CNet explains:
According to a form Circuit City filed with the SEC Thursday, the NYSE said the company's stock was "below criteria" because the average closing price was less than $1 per share for the 30 previous days. NYSE requires any company's minimum average over that time period to be $1.
Circuit City's stock closed Friday down 4 cents to reach 26 cents.
Now that Circuit City has received the notice, it has six months to get the stock's act together. As long as the average 30-day closing price is more than $1 sometime during the next six months, it can stay listed.
Circuit City has 10 days to respond to the NYSE that it plans to get its stock back above $1. In the meantime, the company's CC ticker symbol will be followed by a ".BC" to show it's below continued listing standards.
Things are not looking up for CC.
Circuit City gets delisting notice from NYSE [CNet] (Thanks, dohtem!)
(Photo: cmorran123 )
I must be the only person on this site that never has any problems with circuit city. Too bad. Its better than best buy any day.
]]>As for the OP, Riteaid's issues have been going on for years. That is way old news and haven't heard anything that has changed their situation for better or for worse.
]]>(also, oops to not fully reading your previous comment)
]]>@puyro: The Gizmodo article says this is for ALL distribution centers, that article only deals with the one center in Pennsylvania so it's not completely debunked yet.
Also according to today's news, 155 CC stores are going to be closing sometime before the end of the year, some of them maybe even tomorrow.
]]>and yes, I have been telling him to find a new job...
]]>If you are talking about a TV or something, um , Ok, buy. But if you are talking CC's stock...
Please take a drug test tomorrow morning.
CC's business model is broken. As some have pointed out in the comments above,they really don't make money on anything unless they are able to upsell you to an extended service plan /warranty . Oops ! Forgot a adjective there. I mean a worthless,wildly overpriced , extended service plan /warranty. This presents two problems IMHO:
1) It's a worthless,wildly overpriced warranty,written in legalese,with just enough qualifiers to keep CC from ever paying out any meaningful percentage of claims.No good.
2) CC will probably be Tango Uniform before Santy Claus slides down the chimney,meaning that warranty issues will be trapped in legal hell before they liquidate. Unsecured creditor status , here I come !
To review : CC bad. CC extended service worse.
Final note to all you CC employees that read these threads : Nothing personal. You just work for a den of thieves that is now getting what they have deserved for a long time.
]]>To buy or not to buy?
]]>That's unfortunate. :D
]]>For those who don't know, K & B was a New Orleans based drugstore chain. They were the only store to have their own store brand of liquor. Everyone always had all sorts of K & B branded things in their homes (pencils, playing cards, notebooks. Their K & B icecream was EXCELLENT. Everything in their stores was purple: the uniforms, store directories, shopping carts, cash registers. Even the store credit cards were purple.
K & B was unique. Wrong Aid is blah.
]]>You get what you pay for - $0 worth of installation expertise.
]]>Sorry but this isn't true.
Shipments were turned around due to a sinkhole at the distribution center.
[www.lehighvalleylive.com]
A form of vengeance?
]]>They're so desperate now that they have to try and give gift cards with new game purchases and such. I actually have 3 Circuit City stores in neighboring towns, and all of them are awful, the employee's don't know anything, and they never have anything in stock. And this is coming from someone who works in 2 other retail stores, for me knowledge about product is extremely important and I take very seriously in my jobs. If someone isn't even going to bother caring, then why work there?
]]>My manager, in a meeting tonight, confirmed that on Monday, they plan on announcing the closure of 155 stores in the United States, and that the liquidation would start within the next few days.
]]>It was a sad place, really. And having worked quite a few retail jobs before and since, I know that store attitude is a direct reflection of the corporate environment. Best Buy may not be much better, but at least they know how to treat customers.
]]>@Silverage: Hmmm, that's not stopping them from opening a "trendy-looking" new store across from Cal State University Stanislaus in Turlock, CA...
]]>Ah yes, [www.gordonbrothers.com] , our best friends.
]]>@Red_Flag:
No, not all. Three reasons:
1) The residual value of CC stock (meaning the breakup value) after adjusting for debt is higher than the current stock price. Much of that residual value is in realestate holdings (buildings and land) which could only be extracted if the holdings were sold.
2) A stock that is delisted from NYSE can be listed on other exchanges (NASDAQ etc)
3) Stocks that tank down to nothing are attractive to takeover specialists due to the risk versus return ratio.
]]>C'mon, Circuit Shitty!
]]>Because without CC we consumers will pay much more for our "stuff". CC has been keeping BB in check, BB has been keeping Newegg in check and on down the line. Lose one and we all suffer.
]]>Now I see they're giving out 1600 point MS cards if you preorder gears 2.
/was thinking of using the $10 gift card to buy GOW 2 and get the 1600 point card. But will CC be around when GOW2 comes out :P
]]>@rjflyn: Some analysts have said that black friday (and the time leading up to black friday) is one of the methods that CC is going to try and use to reverse this trend. There has been talk of super low sales for the retailer. Basically a mini liquidation sale (liquidating merchandise is supposed to be one of the steps they're taking along with the closing of stores).
Even then its an unknown what will happen. Some say that its going to force other retailers to follow suit on the prices and negate CC's efforts. Others say that other retailers might be hesitant to follow CC's prices but even then there is no gaurantee that the low prices will bring in shoppers.
]]>I've been to CC 4x's in the past two years and EVERY single time I've gone and asked for help the employee has always told me word for word, "I'm busy go ask him/her". Great customer service (sarcasm).
]]>Circuit City is masquerading as a Consumer Electronics store. They can't turn a profit on most of what they sell, unless they attach extended warranties, accessories or installation.
Most of the warranties are over priced and often worthless. The accessories are always over priced at Circuit City. The installation services have some value, but are usually over priced.
Essentially the sales staff has an adversarial relationship with the customer, since their main goal is to sell a warranty, accessory or installation. The salesperson could be an expert on consumer electronics, but if they don't sell enough warranties and accessories they will be fired.
]]>Kids, better redeem those Circuit City gift cards ASAP! go there and buy ANYTHING! even sodas and junk food (if you're so indisisive) seriously! get anything!
]]>From your sister site Gizmodo: Sony ordered all of its electronic shipments going to CC to return to Sony mid-transit because Sony feared CC could not pay them for the merchandise.
a lot of businesses are in real trouble. the consumerist covers articles about circuit city to begin with, hence this one being posted.
]]>Circuit City?!?! Who cares about them. Look at Rite Aid, a national drug store chain, whose stock has gone as low as 45 CENTS a share, has over 7 billion dollars in debt, and is in REAL TROUBLE. That's a story you should cover.
]]>