Caleb ONE toy and make him some jammies too. Maybe we'll remember what Christmas is all about.

Anyhow, didn't mean to write a book, but I just don't think this downturn in things is all bad - it's just a way of straightening things out. Every so often we have to do that.

My 2 cents....

Hugs BD

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ClusterChuck CH.com Alumnus Offline The BEAST rises again, and again, and again, and . Posts: 5394 Greenville, North Carolina Gender:	Re: Sign Of The Times Reply #7 - Nov 4^th, 2008 at 7:27am BarbaraD wrote on Nov 4^th, 2008 at 7:21am: My kids are getting homemade flannel jammies for Christmas Ummmmm ... But I don't wear flannel jammies ... I was born in my jammies ... Chuck
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BarbaraD CH.com Alumnus Offline Hugs to ya Posts: 8333 Douglasville, TX Gender:	Re: Sign Of The Times Reply #8 - Nov 4^th, 2008 at 7:30am Chuckles YOU'RE SO DAMN HOT -- YOU DON'T NEED JAMMIES..... (Geezz! Did I just write that??????) Hugs BD
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superhawk2300

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Re: Sign Of The Times
Reply #9 - Nov 4^th, 2008 at 8:10am

I see what you are saying Barb, but that is THE exact problem. American Capitolism is build off of debt. If everyone saved their money and paied cash for evertything it would be a total collapse.

And furthermore. American Capitolism is build off of buying worthless luxury items (on credit). Each of us has to be a buying machine, buying as much material possesions as possible for our economy to work. The companies that make our possesions do not pay the same wages it takes to buy the goods they sell. There is no competition in retail anymore when distibutors can fix prices for certain "customers". A widget doesn't cost 5 dollars, a widget cost 5 dollars if a small amount is ordered, but 2 dollars is a million units are ordered.

Basically the values you speak of are long gone and if they ever come back the USA will be no more.

And we got more rough times ahead. When the death of the baby-boomers hits full stide there will be that many less consumers and there will be a surplus of goods that most americans cannot afford unless they borrow for them and when margins are already whored out this will spell disaster for most remaining retailers.

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BarbaraD

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Re: Sign Of The Times
Reply #10 - Nov 4^th, 2008 at 8:45am

But in '29 we had a collapse (and I know we weren't as "global" as we are today) and we survived. I just think the American people can survive again.

And don't write the "baby boomers" off for another 15 or 20 years. Yes, we're getting on up in years, but some of us still have a little fight left in us. We've seen a lot of ups and downs in our six + decades. And we "heard" from our grandparents (and parents) about the depression and what they did to survive. We remember when "Made in China" was JUNK (and we "bought" American). We remember a lot of things that people have forgotten.

Book learning and theories have replaced common sense in today's society. Maybe capitialism can't survive on cash, but common sense can. People living within their "means" is not a disease - we've made it one.

People talk in trillions of dollars when most of us think in hundreds. Hell, I don't even know how many 0's are in a trillion.

I guess what I'm trying to say is that, while I'm not as educated or well informed as some here, I'm just naive and optimistic enough to believe that the American people will survive this crisis whatever happens. We always have. But I'm not dumb enough to think it's not gonna get a whole lot worse before it gets better.

I still use my credit card, but I don't put nothing on it I can't pay off at the end of the month. Wish my kids would do the same....

Hugs BD

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Melissa CH.com Moderator CH.com Alumnus Offline Don't give up! Posts: 7238 Central WI, USA Gender:	Re: Sign Of The Times Reply #11 - Nov 4^th, 2008 at 9:01am The earth is gonna be dead in 250 billion years anyway.
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Charlie

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Re: Sign Of The Times
Reply #12 - Nov 4^th, 2008 at 9:02am

They're laying off some factory workers here (Cummins Engines) and others. That seems a tough one to reignite to me but Barb's right....maybe things are bad enough so they won't open candle shops

Think twice about giving the kids popcorn balls and candy apples though. They have on line access to too many inventive ways to retaliate. Better find some previewed DVDs. Shocked

Teach them that you can still fix some stuff rather than by new old stuff.

