Circuit City is closing their Charlottesville location, Louis Llovio writes in the Richmond Times-Dispatch. They’re shutting down 154 other stores across the country, laying off a fifth of their employees, and probably facing bankruptcy. This move was inevitable to anybody watching the Richmond business’s death spiral over the past couple of years. The NYSE just warned them that they’ll be delisted if they don’t get their share prices up—they’re at $0.40 at the moment, almost a doubling in value since today’s announcement.
With so many locations closing, I guess oddly-shaped stores will litter the stripmall landscape across the nation, a la Golden Skillets. Who this is really bad news is Albemarle Square, which continues to be viable only because acac remains. It would just take the loss of one or two spots there—Plan 9 or the Northside branch of the library—before you’d see tumbleweeds in the parking lot.
Well, the management of the shopping center has always been a curious thing. They would not renew Blackstones lease because when the AC went out the owners would not pay the rent until they got it working again and some other weird stuff. I mean, who lets a good coffee shop leak away? Also, they kicked the Andersons to Barracks because they did not like the look of the shop but the white sucker still sits there looking even worse. (No McCain snarky comments you commie leftwingers!)
Granted, most of these shopping centers do not want small businesses in their retail mix, but I cannot figure out what the long term plan is there….
Now, if we could only get Kmart to turn into a Home Depot!
I think their slide downhill started when they moved away from commissioned sales staff.
I was surprised by how long the cville circuit city stayed open. Every time I would go in there it was dead, and staff seemed to be preoccupied with just about anything that did not involve customer contact.
While shopping in that Circuit City several months ago, I was so desperate for information about a particular product (could not find ANYONE to help me) that I used my cellphone — while still in the store — to call Waldo, and asked him to look it up on the Circuit City website. I ended up at Crutchfield, where I should have gone in the first place.
Great just what this town needs less jobs
I liked being able to buy online, then go in and pick it up as soon as a half hour later and only being in the store for five minutes. Years ago, the staff was very knowledgeable, but recently, I’ve gotten my information off the web before buying. The workers there now seem to be in high school so I’m not surprised if there wasn’t plenty of information about. It was a wonderful commercial concept but maybe it’s worn out its enthusiasm (or management).
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
I think when CC fired all their workers bcause they made too much money and then hired them back at less pay, blew it for CC. This was a bad PR move all over the country and folks just stopped going to shop there and employees stopped caring about their job. They were demoralized.
But Best Buy moving in here didn’t help either.
Great just what this town needs less jobs
honestly, those jobs won’t be missed. there were maybe two people working there who actually gave a damn, and i’m sure they’ll have no problem getting hired on at best buy. the rest of the staff there were no better than welfare babies. if any of them actually did any work for their paychecks, i’d be surprised.
When’s the going out of business sale?
To soon?
The police were dispatched there last night (Monday, 11-3-08) for somebody who had just stolen $7,300 of merchandise. I wonder if it was an employee collecting his/her severace pay?