Circuit City closing...

[Army82ndAB]

Hey all,

Just to give you a heads up the Circuit City on Brown Deer Rd. will be closing their doors on Feb. 26th. They boxed up all of their new products to be shipped to other stores, but they will be blowing out all their displays from what my cousin told me, she happens to work there.

Maybe a good chance to get a really good deal? Thought I'd let you know...

[gparris]

[QUOTE=Army82ndAB]Hey all,

Just to give you a heads up the Circuit City on Brown Deer Rd. will be closing their doors on Feb. 26th. They boxed up all of their new products to be shipped to other stores, but they will be blowing out all their displays from what my cousin told me, she happens to work there.

Any idea if they are relocating-like to Mequon or the North Shore, instead?
Seems to be ashame to lose another store. :rolleyes:

[summerfun]

Circuit City Announces 19 Superstore Closings as Part of Its Ongoing Initiatives to Improve Financial Performance
Company Also Announces Closures of Five Regional Offices and One Distribution Center, Sale of a Corporate Building
RICHMOND, Va., Feb 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Circuit City Stores, Inc. today announced the closing of 19 Superstores, five regional offices and one distribution center by the end of the month, as well as the sale of a corporate building, continuing its initiatives to improve the company's overall financial performance.

"Based on our continuing analysis of markets across the country, we have identified 19 Superstores located in trade areas that we believe can no longer support a Circuit City Superstore, leaving the locations with no reasonable expectation of positive cash flow and without relocation opportunities over the near term," said W. Alan McCollough, chairman and chief executive officer of Circuit City Stores, Inc. "In many of the larger markets in which we are closing stores, we have added incremental stores in more vital trade areas or relocated stores to more attractive sites. The repositioning of our stores within these markets continues, and it no longer makes financial sense to keep some of the stores in those markets open."

In the fourth quarter of the current fiscal year, Circuit City expects to incur expenses of approximately $30 million after tax in conjunction with the store and regional office closings. The costs relate primarily to lease terminations, fixed asset disposals and, to a lesser extent, severance and other costs. The 19 stores combined had revenues of $170 million for the 12- month period ended December 31, 2004.

In most cases, Circuit City customers who are affected by the store closings will have the option of shopping at a nearby Circuit City Superstore. All customers will be able to shop with Circuit City on the Web at http://www.circuitcity.com or over the telephone at 1-800-THE-CITY. The closing stores will not open today or tomorrow, but will reopen on Friday, February 18, for a close-out sale of display merchandise.

In addition to the store closings, the company will close a distribution center located in Doswell, Va. The 400,000 square foot facility will close at the end of the month. Expenses associated with the distribution center closing are not expected to be material. After a transition period, the company expects a reduction in inventory as the company shifts store replenishment distribution to its other nine distribution centers.

The company also sold one of the buildings at its corporate headquarters campus to Perimeter Center, LLC., an affiliate of Daniel Realty. The 188,120 square foot building, known as Deep Run II, opened in July 1994. The transaction resulted in a gain of approximately $1.8 million after tax, and the elimination of $12.6 million of long-term debt associated with the operating lease arrangement from the company's consolidated balance sheet.

About Circuit City Stores, Inc.

Richmond, Va.-based Circuit City Stores, Inc. (NYSE: CC) is a leading specialty retailer of consumer electronics. At the end of February 2005, Circuit City's domestic segment expects to operate 612 Circuit City Superstores and five mall-based stores in 158 markets and its international segment expects to operate more than 1,000 retail stores and dealer outlets in Canada. Circuit City also operates a Web site at http://www.circuitcity.com.

Forward-Looking Statements

This release contains forward-looking statements, which are subject to risks and uncertainties, including without limitation (1) the availability of real estate that meets the company's standards for relocations and new stores, (2) the company's ability to meet the store opening and relocation schedule, (3) the timing and amount of costs associated with the store, office and distribution center closures and (4) the effect of the company's efforts to redistribute inventory and streamline replenishment processes among the remaining distribution centers. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is set forth under Management's Discussion and Analysis of Results of Operations and Financial Condition in the Circuit City Stores, Inc. Annual Report for fiscal 2004 and Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2004, and in the company's other SEC filings. A copy of the Annual Report is available on the company's Web site at http://investor.circuitcity.com.

