Articles about Circuit City

Red-soaked Systemax kills Euro jobs and US PC factory

US giant Systemax is shuttering its PC factory and axing the CompUSA and Circuit City brands. The reseller, which also runs Misco.co.uk, signalled it will cut its workforce in Europe after ploughing into the red in Q3 2012. The New York-listed biz delayed reporting its latest financial results on Monday as Hurricane Sandy …
Paul Kunert, 2 Nov 2012
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Systemax profits tumble as US punters keep wallets closed

Systemax CEO Richard Leeds said he's disappointed by calendar Q1 numbers as profits fell by almost 50 per cent due to flagging US consumer electronics sales. The group - which operates the Misco and WStore brands in Europe, and Tiger Direct, Circuit City and CompUSA stateside - saw turnover slide one per cent year-on-year to $ …
Paul Kunert, 2 May 2012
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'Perfect storm' drives electronics stores to EXTINCTION

The window of opportunity for traditional bricks-and-mortar consumer electronics retailers to catch up with web-based and supermarket rivals has closed and many more will go the way of the dinosaur. So says channel beancounter Canalys, which predicts others will follow in the footsteps of monolithic consumer outlets such as …
Paul Kunert, 19 Apr 2012
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Best Buy sheds lost revenue tears, shares holiday fears

best buy Best Buy isn't so sure customers will spring for that $50 spool of Monster Cable speaker wire in this economy, so the electronics retailer today lowered fiscal-year earnings expectations. Although Best Buy saw its biggest rival, Circuit City, file for Chapter 11 bankruptcy protection on Monday, the mood is hardly …
Austin Modine, 12 Nov 2008
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Circuit City files for bankruptcy protection

Beleaguered US consumer electronics retail giant Circuit City today filed for bankruptcy protection. The firm said that its business and 17 affiliates filed for Chapter 11 protection from creditors with the US bankruptcy court in the Eastern District of Richmond, Virginia, where Circuit City’s headquarters are based. The …
Kelly Fiveash, 10 Nov 2008
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Circuit City cutting jobs, stores, inventory for the holidays

Circuit City today confirmed plans to lay off thousands of US workers and close 155 stores in order to survive the holiday season. The consumer electronics chain will also reduce the number of future store openings and renegotiate leases on some of its remaining 566 locations. Circuit City's scheme was first reported in The …
Austin Modine, 3 Nov 2008
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Circuit City mulls mass layoffs, store closures

Circuit City may lay off thousands of workers and shut down at least 150 stores to avoid filing for bankruptcy protection, according to reports. The Wall Street Journal quoted unnamed sources as saying the second-largest US consumer electronics retailer is considering the culling as a way to get through the holiday season. …
Austin Modine, 20 Oct 2008
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Circuit City feels yet more pain in Q2

Circuit City yesterday admitted that its second quarter performance simply wasn’t good enough as it clocked up another quarterly loss. The struggling US consumer electronics retailer, which last week saw CEO Philip J. Schoonover quit following a year of dire financial results, reported a significant sales slowdown and more …
Kelly Fiveash, 30 Sep 2008
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Microsoft targets online Office bundle at US cheapskates

Microsoft has tied up with ailing US retailer Circuit City to launch its Office and security subscription service which hits the market bearing the moniker "Equipt". The software giant said that it has handed Circuit City the new product line, with plans for the retail chain to start punting Equipt from mid-July. It will carry …
Kelly Fiveash, 2 Jul 2008
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Blockbuster withdraws $1bn Circuit City bid

Blockbuster Inc. yesterday backed away from its $1bn bid for consumer electronics retailer Circuit City citing gloomy “market conditions”. The movie rental chain’s CEO James Keyes said in a statement: “We have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit …
Kelly Fiveash, 2 Jul 2008
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Circuit City reports Q1 loss as US shoppers unplug

Ailing US electronics retailer Circuit City yesterday posted a first quarter loss and another slide in revenues. The Richmond, Virginia-based firm reported that net loss widened to $164.8m, or $1 a share, for the period ended 31 May 2008, compared to $54.6m, or 33 cents, a year earlier. Sales at Circuit City dropped a painful …
Kelly Fiveash, 20 Jun 2008
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California OKs class-action suits for unpaid overtime

The California Supreme Court ruled this week that employees who claim they've been cheated out of overtime can sue their employer, whether or not the company's arbitration policy forbids class actions. The ruling was sparked by a 2002 suit led by a former Circuit City worker seeking overtime wages. According to The LA Times, …
Austin Modine, 31 Aug 2007
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Circuit City has outstandingly awful Q1

Circuit City had a crap first quarter, losing $54.6m, against net income of $6.4m same time last year. Net sales fell 4.3 per cent, driven by a comparable store sales decline of 5.6 per cent. Gross profit margins fell 1.9 per cent on lower merchandise margins and lower take-up of extended warranties. The electronics retailing …
Drew Cullen, 20 Jun 2007

Best Buy amps up Apple volumes

Best Buy is to start selling Apple PCs in 200 stores, the electronics retailer said today. This follows successful trials conducted in 50 stores. Best Buy sold Apple computers once before but axed the line in 1998 because of slow sales, the AP reports. That was at a low ebb for Apple. Soon afterwards the company axed most of …
Drew Cullen, 4 Apr 2007

Circuit City fires 3,500 'overpaid' staff

Circuit City is firing 3,400 store workers because it thinks it's paying them too much. To rub salt into the wound, it is offering the retail fat cats some severance and the chance to apply for their old jobs - at lower wages. But only 10 weeks after they have been fired. This company is all heart. According to Circuit City, …
Drew Cullen, 28 Mar 2007

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