BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Best Buy Outpaces Rivals in Electronics Sales]]>http://www.bloggingstocks.com/2009/12/28/best-buy-outpaces-rivals-in-electronics-sales-for-last-quarter-o/http://www.bloggingstocks.com/2009/12/28/best-buy-outpaces-rivals-in-electronics-sales-for-last-quarter-o/http://www.bloggingstocks.com/2009/12/28/best-buy-outpaces-rivals-in-electronics-sales-for-last-quarter-o/#commentsFiled under: , , , ,

Best Buy (BBY) was the big winner in this year's fourth quarter. It took the lion's share of consumer electronics sales after competitors Circuit City and CompUSA shut down earlier in the year.

No doubt, there was enhanced competition from mega-retailer Wal-Mart (WMT) and online behemoth Amazon.com (AMZN). But Best Buy managed to nip at customer heels with deep discounts on flat-panel televisions and laptop PCs that just weren't seen at the competition (yes, I looked). Laptops for $299 and 32" flat-panel TVs for $249 are probably loss leaders by a big margin -- but those prices make a dent on consumer psychology.

Continue reading Best Buy Outpaces Rivals in Electronics Sales

Best Buy Outpaces Rivals in Electronics Sales originally appeared on BloggingStocks on Mon, 28 Dec 2009 10:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>amznBBYBest BuyBestBuyCircuit CityCircuitCityinthenewsNewEggRadio ShackRadioShackrshwmtMon, 28 Dec 2009 10:30:00 EST<![CDATA[Best Buy should be interested in Circuit City's Firedog brand]]>http://www.bloggingstocks.com/2009/07/31/best-buy-should-be-interested-in-circuit-citys-firedog-brand/http://www.bloggingstocks.com/2009/07/31/best-buy-should-be-interested-in-circuit-citys-firedog-brand/http://www.bloggingstocks.com/2009/07/31/best-buy-should-be-interested-in-circuit-citys-firedog-brand/#commentsFiled under: ,

When Circuit City went out of business this past Spring, there really was not much left in its wake. Competitive retailers like Best Buy, Inc. (NYSE: BBY) and Wal-Mart Stores, Inc. (NYSE: WMT) really didn't take the billions per quarter of new business that Circuit City was booking right up until the end. Yes, it must have been that bad.

Continue reading Best Buy should be interested in Circuit City's Firedog brand

Best Buy should be interested in Circuit City's Firedog brand originally appeared on BloggingStocks on Fri, 31 Jul 2009 15:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BBYBest BuyBestBuycircuit cityCircuitCityFiredogGeek SquadGeekSquadSystemazFri, 31 Jul 2009 15:30:00 EST<![CDATA[Is Best Buy lonely at the top? Doubtful]]>http://www.bloggingstocks.com/2009/07/22/is-best-buy-lonely-at-the-top-doubtful/http://www.bloggingstocks.com/2009/07/22/is-best-buy-lonely-at-the-top-doubtful/http://www.bloggingstocks.com/2009/07/22/is-best-buy-lonely-at-the-top-doubtful/#commentsFiled under: ,

Now that Best Buy, Inc. (NYSE: BBY) is the last surviving member of the national specialty consumer electronics retail club, where can it go? Up and up. Sure, mass chains like Wal-Mart Stores, Inc. (NYSE: WMT) and others have stepped up to the plate and are greatly enhancing their consumer electronics sections, but then again Best Buy has a new CEO who is thinking differently and isn't going to give an inch if he can help it.

Continue reading Is Best Buy lonely at the top? Doubtful

Is Best Buy lonely at the top? Doubtful originally appeared on BloggingStocks on Wed, 22 Jul 2009 09:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BBYBest BuyBest buy salesBestBuyBestBuySalescircuit cityCircuitCitycompusaconsumer electronicsConsumerElectronicsInc.inthenewsWMTWed, 22 Jul 2009 09:30:00 EST<![CDATA[Commercial real estate vacancies surge above 12% in Manhattan]]>http://www.bloggingstocks.com/2009/07/17/commercial-real-estate-vacancies-surge-above-12-in-manhattan/http://www.bloggingstocks.com/2009/07/17/commercial-real-estate-vacancies-surge-above-12-in-manhattan/http://www.bloggingstocks.com/2009/07/17/commercial-real-estate-vacancies-surge-above-12-in-manhattan/#commentsFiled under: , , ,

This is not an abstraction: buildings large and small are showing gaping vacancies. Storefronts are empty. Entire buildings sit waiting to be occupied. In Manhattan, retail vacancies have reached their highest rates since 2001. For the second quarter of this year, vacancies hit the absurd height of 12.4%, thanks to unemployment trends that won't quit and consumers reluctant to pry open their wallets.