Store Closing List

Store Name Address City, State

Bloomington 2520 East 3rd St. Bloomington, Ind.
West 38th Street 3670 Moller Road Indianapolis, Ind.
Evergreen Plaza 9600 S Western Ave. Evergreen Park, Ill.
Randhurst 999 North Elmhurst Road Mount Prospect, Ill.
Old Orchard 4831 Golf Road Skokie, Ill.
Wichita East 8405 E. Kellogg Drive Wichita, Kan.
Pontiac 550 N. Telegraph Road Detroit, Mich.
Lansing East 2655 E Grand River Ave. East Lansing, Mich.
Southfield 28556 Telegraph Road Southfield, Mich.
Traverse City 3123 South Airport Road Traverse City, Mich.
Westland 4030 West Broad St. Columbus, Ohio
Olmsted 27250 Lorain Road North Olmsted, Ohio
North Randall 21639 Miles Road North Randall, Ohio
Parmatown 8009 Day Drive Parma, Ohio
Jackson 1938 Emporium Drive Jackson, Tenn.
Katy Freeway 1045 Katy Freeway Houston, Texas
Lufkin 4600 S Medford Drive Lufkin, Texas
Lynchburg 3700 Candlers Mountain Road Lynchburg, Va.
Northridge 8173 West Brown Deer Road Milwaukee, Wis.

Parties interested in the real estate are asked to contact DJM Asset Management, LLC.Emilio Amendola 631-752-1100 ext. 223 eamendola@djmasset.comJames Avallone 631-752-1100 ext. 224 javallone@djmasset.com
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
SOURCE Circuit City Stores, Inc.
Bill Cimino, Director of Corporate Communications, +1-804-418-8163, Jessica Clarke, Investor Relations, +1-804-527-4038, or Virginia Watson, Investor Relations, +1-804-527-4033, all of Circuit City Stores, Inc.
http://www.prnewswire.com

Copyright © 2005 PR Newswire. All rights reserved.

News Provided by COMTEX

[govegan]

It might be worth taking a look. The only thing I'm really in the market for right now is an HDTV tuner since I still don't have one. It'd be nice if they had an open-box one for cheap, because I can't really afford $200 for one right now.

[kjnorman]

I can understand why the Brown Deer Circuit City is closing. Lets face it, Brown Deer is not exactly the best neighborhood. Let the flames begin :Shoot:

Seriously though, while it is the closest CC to me, my wife and I never much like going to that part of town for shopping (mostly Toys-r-us) and we would much rather drive further to go to different stores. The whole Brown Deer retail area is going much more down market - discount stores - that kind of thing. Its easy to understand why it does not support a superstore any more.

Of course, this is just my opinion and I may be a Northshore snob... :D

[tothemax]

You may be a north shore snob or you may just look at the facts and base an opinion on those facts. Thats called a realist.

[gparris]

Kerry, get your facts straight...the Circuit City is on BROWN DEER ROAD where NORTHRIDGE was...not IN Brown Deer, a NORTH SHORE Suburb...one of the seven you live in! :rolleyes:

[picopir8]

You may be a north shore snob or you may just look at the facts and base an opinion on those facts. Thats called a realist.

What facts? I just went to the Milwaukee compass site and mapped all crime milwaukee crime reports. The area around where CC is happens have the lowest crime density in the city. Heck the busineess district downtown, the east side, etc. all have higher crime.

[jkane]

About 10 years ago there was a Chucky Cheese not far from there. (On Good Hope and 76th maybe?) Anyhow, I was there with my kids and this teenager was walking around with a holster under his arm. No gun in it, but the holster and a teen was enough to convince me to not spend any more time at that Chucky Cheese! They closed a couple years later. I was happy!

I did shop at Northridge quite a bit. I still go to BB, CC, American, and have been to ToysRUs too. (I boycot Target for other reasons.) I wouldn't have a problem if all of them closed. The area is not what it used to be. It's just scary now. I haven't eaten in a fast food place for a few years now because I'm afraid of the employees. Bad service is a big understatement. I have this feeling they are spitting on the bread. [shudder] It's worse than the MCD's in Mequon where they just don't care. There's even a Walmart there next to CC! That tells you what kind of prices and products people are looking for in their shopping there.

Anyhow, I still shop in the area because I haven't been shot at yet. But each time I go, I keep my eyes open and am scanning the horizon for that day when it does happen! :eek:

[tothemax]

What facts? I just went to the Milwaukee compass site and mapped all crime milwaukee crime reports. The area around where CC is happens have the lowest crime density in the city. Heck the busineess district downtown, the east side, etc. all have higher crime.


