It is really sad to see them go after over 60 years in business, but Circuit City is liquidating all 567 of its US stores. Many of you probably have lots of questions if you either bought from, own shares of, have gift cards for this company, or others so I’ve highlighted a few important facts for your convenience below (for full details, check out Circuit City’s own Q&A page).
- Circuit City will still accept its own gift cards, but once the liquidation is over (they are guessing March, 2009), they will no longer be accepted anywhere.
- Liquidation sale begun yesterday (January 17, 2009). The prices can be up to 30% off, but are generally non-negotiable
- Price Match guarantee is no longer in effect
- Your extended warranties are still covered even after Circuit City’s stores close for good. If you need product serviced, call the toll-free number at the bottom of your original purchase receipt
- If you own shares, they will be worth nothing. Unless you want to trade around this, sell them while you still can even though it’s only worth pennies now.
The electronics retailer’s bankruptcy actually marks the biggest liquidation is history. It will probably be awhile until we actually see replacements for those empty stores so hopefully this won’t have too much of a psychological effect on everyone!
On to other news, check out these great articles of the past week!
- I wrote about why you need to add online savings account as part of your investment strategy over at Investing School.
- Pecuniarities has a contest up for a free 6-month subscription to Wall Street Journal!
- My Two Dollars reads about a lady trying to look for a $7 per hour paying job after earning as much as 6 figures a year. Wow!
- Clever Dude has some clever frugal tips on how we can keep warm in a cold house.
- Squawkfox was kind enough to come up with a for all to enjoy. (Alert: Free stuff)
- Normally everyone advises others to pay your mortgages bi-weekly instead of twice a month to save on interests. Check out why Blunt Money decided it’s a bad idea for her circumstances. Do you agree with her?
- Annuities are so complicated no one ever understands them. This past week, ABCs gave a simple explanation of what annuities are and what they are for.
- Canadian Capitalist asks a good question – Do you still own Nortel shares and why? (For those that don’t know, Nortel was once a high flying telecom stock – think Cisco in Canada but now it’s filing for bankruptcy protection – think $0 stock price).
- Moolanomy takes a look at income diversification and tells us – If you want to retire, you need income from places other than your job.
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Eventually Best Buy will go under as more consumers are buying online.