Retailers are being hit just like the residential market.

Continue reading Commercial real estate vacancies surge above 12% in Manhattan

Commercial real estate vacancies surge above 12% in Manhattan originally appeared on BloggingStocks on Fri, 17 Jul 2009 13:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>barnes and noblebarnes nobleBarnesAndNobleBarnesNoblecircuit cityCircuitCitycommercial real estatecommercial rentsCommercialRealEstateCommercialRentsinthenewsmanhattannew yorknew york cityNewYorkNewYorkCityrentrental marketRentalMarketrentalssohotimes squareTimesSquareupper east sideupper west sideFri, 17 Jul 2009 13:40:00 EST<![CDATA[Wal-Mart looks to expand electronics business]]>http://www.bloggingstocks.com/2009/05/18/wal-mart-looks-to-expand-electronics-business/http://www.bloggingstocks.com/2009/05/18/wal-mart-looks-to-expand-electronics-business/http://www.bloggingstocks.com/2009/05/18/wal-mart-looks-to-expand-electronics-business/#commentsFiled under: ,

Best Buy (NYSE: BBY) is widely assumed to be the biggest beneficiary of the downfall of Circuit City, but Wal-Mart (NYSE: WMT) is looking to crash that party. "Circuit City's business is up for grabs right now and we expect to get our share," Gary Severson, Wal-Mart's senior vice president of home entertainment, told (subscription required) the Wall Street Journal.

Companies like Nintendo and Apple (NASDAQ: AAPL) will get their own in-store displays, and Wal-Mart will also be revamping its electronics departments to create a more open and interactive Best Buy-like shopping experience. Wal-Mart has been trying to move upmarket in the consumer electronics business for years, and offering Palm's soon to be released Pre smart phone is another part of that strategy.

Continue reading Wal-Mart looks to expand electronics business

Wal-Mart looks to expand electronics business originally appeared on BloggingStocks on Mon, 18 May 2009 09:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BBYBest BuyBestBuyCircuit CityCircuitCityElectronicsinthenewsWal-MartWMTMon, 18 May 2009 09:30:00 EST<![CDATA[Is Best Buy making a Circuit City mistake?]]>http://www.bloggingstocks.com/2009/04/27/is-best-buy-making-a-circuit-city-mistake/http://www.bloggingstocks.com/2009/04/27/is-best-buy-making-a-circuit-city-mistake/http://www.bloggingstocks.com/2009/04/27/is-best-buy-making-a-circuit-city-mistake/#commentsFiled under: ,

Best Buy, Inc. (NYSE: BBY) won the war with defunct rival Circuit City. Circuit City's demise was based on so many fundamental pieces of mismanagement it was amazing the company lasted into 2009. Now that it is gone, Best Buy stands alone with the larger discount retail chains and online superstores as the places tens of millions of Americans shop for this consumer electronics.

Continue reading Is Best Buy making a Circuit City mistake?

Is Best Buy making a Circuit City mistake? originally appeared on BloggingStocks on Mon, 27 Apr 2009 15:50:00 EST. Please see our terms for use of feeds.

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Best Buy, Inc. (NYSE: BBY) is expected to take possibly 50% of the business that would have gone to former competitor Circuit City, with the other half being distributed among every other large retailer that sells consumer electronics. Due to that market share capture, the largest consumer electronics retailer in the U.S. saw its stock price upgraded more than a few times in recent weeks.

