This has been a long time coming..
In October 2007, I wrote a post “Circuit City on the Bankruptcy Express“. While they did not take the “express” there, they still got to their ultimate destination.
Circuit City Stores Inc. (CC) filed for Chapter 11 bankruptcy Monday in Virginia’s Eastern District bankruptcy court.
The Richmond, Va., consumer electronics retailer had long suffered under competition from its larger rival, Best Buy Co. (BBY).
Circuit City listed its amount of assets at $3.4 billion and its total debts at $2.3 billion, according to a bankruptcy document filed with the court. About 168 million shares of its common stock are held by about 4,463 shareholders, according to the filing.
The company said it had has more than 100,000 creditors. The largest single debt listed in the filing is $118.8 million owed to Hewlett-Packard Co. (HPQ).
Disclosure (“none” means no position):None
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10 replies on “It’s Official: Circuit City Files Chapter 11 ($cc)”
Hello Tod,
Do you think Sears will do something as far as buying up the assets.
By the way I have not heard anything from you from Sears.
Are you still confident in them.
Anon #1
not sure…doubt it. Lampert won’t stretch the balance sheet and does have plenty of locations himself
Anon #2,
you have not been reading…
The latest I heard from you was Autonation and Autozone being Acqired by Sears.
Do you still feel this is in the works.
I feel as i have said all along…
there are huge synergies between the three, there is board overlap and lampert either owns or almost owns 50% of all three…
Yes, down the road i see something…
Tod this Doug character wrote that he sees Sears going down to the thirties.
Also,talking about your buddies stabbing you, GS downgraded Sears too.
If GS does not see the strategy come on now.
not too concerned about “some guy named doug”
pretty sure goldman has downgraded the whole sector save wal-mart
Lamperts buying back strategy at higher prices was not to good.
The market is not like when he was with GS he may of lost his touch.
Circuit city’s filing for chapter 1 tells of many things but 2 things in particular – 1) Businesses across many sectors (not just banking) large are getting wacked and 2) after we reach the bottom of this recession, there will be many opportunities for people and companies to stake their claim on the new landscape.
Listen to the tone of airwaves, minus the recent election of President-elect Obama, everything has been so negative! Honestly, think about how negatively our society portrays almost every situation. Acquiring a negative perspective is easy, but stand up and make a statement about yourself – tell yourself you will not victim to this negative jargon! If you find yourself in a hole, ask yourself this question: what will more likely improve your chances of being successful – continuing with a negative outlook or transforming your thought patterns into a positive outlook?
I work with many high level c-level executives that have experienced tremendous success in their life. The one binding characteristic between all of them is that they do not let external, uncontrollable factors influence their inner dialogue and visions for future success. In fact, many of these people use a vision board – a collage of images that symbolize personal goals success – to help them keep focused on their positivity and desired outcomes. I might suggest using one yourself if you are currently in a rut. You should look at the helpful information on how to make one over at http://www.TheVisionBoardKit.com.