Fine, Then you go eat dinner at olive garden at 9:00 pm and leave your car unlocked if you think your so bright. Better yet, go eat at the northridge food court around the same time. Do it after you see a movie there, oh yes, thats gone. Well, maybe you could do some shopping at some other fine stores at northridge, oh thats right, there all gone. I bet your a democrat arn't you.

[gparris]

It might be worth taking a look. The only thing I'm really in the market for right now is an HDTV tuner since I still don't have one. It'd be nice if they had an open-box one for cheap, because I can't really afford $200 for one right now.

Let us know if you found anything or bought anything there or if there were any good buys.
I'll send my brother up there as he lives close by (in the Village of Brown Deer, not Brown Deer Rd)
to pick something up for me or himself to finish his HT setup we're working on. :p
He is kinda of a cheap HT guy and I have already given him way to much myself as far as HT stuff....thanks in advance! :D

[kjnorman]

Kerry, get your facts straight...the Circuit City is on BROWN DEER ROAD where NORTHRIDGE was...not IN Brown Deer, a NORTH SHORE Suburb...one of the seven you live in! :rolleyes:

Whatever. Okay I stand corrected - busy day at work. We still do not care for that area (Brown Deer Road). There is a BIG difference between East and West of the Milwaukee (?) river.

If the area was so successful, then Northridge Mall would not have been raised to the ground last year. We would never contemplate eating in that area. The whole area just looks scare and depressing.

That said, on the upside, the service we have had at the Toys'R'us store there has been very good the last couple of time we have been there. Before that it was only so-so to bad.

Anyway this is a HDTV forum to enough about ranting on Brown Deer Road (and not Brown Deer as I was corrected about earlier :Shoot: ).

Kerry

[govegan]

Let us know if you found there and if there were any good buys, I send my brother up there as he lives close by (in the Village of Brown Deer, not Brown Deer Rd). :p
He is kinda of a cheap HT guy and I have already given him way to much myself as far as HT stuff....thanks in advance! :D

I went over there around 11:30 this morning, but there was a line outside the door halfway down the strip mall. There were maybe a few hundred people waiting outside the doors and the lot was completely full. I've already recently gotten a widescreen TV, surround speakers and a receiver, so I really only wanted an HDTV tuner, so I decided not to bother standing around in the cold. I'd read that there was just going to be open-box merchandise left in the store so I thought my chances would be extremely slim.

As it is, I guess I'll remain the only person on these boards who isn't able to watch HDTV.

[Army82ndAB]

Haha...You guys think being in the Northridge area is scary? Try patolling the streets of Fallujah/Ramadi, IRAQ! I am no longer nervous walking the streets of any American city period.

With that said...I work for BBY and they are eventually closing our Northridge location and relocating to Germantown as soon as they get this traffic light situation solved. (Germantown insists on installing a traffic light but refuse to pay for it, BBY thinks they should split the bill with Steinhafels since they're building next door, they said no, blah blah blah...BBY will pay the 200K in the end and move)

So, yes even though they just built a Pick-n-Save and Menards at what used to be Northridge mall, the area to me doesn't seem as if it will survive.

P.S. Circuit City is a dying company, it's just a matter of time before they no longer exist. Not enough room for them between BBY, and Wal-Mart.

[Scott]

No.....please tell me they aren't closing the Best Buy Northridge store.....uggh....that's real easy for me to get to, and I like going there....

I figured when they "opened" the Fox Point store something would happen....just like those citizens protesting it said would.

Back to the topic.....no one here has mentioned how crummy the Circuit city stores are....they are dark, dirty and disorganized and have been so for years.....and Best Buy just keeps improving IMHO. That's why Best Buy seems to be eating their lunch right now......

Also, the Best Buy salespeople generally seem more knowledgable than the Circuit City guys.....I realize though that may not be a fair statement......

I know some of you are partial to American.....my only problem there is the fact that I enter the store and 18 different sales people try to sell me something, and they always use the line..."You know, I have this model at home myself, and its GREAT" You can never just browse in that store without being hammered by sales people.

[Todd Wiedemann]

With that said...I work for BBY and they are eventually closing our Northridge location and relocating to Germantown as soon as they get this traffic light situation solved. (Germantown insists on installing a traffic light but refuse to pay for it, BBY thinks they should split the bill with Steinhafels since they're building next door, they said no, blah blah blah...BBY will pay the 200K in the end and move)

Isn't that in Menomonee Falls ? I live about two blocks away from the proposed Steinhafel's / Best Buy site, just next to Neu's on Richfield Way.