Continue reading Best Buy increases after several upgrades

Best Buy increases after several upgrades originally appeared on BloggingStocks on Wed, 18 Mar 2009 12:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BBYBest BuyBestBuyBrian DunnBrianDunnCircuit CityCircuitCityINcinthenewsWMTWed, 18 Mar 2009 12:55:00 EST<![CDATA[Circuit City sells its Canadian operations]]>http://www.bloggingstocks.com/2009/03/03/circuit-city-sells-its-canadian-operations/http://www.bloggingstocks.com/2009/03/03/circuit-city-sells-its-canadian-operations/http://www.bloggingstocks.com/2009/03/03/circuit-city-sells-its-canadian-operations/#commentsFiled under:

Bankrupt and in the process of liqudation, Circuit City hasn't had any good news in a long time. But the company's Candian operations will live to fight another day.

Bell Canada Enterprises has agreed to acquire the company's 750+ Canadian stores. As the largest phone company in Canada, Bell hopes that the stores, known as The Source by Circuit City, will help to increase its struggling market share numbers in mobile phones.

"The Source is a respected leader in consumer electronics retailing right across Canada," Bell Canada CEO George Cope said in a statement. "Its acquisition supports Bell's strategic imperatives."

Continue reading Circuit City sells its Canadian operations

Circuit City sells its Canadian operations originally appeared on BloggingStocks on Tue, 03 Mar 2009 07:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>CanadaCircuit CityCircuitCityinthenewsTue, 03 Mar 2009 07:00:00 EST<![CDATA[R.I.P., Circuit City]]>http://www.bloggingstocks.com/2009/03/02/r-i-p-circuit-city/http://www.bloggingstocks.com/2009/03/02/r-i-p-circuit-city/http://www.bloggingstocks.com/2009/03/02/r-i-p-circuit-city/#commentsFiled under: , ,

Circuit City Going Out of BusinessAhhh, Circuit City. Where service is state of the art! The chain of electronics retailers -- currently liquidating at a furious rate -- will be all but defunct as of Sunday, March 8. The "bulk" of the stores still left open are targeting this as their last day.

Although the chain very nearly ruined one of my favorite songs (The Cars' "Just What I Needed") by employing it as their jingle, I have a soft spot in my heart for the red-themed Big Box location. I frequented it long before Best Buy Co., Inc. (NYSE: BBY) was in my world, I bought my first laptop there, and it was my CD shopping destination of choice in the late 1990s. Thank you, Circuit City employees, for never laughing at my purchase of the latest from NSYNC, the Backstreet Boys, Mandy Moore, or others.

Continue reading R.I.P., Circuit City

R.I.P., Circuit City originally appeared on BloggingStocks on Mon, 02 Mar 2009 18:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>best buyBestBuycircuit cityCircuitCityelectronics retailersElectronicsRetailersliquidationMon, 02 Mar 2009 18:00:00 EST<![CDATA[Circuit City seeks to retain execs as it winds down]]>http://www.bloggingstocks.com/2009/02/13/circuit-city-seeks-to-retain-execs-as-it-winds-down/http://www.bloggingstocks.com/2009/02/13/circuit-city-seeks-to-retain-execs-as-it-winds-down/http://www.bloggingstocks.com/2009/02/13/circuit-city-seeks-to-retain-execs-as-it-winds-down/#commentsFiled under: ,

Circuit City Stores Inc. needs to entice some workers, managers and executives to stay with the company until it has completely liquidated all of its assets. In fact, the company this week asked a U.S. Bankruptcy Court judge to provide incentives to retain those exact folks -- for at least a little while. Would this matter? You decide.

Continue reading Circuit City seeks to retain execs as it winds down

Circuit City seeks to retain execs as it winds down originally appeared on BloggingStocks on Fri, 13 Feb 2009 10:15:00 EST. Please see our terms for use of feeds.

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With its stock price currently hovering at about 8/10ths of a penny, Circuit City Stores is nearing the day when it will completely cease to exist.

DJM Realty announced that it is has been retained to oversee the sale of the company's real estate assets. In a press release, Andy Graiser and Emilio Amendola, DJM Realty's Co-Presidents, commented that "Circuit City's real estate has begun to create interest among national and regional retailers and supermarkets. There are great opportunities for schools and other non-retail uses."

Continue reading Circuit City Elementary School?

