Circuit City is feeling the pinch and has decided to close down 155 of its stores across the United States. Low consumer spending and a sour economy are the primary reasons for these stores being shutdown. Circuit City’s biggest competitor, Best Buy, has not announced any store closings and the shutdown of most of these Circuit City stores should give Best Buy a strategical advantage during the upcoming holiday season. Circuit City was seeing tighter credit conditions being imposed by its vendors and suppliers and its own liquidity condition was going from bad to worse. 17% of Circuit City’s workforce will also be cut as a result of these store closings.
According to a Press Release on the Circuit City website, ” Circuit City plans to close 155 stores that are underperforming or are no longer a strategic fit for the company. The stores identified for closure are located in 55 U.S. media markets, of which Circuit City will exit 12 U.S. media markets.” A complete list of stores that are being closed has also been published on its website.
When businesses close down, most of the inventory is put up on a liquidity sale. These Circuit City store closings will present consumers in those areas, amazing deals on the inventory they carry. So if you wanted that Flat Screen TV and thought that it was too pricey, check if your closest Circuit City store is on the closing list.
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Does anyone remember that Circuit City, just a few years ago, was the best performing company in Jim Collins’ book “Good to Great”? Obviously, Mr. Collins’ approach to management is worth some reconsideration given the fall of Circuit City. It would seem a new approach to management would be worth considering. Read more at http://www.ThePhoenixPrinciple.com