by bintangkecil on Monday, November 10th, 2008 | Business, News, Tech/Gadget | No Comments

NEW YORK (Reuters) - Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday just a few weeks before the start of the key holiday shopping season, becoming the largest retailer to file under Chapter 11 this year.

Circuit City fell victim to tighter credit terms from vendors and a loss of market share to Best Buy Co, Wal-Mart Stores Inc and other rivals.

The retailer and 17 affiliates filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Richmond, Virginia, where it is based.

Circuit City filed one week after saying it would close 155 stores, or more than one-fifth of its retail base, and eliminate 17 percent of its U.S. workforce. It also said it was considering all options to restructure.

Click here for the list of 155 stores closing!!

In a court filing on Monday, Chief Financial Officer Bruce Besanko said the retailer filed for Chapter 11 in order to continue its turnaround efforts.

“In large part, a Chapter 11 filing is due to three factors, all of which contributed to a liquidity crisis that prevented the company from completing its turnaround goals outside of formal proceedings: erosion of vendor confidence, decreased liquidity and a global economic crisis,” Besanko said.

PINCHED SUPPLIERS

Circuit City had lost money in five of the last six quarters. In recent weeks, suppliers pinched by the global credit crunch have tightened terms, sometimes requiring up-front payments before shipping goods.

Larger rival Best Buy, which is based in Minneapolis, has said it might take over stores that distressed rivals close.

Yet a flood of discounted merchandise from liquidating Circuit City stores could hurt Best Buy during this holiday shopping season, said Jefferies & Co analyst Dan Binder.

“Longer term, you’ve got Best Buy, who’s dominant in the sector, taking share. But in the short run it could feel the pain of the liquidation activity,” Binder said.

“There’s already soft demand out there and probably too much supply. This exacerbates the situation,” he added.

According to the filing, Circuit City had $3.4 billion of assets and $2.32 billion of debt as of August 31, and more than 100,000 creditors.

The company has arranged a commitment for debtor-in-possession financing of $1.1 billion, which will allow it to continue to operate during the bankruptcy proceeding.

Among the company’s largest unsecured creditors are Hewlett-Packard Co, Samsung Electronics Co and Sony Corp, the filing shows. The largest shareholders include HBK Master Fund LP and First Pacific Advisors LLC, according to the filing.

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Tags: best buy, circuit city, circuit city bankrupt, circuit city closing, Circuit City Stores Inc, First Pacific Advisors LLC, HBK Master Fund LP, Hewlett-Packard Co, Jefferies & Co, list of circuit city closing, Samsung Electronics Co, Sony Corp

by wildcherry on Monday, October 27th, 2008 | Deals, Hot | 8 Comments

Black Friday + Cyber Monday - Free Verizon Wireless Motorola Krave Touch Screen + Free 4GB Kingston Memory Card after instant discount with a new T-Mobile account - Ends Dec 1!

Get the BlackBerry Storm from Verizon Wireless: Special Introductory Price!

4 Days Only - Free BlackBerry Curve Smartphone + BlackBerry Skin for current and new Sprint customers - Ends Dec 1!

4 Days Only! Free Samsung Gravity Messaging Phone + Free 4GB Kingston Memory Card after instant discount with a new T-Mobile account - Ends Dec 1!

Take advantage of Black Friday deals from Dell !

Black Friday Savings! Buy Xbox 360 Arcade for only $199 and get Rock Band 2 FREE!

NEW YORK (CNNMoney.com) — Judging from what appears to be a leaked ad for day-after-Thanksgiving sales, major stores will tempt shoppers - whose help is desperately needed to bolster the economy - with huge discounts.

Brad Olson, founder of Gottadeal.com, a Web site that markets itself as one of many “official” Black Friday deals sites, said he recently received a copy of what appeared to be Sears’ circular.

His reaction: “The deals are definitely better than last year.”

That’s not surprising given that most retailers -including Sears - have struggled all year with slumping sales amid a weak economy. Retailers are counting on a spending pick-up in the weeks ahead to salvage their year.

A Sears spokesman said he would consult with senior officials before commenting on the leaked ad.

Black Friday - which falls on Nov. 28 this year - is one of the busiest shopping days for the nation’s retailers. It also sets the tone for the November-December holiday shopping period, which can account for more than half of merchants’ annual profits and sales.

Consumer spending accounts for about two-thirds of the nation’s economy.

Details about Black Friday sales, which Sears (SHLD, Fortune 500), Wal-Mart (WMT, Fortune 500) and other retailers typically don’t officially unveil until mid-November, are awaited with great expectation by consumers.

Among the surprises in Sears’ ad - as posted on Olson’s site - are “doorbuster” deals, offered for a limited number of hours, on home appliances such as washer-dryers, a category that the retailer hasn’t heavily promoted in the past.

According to the leaked ad, Sears will offer early-bird shoppers a Kenmore high efficiency front-load washer-dryer set for $599.99 on Black Friday. That’s as much as 50% off the price of the individual washer and dryer.

“This really is an incredible deal, and it indicates how nervous retailers are about the season,” said Britt Beemer, retail analyst and chairman of America’s Research Group.

The ad indicates the department store chain is also slashing clothing prices by as much as 50% to 60%, and has set doorbuster sales on flatscreen TVs such as a Panasonic Viera 42-inch 720P for $699.99, down from its original price of $999.99, and a Samsung Blu-Ray disc player for $199.99.

“If retailers don’t have shoppers bursting through their doors on Black Friday then they’ll be in big trouble by the end of January,” said Beemer.

Even with Sears’ hefty discounts, Britt said it’s Wal-Mart’s Black Friday discounts that he and many other consumers will be waiting for.

“Wal-Mart’s prices will set the floor on where prices will be on toys, electronics and other holiday items,” he said. 

Full list of the Black Friday Deals on Google Spreadsheets for easy view!
From Sd by Dawei

Full Story from Cnn.
Other site : 2008 BlackFriday Ads

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