Don't worry. American business is genius at recovery and not spreading the wealth. Cool

Charlie

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KingOfPain

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Re: Sign Of The Times
Reply #13 - Nov 6^th, 2008 at 9:32am

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For Stocks, Worst Single-Day Drop in Two Decades
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Dow’s drop biggest ever on day after presidential election
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Dow tumbles 7%
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« Last Edit: Nov 10^th, 2008 at 10:54am by KingOfPain »

Arrived August, 1999.
We swallow greedily any lie that flatters us, but we sip only little by little at a truth we find bitter. - Denis Diderot
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superhawk2300 CH.com Hall of Famer Offline Posts: 901 New Berlin, WI Gender:	Re: Sign Of The Times Reply #14 - Nov 10^th, 2008 at 12:13am I wouldn't be surprised at the one Milwaukee closing. Best Buy is right across the street and the lot is always packed, while the CC one is always nearly empty. Weird.
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swimchica623 CH.com Old Timer Offline Get hit. Hit back harder. That's life. Posts: 284 Ocean Pines, MD, USA Gender:	Re: Sign Of The Times Reply #15 - Nov 10^th, 2008 at 6:33am At first I read, Circus City.... Now THAT would be really bad.....
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Marc

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Re: Sign Of The Times
Reply #16 - Nov 10^th, 2008 at 8:54am

If "personal greed" weren't so rampant, people wouldn't be carrying credit card debt, high car payments and mortgages that are too high. It appears that very few people have the discipline to live within their means. I have hands-on experience with personal financial disasters so I fully understand that there are complications, but the stark reality is still valid.

The Greedy Corporate boys are simple opportunists who feed off of the Greedy Consumers who continue to buy what they cannot afford. Companies offering real value will survive as the American public learns (hopefully) to control themselves.

Where is the root of the problem - the drug pusher or the drug user?

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« Last Edit: Nov 10^th, 2008 at 9:27am by Marc »

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Kevin_M CH.com Sponsor Offline withered branches grow green again. Posts: 8754 Michigan, USA Gender:	Re: Sign Of The Times Reply #17 - Nov 10^th, 2008 at 10:50am Quote: Sign Of The Times Grand opening! a third dollar store within four block walking distance. labor bureau: 240,000 jobs lost in October.
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Charlie

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Re: Sign Of The Times
Reply #18 - Nov 10^th, 2008 at 8:50pm

I don't know kids. In the 1930s nothing was ever going to the same. It did with the help of Tojo and Hitler but things like the WPA were helping too. I can do without a world war though. Still, give us some credit.........bad term.....a chance. I'm worried but not yet heading for my compound. On the other hand, I just heard that DHL is laying off thousands of workers. Yikes. It's going to be a very different Christmas this year for so many.

I forget who wrote that Americans are amusing ourselves to death but it hits home with me. I've bought a lot of crap that I can get along without....sometimes two of them. I'm wondering if we boomers will start some kind of minimalist cult. The older I get, the easier it is to entertain myself. Just staying around long enough to become a burden on the family can take up a lot of time and creativitiy.

I'm glad though that I can buy disposable razors at Dollar General for 20 cents each. I have a feeling that a little greed is responsible for that. Greed isn't all bad up to a point.

Charlie

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Jonny

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Re: Sign Of The Times
Reply #19 - Nov 10^th, 2008 at 9:05pm

Marc wrote on Nov 10^th, 2008 at 8:54am:

If "personal greed" weren't so rampant, people wouldn't be carrying credit card debt, high car payments and mortgages that are too high. It appears that very few people have the discipline to live within their means.

When I refinanced the dude was like, your shitting me...you only have one credit card and a mortgage?

I said yeah thats what I can afford, he was blown away. I guess he sees lots of folks that have bitten off to much.

My credit score is 895, and if that seems like bragging to you.....It is!

I may be alot of things, but im no idiot! Wink

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Marc

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Re: Sign Of The Times
Reply #20 - Nov 10^th, 2008 at 11:02pm

Quote:

Marc wrote on Nov 10^th, 2008 at 8:54am:

If "personal greed" weren't so rampant, people wouldn't be carrying credit card debt, high car payments and mortgages that are too high. It appears that very few people have the discipline to live within their means.

When I refinanced the dude was like, your shitting me...you only have one credit card and a mortgage? I said yeah thats what I can afford, he was blown away. I guess he sees lots of folks that have bitten off to much. My credit score is 895, and if that seems like bragging to you.....It is! I may be alot of things, but im no idiot! Wink

And what if this were "the norm" for our country? Last I read, consumer credit debt levels are at an all time high - beating previous records by a factor of two.

It is obvious what will happen next as we keep spending money that we don't have.

I'm truly astounded.

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« Last Edit: Nov 10^th, 2008 at 11:05pm by Marc »

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