[Tom Snyder]

I hadn't heard about BBY out here... that's so cool... we were hoping we'd get one out here... I'll drive the 30 minutes to got to the Brookfield one before I'll drive 8 minutes to go the Northridge one.

Next to Neu's? Yeah that is Menomonee Falls.... are you sure that's where it's going? That's a minute away from our office... SWEET!

[SRW1000]

The demise of the whole Northridge area is very sad. My wife and I spent much of our dating and early wedded years shopping in the mall and the surrounding area. We never felt unsafe at any time, and continued to go there up until the last remaining stores left. This was despite the warnings of our friends who were too scared to go there, even if it meant traveling many miles out of their way to shop at the same stores.

The decline started around the same time as the Jesse Anderson case. That was coupled with unfounded urban legend of gang members hiding under the cars of female shoppers - slashing their ankles as they got back into their cars. Despite the fact that this never happened, I know people who still insist on the truth of the story.

I never believed that there was an underlying racial factor in the decline of shoppers at the Northridge area. But, just from reading some of the posts in this thread, I have to wonder.

Anyway, with Circuit City closing, the area loses another shopping option, and consumers suffer.

Scott

[Todd Wiedemann]

I hadn't heard about BBY out here... that's so cool... we were hoping we'd get one out here... I'll drive the 30 minutes to got to the Brookfield one before I'll drive 8 minutes to go the Northridge one.

Next to Neu's? Yeah that is Menomonee Falls.... are you sure that's where it's going? That's a minute away from our office... SWEET!

Yep. I'm sure.

Wish I hadn't thrown away the article about the traffic signal issue from the Meno Falls News.

You know where I live Tom, I could easily walk there !! Woo hoo !

[picopir8]

Fine, Then you go eat dinner at olive garden at 9:00 pm and leave your car unlocked if you think your so bright. Better yet, go eat at the northridge food court around the same time. Do it after you see a movie there, oh yes, thats gone. Well, maybe you could do some shopping at some other fine stores at northridge, oh thats right, there all gone. I bet your a democrat arn't you.

Actually, I have. However I do make sure my car is locked tight when I go to Chuck E. Cheese in Brookfield, which has actually been on the news several times due to the high crime there. All the the places that are closed on the north side are not due to crime but due to people not shopping there. People, such as yourself, have irrational fears of an area so they stop shopping in the area and stores end up closing as a result. When I was in college I worked at BB and had access to milwaukee area theft reports. The brookfield store always topped the list. Yet it also topped the list in sales because people percieved it as a safe place to shop. Consequently the sales offset the extra losses.

The milwaukee police reports simply do not substaniate the claims that it is a bad neighborhood. The only difference with that area is that there is a high minority population. If it was unsafe there should be hard data to support such claims. However the data show that it is safer than other areas around town.

I dont see what my political affiliation has anything to do with this discussion. Did you make the comment because you feel that because I am not racist I can not be a republican? For the record, no Im not a democrat. I am a fiscal conservative so Im obviously not a republican either (given their recent spending trends). I ended up joining a number of other disenfranchised conservatives and went over to our nations third largest political party.

[Joseph S]

I don't think I've been to the Northridge Circuit City, but I would have thought if any store should be closed it would be the desolate Brookfield store. On the rare occasions that I've gone out of my way to pick up a DVD deal there, maybe two people are shopping at the same time as I am. I don't see how they stay in business. Then again, I've never figured out why Mayfair opens at 10AM and closes around 11AM on the weekends instead of allowing people to actually shop during their free time.

[Mrtanner]

Let us know if you found anything or bought anything there or if there were any good buys.
I'll send my brother up there as he lives close by (in the Village of Brown Deer, not Brown Deer Rd)
to pick something up for me or himself to finish his HT setup we're working on. :p
He is kinda of a cheap HT guy and I have already given him way to much myself as far as HT stuff....thanks in advance! :D

I was in the crush of people they let in at noon on Friday. I ran over to the receivers. The deals were no better than are routinely available on open-box equipment. e.g. a receiver that normally sells for $799 on sale for $729 with no remote.

I looked at a $329 digital camera that had no battery or power cord. I found it factory sealed for $359.

No great deals imo on day one. Perhaps they lowered them later.

