- Circuit's Prospects Seen As Mixed
NEW YORK — Industry observers are forecasting several scenarios for a post-Chapter 11 Circuit City, and none of them are good. Projections range from a radical downsizing to a complete liquidation of the ailing chain. The rosiest projection, by Banc of America Securities' David Strasser, envisions a vastly smaller multiregional Circuit City with 200 to 300 stores at best. more » » »
- Circuit City Sought Chap. 11 To Calm Vendors, Buy Time
RICHMOND, VA. — A cash-strapped Circuit City said it voluntarily filed for Chapter 11 bankruptcy protection last week to ensure that vendors would continue to ship it through the critical holiday selling season. Under the provisions of the filing, the chain will continue to operate the business as a debtor in possession (DIP) with the help of $1. more » » »
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- Store Closings: Some See Negligible Effect On Sales
NEW YORK — Liquidation sales at one-fifth of Circuit City's store base and all 94 Tweeter locations are having a negligible effect on the marketplace, retailers and vendors said, although Best Buy is expected to be the biggest beneficiary of an estimated $2 billion in lost volume that will be up for grabs. more » » »
- Best Buy Oct. Comps Drop, Cuts FY View
MINNEAPOLIS — Best Buy reported a 7.8 percent drop in domestic same-store sales in October and has lowered its guidance for the rest of its fiscal year amid what vice chairman/CEO Brad Anderson described as "the most difficult climate we've ever seen." The CE industry's leading retailer has been unable to respond quickly enough to maintain its earnings momentum given the "rapid, seismic c... more » » »
- Best Buy Surprised By Breadth Of Downturn: Dunn
MINNEAPOLIS — Business dropped off so quickly for Best Buy beginning in late September that it was unable respond fast enough to the new marketplace realities, president and COO Brian Dunn said. Speaking to a small group of reporters at Best Buy headquarters here late last month, Dunn said the company "made a lot of adjustments but couldn't change fast enough," given the three to four wee... more » » »
- Wal-Mart, Kmart, Sears Kick Off Holiday Promos
NEW YORK — Wal-Mart and Sears Holdings have each made some recent holiday-related announcements. Wal-Mart has announced an aggressive fourth-quarter price-cutting promotion with CE products taking a lead role. Called "Operation Main Street," the promotion is described by Wal-Mart as "a series of initiatives" that started Saturday, Nov. more » » »
- E-tailers Lowering Their Holiday Expectations, Survey Shows
WASHINGTON — Only about half of online merchants expect their sales to increase by 15 percent or more this holiday season, down from the more than three-quarters of e-tailers who anticipated that level of growth last year, a new survey shows. The conservative outlook comes courtesy of the 2008 eHoliday Study, conducted by shopping search engine Shopzilla for Shop. more » » »
- CEA Study: CE Consumers Satisfied With Retail
ARLINGTON, VA. — A new study, called Trends in CE Retailing, from the Consumer Electronics Association (CEA) has found consumers to be very satisfied when shopping online and at traditional retail outlets for consumer electronics. The study was performed in September 2008 by CEA Market Research; it is based on answers provided by a random national sample of 1,000 U. more » » »
- Video & Audio Center Opens Sony Showroom
SANTA MONICA, CALIF. — Video & Audio Center recently added a $500,000 Sony sponsored showroom to its location here. The room was unveiled during a grand opening event last month will provide the retailer with a state-of-the-art facility to showcase new technologies and products from Sony and multiple other manufacturers. more » » »
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