Circuit City Elementary School? originally appeared on BloggingStocks on Thu, 05 Feb 2009 15:18:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Circuit CityCircuitCitycommercial real estateCommercialRealEstateinthenewsThu, 05 Feb 2009 15:18:00 EST<![CDATA[Circuit City impact will be deeply felt]]>http://www.bloggingstocks.com/2009/02/04/circuit-city-impact-will-be-deeply-felt/http://www.bloggingstocks.com/2009/02/04/circuit-city-impact-will-be-deeply-felt/http://www.bloggingstocks.com/2009/02/04/circuit-city-impact-will-be-deeply-felt/#commentsFiled under: , , , , , , , ,

We all know the impact that the current economic slowdown has had on Circuit City, but the question over what ultimate impact Circuit City's collapse will have on the economy will take a little longer to figure out. One thing is for sure, the company's collapse could not have come at a worse time for the overall economy.

The first ripple that the market is going to feel is the vacancies that the company is going to leave in its wake after closing its doors. The company was operating 567 stores at the time it announced it was going under, and these stores represented a total square footage of 18.71 million square feet.

Continue reading Circuit City impact will be deeply felt

Circuit City impact will be deeply felt originally appeared on BloggingStocks on Wed, 04 Feb 2009 19:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>advertisingBBYBest BuyBestBuyCircuit CityCircuitCityeconomyHewlett PackardHewlettPackardHPQlayoffsrecessionrental incomeRentalIncomeretailSamsungshopping centersShoppingCentersSNESonyWed, 04 Feb 2009 19:15:00 EST<![CDATA[My predictions for Obama's first year]]>http://www.bloggingstocks.com/2009/01/19/my-predictions-for-obamas-first-year/http://www.bloggingstocks.com/2009/01/19/my-predictions-for-obamas-first-year/http://www.bloggingstocks.com/2009/01/19/my-predictions-for-obamas-first-year/#commentsFiled under: , ,

Like all good marriages, the union of Barack Obama and the American people will start tomorrow with the best of intentions. The problem is that it won't last, particularly when it comes to the economy.

The president-elect already is at odds with House Speaker Nancy Pelosi over whether to repeal the Bush tax cuts before they expire in 2010, according to the Wall Street Journal. The economic stimulus package is expected to top $850 billion as part of Obama's pledge to create jobs and reducing taxes. Meanwhile, the housing market continues to stink and the stock market continues to be dreadful.

Improving the economy is going to be a long, painful process. Think turning around a super-tanker and you get the idea. Good news is going to be hard to come by over the next 12 months. Bad news will be plentiful. Here are some predictions of the troubles that lie ahead for the economy no matter despite Obama's best intentions.
  • Corporate bankruptcies -- Experts are predicting one of the biggest waves of corporate bankruptcies and restructurings in years. Already, Circuit City Stores Inc. (OTC: CCTYQ) has bitten the dust and the year is just getting started. Loads of retailers who are already operating on the razor's edge of profitability may be pushed over the edge. I doubt that enough credit will be unlocked by government fiat to address this problem.

Continue reading My predictions for Obama's first year

My predictions for Obama's first year originally appeared on BloggingStocks on Mon, 19 Jan 2009 16:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACbanksCCTYQCircuit CItyCircuitCityeconomic stimulusEconomicStimuluseconomyfeaturedLarry SummersLarrySummersLehman brothersLehmanBrothersNancy PElosiNancyPelositradeMon, 19 Jan 2009 16:30:00 EST<![CDATA[Circuit City to go out of business and close down permanently]]>http://www.bloggingstocks.com/2009/01/16/circuit-city-to-go-out-of-business-and-close-down-permanently/http://www.bloggingstocks.com/2009/01/16/circuit-city-to-go-out-of-business-and-close-down-permanently/http://www.bloggingstocks.com/2009/01/16/circuit-city-to-go-out-of-business-and-close-down-permanently/#commentsFiled under: ,

Circuit City Stores Inc. (NYSE: CC) is going away for good. The nation's former second-largest consumer electronics retailer told the investing world this morning that it had not been able to reach any kind of deal with creditors or potential bidders of the company. As such, it will ask the bankruptcy judge presiding over its case to begin liquidating all of its assets as soon as possible.

This all started when former Circuit City CEO Phil Schoonover fired over 3,500 sales staffers and tried to replace them with lower-paid workers. The first time you take away your greatest asset -- those who touch customers every day -- due to cost concerns, you're ultimately doomed.

Continue reading Circuit City to go out of business and close down permanently

Circuit City to go out of business and close down permanently originally appeared on BloggingStocks on Fri, 16 Jan 2009 13:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>CCCircuit CityCircuit City bankruptcyCircuitCityCircuitCity liquidationCircuitCityBankruptcyCircuitcityLiquidationfeaturedinthenewsFri, 16 Jan 2009 13:00:00 EST<![CDATA[Circuit City to liquidate U.S. stores]]>http://www.bloggingstocks.com/2009/01/16/circuit-city-to-liquidate-u-s-stores/http://www.bloggingstocks.com/2009/01/16/circuit-city-to-liquidate-u-s-stores/http://www.bloggingstocks.com/2009/01/16/circuit-city-to-liquidate-u-s-stores/#commentsAfter negotiations to find a buyer failed, Circuit City will liquidate its U.S. stores. According to court papers filed this morning, the Richmond, Virginia-based company has appointed three companies to liquidate its inventory. The company, which filed for bankruptcy in November, had a deadline of today to find a buyer.

Circuit City to liquidate U.S. stores originally appeared on BloggingStocks on Fri, 16 Jan 2009 11:30:00 EST. Please see our terms for use of feeds.

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Three bidders are involved in negotiations to acquire Circuit City, but the outright liquidation of the company's assets remains the most likely outcome. The bankruptcy court has set a Friday deadline for the company to reach a deal with a buyer and while an extension is possible, nothing has been agreed to so far.

According (subscription required) to The Wall Street Journal, Golden Gate Capital is the bidder most likely to gain ownership of the company, but Mexican billionaire Ricardo Salinas Pliego is also in the running. His firm owns more than 1,000 electronics stores in Latin America. Hilco Merchant Resources and Gordon Brothers Retail Partners are also pairing up to make an offer.

The company's results have deteriorated even more than was expected since the bankruptcy filing. Putting aside the short-term macroeconomic problems, Circuit is being squeezed by Best Buy (NASDAQ: BBY) on one side and by Wal-Mart (NYSE: WMT) on the other. There's really no reason for the company to go anywhere other than liquidation, and that's what is likely to happen.

It's a cruel blow to the company's 30,000 employees, who are likely to lose jobs because of incompetence at the highest levels of the company.

Circuit City rushes to find a buyer originally appeared on BloggingStocks on Fri, 16 Jan 2009 10:30:00 EST. Please see our terms for use of feeds.

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Circuit City Stores Inc. (OTC: CCTYQ) continues to negotiate with potential buyers who the company says want to continue operating the second-largest electronics retailer. I will believe it when I see it.

The retailer has gotten its butt kicked by Best Buy Co. (NYSE: BBY) for years. Its penny-pinching ways has resulted in lousy service because the company was too cheap to pay experienced sales help. Moreover, this is a bad time to sell electronic gadgets and gizmos that are the very definition of discretionary spending. Retail sales have dropped for six straight months.

Anyone hoping a white knight will rescue Circuit City, which has more than $2.3 billion in liabilities, is going to be surely disappointed. The bankruptcy spooked real estate companies with mall holdings that rent to Circuit City and other chains.

Whatever interest there is in the chain is likely from liquidators and real estate investors. Even these buyers are going to drive a hard bargain because of the distressing number of chains in the same situation such as Linen's 'n Things and KB Toys Inc.

Who on earth would want to buy Circuit City? originally appeared on BloggingStocks on Fri, 16 Jan 2009 08:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BBYCCCCTYQCircuit CityCircuitCityRETail salesRetailSalesFri, 16 Jan 2009 08:00:00 EST<![CDATA[Circuit City in its death spiral: may start liquidating this week]]>http://www.bloggingstocks.com/2009/01/13/circuit-city-in-its-death-spiral-may-start-liquidating-this-wee/http://www.bloggingstocks.com/2009/01/13/circuit-city-in-its-death-spiral-may-start-liquidating-this-wee/http://www.bloggingstocks.com/2009/01/13/circuit-city-in-its-death-spiral-may-start-liquidating-this-wee/#commentsFiled under: ,

Circuit City Stores, Inc. (NYSE: CC) may start liquidating some if its assets this week, the retailer indicated a few days ago. If Circuit City cannot find someone to help, its existing bankruptcy may turn into a complete obliteration of the entire company.

It's sad for many reasons. First, the incredible mismanagement of the company in the last two years led it down a self-destructive path. Former CEO Phil Schoonover either was very incompetent or very complacent in not attacking the competition, even before the economy collapsed and consumers stopped spending.

Second, it's hard to say if the retailer knew it was headed for oblivion and was only trying to buy time when it filed for bankruptcy last November. It wouldn't be the first time.

Circuit City's situation is so dire that it indicated last Friday that it may promote itself "as a going concern, as separate business units or as individual assets -- including the sale of inventory." In other words, look for a fire sale soon. Unless it receives an equity injection, this company is dead. Dead dead. If January 16 comes and Circuit City does not have some money or a buyer, it'll start breaking itself up faster than the Titanic.

Circuit City in its death spiral: may start liquidating this week originally appeared on BloggingStocks on Tue, 13 Jan 2009 17:20:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>CCCircuit CityCircuit City store closingsCircuitCityCircuitCityStoreClosingsTue, 13 Jan 2009 17:20:00 EST<![CDATA[Best Buy gains market share while seeing declining sales in December]]>http://www.bloggingstocks.com/2009/01/07/best-buy-gains-market-share-while-seeing-declining-sales-in-dece/http://www.bloggingstocks.com/2009/01/07/best-buy-gains-market-share-while-seeing-declining-sales-in-dece/http://www.bloggingstocks.com/2009/01/07/best-buy-gains-market-share-while-seeing-declining-sales-in-dece/#commentsFiled under: ,

Best Buy, Inc. (NYSE: BBY) warned of a disastrous holiday retail season before it occurred, even with bankrupt competitor Circuit City Stores, Inc closing stores and having survival issues. Wal-Mart Stores, Inc. (NYSE: WMT) by far was Best Buy's worst nightmare over the holidays, gaining same-store sales growth and being about the only retailer that was growing while all the others were shrinking.

With Best Buy set to report December earnings this Friday, many eyes will be on the retailer to see just how bad or good it performed over the holiday selling season. Stifel Nicolaus analyst David Schick believes that a 6.5% drop in same-store sales is on tap for the December quarter for Best Buy, which would be in line with the retailer's own doom and gloom predictions. However, Schick also thinks that there will be an uptick in December's numbers based on Best Buy's grasp of market share from the faltering Circuit City.

Schick notes that the rapidly falling prices in flat-screen televisions has hurt Best Buy, along with "the largest drop in durable goods spending since 1942." Best Buy still, though, has most of the market for consumer electronics outside from the mass discount retailer scene. There is generally not much national competition for the retailer outside the warehouse clubs that sell specific product categories of electronics, and of course Wal-Mart. Still, when consumers start spending money again, Best Buy will probably rise mightily from the ashes.

Best Buy gains market share while seeing declining sales in December originally appeared on BloggingStocks on Wed, 07 Jan 2009 13:30:00 EST. Please see our terms for use of feeds.

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Circuit City Stores received final approval for $1.1 billion in debtor-in-possession financing to allow it to continue to pay vendors and employees as it seeks to restructure itself after its bankruptcy filing last month.

Meanwhile, the company's operations have continued to deteriorate even more rapidly than it had forecast when it made the filing.

The company had anticipated same-store sales declines of as much as 35% when it produced its first bankruptcy budget but the company is now saying that sales at stores that aren't closing are down as much as 50% year over year.

Circuit City said in a statement that "With the continued deterioration of the macroeconomic climate, results from other retailers and our operating under Chapter 11 reorganization protection, the fact that our sales are somewhat weaker than our original forecast should not be considered a negative." The company is also looking to void leases on 154 stores it is liquidating after efforts to sell those leases failed to produce enough bids.

The bankruptcy court also let the company void employment and severance contracts with 40 former employees, including the CEO who drove the bus into the ditch: Philip Schoonover.

The company seems to think it can restructure and make a comeback with fewer stores and a better balance sheet. But the fact that better-financed competitors like Best Buy (NYSE: BBY) haven't made a bid for the company indicates that those in the know aren't so optimistic about Circuit City's future.

Circuit City secures debtor-in-possession financing originally appeared on BloggingStocks on Tue, 23 Dec 2008 18:30:00 EST. Please see our terms for use of feeds.

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