[tazman]

Good to to here BBY is moving a store further out. Not as far for me to drive. Personally I've never had a problem shopping at any of the stores in the NorthRidge area, lucky I guess. As far as what is happening to all these shopping malls and complexe's, is anyones guess. I personally don't think the develoupers know what to do themselves. Case in point. Look at the Paradise mall that is no more in West Bend between Shopko and Kohls. They tore it all out and put in a outdoor strip mall. Now thats failing. Go figure. I know I don't have the answers. :bang:

[Army82ndAB]

Last I heard our projects team is set to put everything together in the Menomonee Falls store in April, but again that date could change on a dime. The reason I originally called it the Germantown store was due to my G.M. always saying "when we get our new Germantown store." I have no clue where anything is around there, but will find out I'm sure.

This store is going to be so nice...It's a tad bit smaller than the current Northridge store, which is the largest in Milwaukee in Square feet. All brick on the outside, and every single inch of the floor will be carpeted. Brand new everything, I can't wait.

[Tom Snyder]

There's so much retail growth out here that it's crazy. County Line Road separates G'town and Meno Falls... and with Appleton Avenue running diagonally, sometimes it's hard to remember what stores are in which community! And in some cases, local zoing rules and goofballs on local village boards have had some retailers decide to scrap plans in one village and decide to develop in the other.

The Home Depot was to have been in G'town, but the village board here said their Orange was too bright for the required German tradition on all new business construction, so they actually asked to tone it down. That's why the new Home Depot is in the Falls... :)

[btbowen1]

There's actually African Americans such as yours truly that frequent this site!
I'm really suprised the site administrators Tom and Todd let this thread drift off topic to the point of getting offensive to some without putting and end to it. Hell, one even threw in his on shot, if you want to empty your gas tank and drive to the Waukesha Best Buy instead of the Northridge one for the same junk, thats up to you.
Guess what, I'm in law enforcement too and work in that area. I can tell you all you want to know. Theres several problems with the area, prejudice is a big one as you guys have proven here, but I have to admit, customer service is pretty bad at the fast food restaurants. There is some shoplifting in the area but its not bad, we don't go to the stores day in and day out for problems.
People perception of the area and their fear of being around minorities is killing that area and in my opinion, the entire Milwaukee community, that includes the suburbs too, like North Shore and Brown Deer(not road but town).
When will you people learn?

[Nels Harvey]

[QUOTE=Army82ndAB]Hey all,

Just to give you a heads up the Circuit City on Brown Deer Rd. will be closing their doors on Feb. 26th. ]

Last summer, when I was shopping for my HDTV, I did the circuit, BBY, CC, even Sears and American. I was able to look over the displays at the Northridge CC, and examine each big TV set, front and back, play with the controls where available, measure the depth, width, and evaluate the display sets to my hearts desire.

What didn't happen was for my questions to be answered, differences explained, or even anyone who gave a care that I was there! No wonder they closed!

BB sales persons were not real informed, Sears didn't have the greatest selection, but American had a professional display, great selection, and a salesman that sold my wife!

The new Colder's store in Grafton wasn't open then, but I'm sure the HDTV department there, headed up by Gregg, one of our milwaukeehdtv guru's, is at least as knowledgeable as anyone.

Your TV is only as good as the support that is available. I sure didn't get that feeling of confidence from CC! I certainly don't miss that store.

Nels....

[Doug Mohr]

[I][QUOTE=Army82ndAB]Hey all,
...and a salesman that sold my wife!

How much did he get for her?? :rofl:

Sorry. Couldn't resist. I read that and thought about the classic stand up line "Take my wife... please!"

Doug

[gparris]

I was in the crush of people they let in at noon on Friday. I ran over to the receivers. The deals were no better than are routinely available on open-box equipment. e.g. a receiver that normally sells for $799 on sale for $729 with no remote.

I looked at a $329 digital camera that had no battery or power cord. I found it factory sealed for $359.

No great deals imo on day one. Perhaps they lowered them later.

Thank you for the information. My bro' couldn't find the DirecTivo he wanted so he said he went to the Best Buy in Fox Point on Port Washington Rd. :cool:

The comments I have received from him and co-workers of mine are that the store is clean, well-arranged and very friendly...no comment on his Tivo, but I'm working on it. :rolleyes:

[Tom Snyder]

How much did he get for her??

Reminds me of the bumper sticker I saw once:

I got this car for my wife

Great trade, don't ya think? :rofl: