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Circuit City Stores, Inc.
Company typePublic
(formerly NYSE: CC)
(Template:Pinksheets)
IndustryRetail
Founded1949 as Wards Company
DefunctMarch 8, 2009 (stores)
FateBankruptcy (defunct)
HeadquartersRichmond, Virginia, USA
Key people
James Marcum CEO
John Harlow COO
ProductsConsumer electronics
RevenueDecrease $12.43 billion USD
Number of employees
>100
Websitehttp://www.circuitcity.com

Circuit City Stores, Inc. (Template:Pinksheets) was an American dealer and retailer in brand-name consumer electronics, personal computers, entertainment software, and (until 2000) large appliances. The company opened its first store in 1949 and liquidated its final American stores in 2009 following a bankruptcy filing and subsequent failure to find a buyer. As part of its bankruptcy, the company is selling its Canadian subsidiary, InterTAN (which operates as "The Source by Circuit City"), to Bell Canada.

At the time of liquidation, Circuit City was the second largest U.S. electronics retailer, after Best Buy. There were 567 Circuit City Superstores nationwide, ranging in size from 15,000 to 45,000 square feet (1400 to 4000 m²), when the company announced total liquidation. An additional 155 stores were closed when the company filed for Chapter 11 bankruptcy in November 2008 with the intent of continuing operations. However, attributing its ultimate demise to the lack of consumer spending and overall economic downturn during the late 2000s recession, Circuit City began liquidation of its remaining stores on January 16, 2009, and they were all closed on or before March 8, 2009.[1][2][3] A small staff remains on hand at corporate headquarters to complete the company's business, including the termination of its many leases, and the sale of its company-owned real estate and Canadian subsidiary.

According to Circuit City's website, there are plans to re-establish an online presence under the Circuit City name in the near future. Hilco is looking to purchase the Circuit City name and website.[4]

History

Beginnings

In 1949, Samuel S. Wurtzel opened the first Wards Company retail store in Richmond, Virginia, at 705 West Broad Street.[5] (Wards Company and Circuit City are completely unrelated to the other former retailer that went out of business in the 2000s, Montgomery Ward.) The name "Wards" was actually an acronym of the founder's last initial and the initials of members of his family (W = Wurtzel; A = Alan; R = Ruth; D = David; S = Sam).[6]

By 1959, Wards Company operated four television and home appliance stores in Richmond. The company continued to grow and acquired stores in other locations including Albany, New York; Mobile, Alabama; Washington, DC; and Costa Mesa, California. During the 1970s and early 1980s it also sold mail-order under the name Dixie Hifi, advertising in the hifi magazines of the day. In Richmond, Wards experimented with several retail formats including smaller mall outlets branded "Sight-n-Sound," "Circuit City," and lastly "Ward's Loading Dock," its first big-box format. The large-format store clicked with consumers, as did the Circuit City name.[7] They were combined into the retail format of the "Circuit City Superstore," which then went national.

Change to Circuit City

Circuit City logo used from 1984-1989

Wards Company officially changed its name to Circuit City and became listed on the New York Stock Exchange in 1984.[7] One of the company's early slogans was "Circuit City — Where the Streets are Paved with Bargains." The company, which had leased floor space from the Zody's department stores as well as other department stores, began acquiring retail stores and turning them into Circuit City Superstores. The first of these replacements occurred in Knoxville, Tennessee; Charleston, South Carolina; and Hampton, Virginia.

Wurtzel served as president of the company until 1970. He remained the chairman until 1984.[5] When he stepped down, his son Alan served as chairman until 1994.[8] In 1988, the company began to expand nationwide, constructing its "plug" design stores. During this era, Circuit City became known for its exceptional service, going so far as to have many of its staff factory-trained. Its slogan, likewise, was "Welcome to Circuit City, Where Service Is State of the Art."[9]

Circuit City logo used from 1989-2001

In 1991, Circuit City entered the New York City market by acquiring the remnants of the failed Lafayette Radio chain. They operated stores there under the "Lafayette-Circuit City" name for a few years and then exited the market, returning several years later under the Circuit City banner.

Circuit City established the First North American National Bank to operate its private-label credit card in 1990.[10] In 2002, Circuit City began offering a co-branded Visa credit card. It sold both of these operations in 2004 to Bank One (now Chase Bank). Other companies owned by Circuit City included CarMax, founded as a subsidiary and spun off in 2002, and Patapsco Designs, acquired in 1987.[11]

2000s

In 2000, Circuit City exited the large appliance sales market. The previous year, the company had earned nearly US$1.6 billion in sales revenue from large appliances. Every showroom was retrofitted, using the extra store space in its newer superstores for an expanded computer and software selection, and for music and movie sales in its original "plug design" stores. The retrofitting project alone cost the company US$1.5 billion.[12] Investors immediately scoffed at the news, and within two weeks of the decision, the company's stock value plummeted to nearly a third of its 52-week high.[citation needed]

In 2003, Circuit City converted to a single hourly pay structure in all stores, eliminating commissioned sales. Many previously commissioned sales associates were offered new positions as hourly "product specialists," while 3,900 salespeople were laid off, saving the company about $130 million per year.[13]

In 2004, with the expansion of the wireless phone market, Circuit City partnered with Verizon Wireless to include full-service Verizon Wireless sales and service centers in each superstore. These locations were owned and staffed by Verizon Wireless staff.[14] 45 percent of this workforce was laid off due to Circuit City's bankruptcy, with the remainder resigning voluntarily or transferring to other Verizon locations.[15]

File:Ccfiredog.png
Firedog logo

On February 11, 2005, a hedge fund headquartered in Boston, Highfields Capital, offered to take over Circuit City for $17 a share, arguing that existing management had failed to maximize shareholder value. Circuit City's board rejected the offer on March 7, but doubled its own share buyback program.[16] As of February 28, 2005, Circuit City held cash, cash equivalents, and short-term investments of US$1 billion.[17] Also in February 2005, a private jet owned by Circuit City crashed in Colorado, killing eight passengers, four of whom worked for the company.[18]

Philip J. Schoonover succeeded W. Alan McCollough as Chairman of the Board of Circuit City Stores, Inc. on June 27, 2006. Schoonover had previously been an executive at rival Best Buy, where his last title was Executive Vice President of Customer Segments.[19]

"Firedog," Circuit City's upgraded in-store and in-home and online computer and home theatre technical support and installation services, was launched in August 2006.[20]

Downturn

New CEO Schoonover immediately slashed employee salaries of management and hourly sales associates which some argue hurt employee morale. The new CEO dropped the starting wage from a respectable 2006 wage of $8.75 an hour down to $7.40 an hour; ($6.50 being the federal minimum wage at the time).
On February 8, 2007, Circuit City announced that it planned to close seven domestic Superstores and a Kentucky distribution center to cut costs and improve its financial performance.[21] News media reports also mention that 62 stores in Canada were to close.[22][23]

Circuit City announced on February 23, 2007 that its Chief Financial Officer, Michael Foss, would leave the company. This unsettled investors and analysts concerned about management turnover. "This represents the third departure of a senior executive in the past six months, and the second departure of a top-five executive in the past month" said Goldman Sachs analyst Matthew Fassler in a client note. Chief Executive Office Phil Schoonover’s "hand-picked team is turning over faster than we would like to see in a turnaround situation."[24]

In a press release on March 28, 2007, Circuit City announced that in a "wage management" decision in order to cut costs, it had laid off approximately 3400 better-paid associates and would re-staff the positions at market-based salaries. Laid-off associates were provided severance and offered a chance to be re-hired after ten weeks at prevailing wages. The Washington Post reported interviews with management concerning the firings.[25]

The Post later reported in May 2007 that the layoffs appeared to be 'backfiring' and resulting in slower sales.[26] The blog The Consumerist reported in November on a letter a former employee received from Circuit City, attempting to entice him to re-join the company, in a capacity "comparable to your previous role at the most competitive rate possible."[27]

In April 2008, video rental firm Blockbuster announced a bid worth $1 billion to purchase Circuit City.[28] In July 2008, Blockbuster withdrew its offer due to market conditions.[29]

Philip J. Schoonover, CEO, President and Chairman of the Board of Circuit City Stores, Inc. announced his immediate resignation on September 22, 2008. James A. Marcum, former Vice Chairman of the board, was named acting CEO. Allen King was selected Chairman of the Board.[30] This switch was said to be due to a stream of losses stemming from the rapid decline of flat-panel TV prices, and possibly due to the strong call for Schoonover's removal from activist shareholder Mark Wattles.[31]

Bankruptcy and liquidation

On November 3, 2008, Circuit City announced that it would close 155 stores and lay off 17% of its workforce by the end of the year as a result of continuing difficulties in remaining profitable.[32] On November 7, 2008, Circuit City laid off between 500 and 800 corporate employees from its Richmond, Virginia headquarters. The approximately 1000 remaining corporate employees were consolidated into one building in an effort to further reduce costs and improve profitability.[33] On November 10, 2008, Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.[34]

In bankruptcy court, Circuit City was approved to borrow $1.6 billion to finance operations while restructuring.[8] Court filings revealed that the company had assets of $3.4 billion and debt of $2.32 billion,[35] including a $119 million debt to Hewlett-Packard and a $116 million debt to Samsung Electronics.[36] Chief executive James A. Marcum promised that the stores would stay open and the chain would not be liquidated.[37][38]

On November 18, 2008, it was announced that Ricardo Salinas Pliego, current owner of Mexican television broadcaster TV Azteca, had purchased 28 percent of Circuit City.[39]

On January 10, 2009, it was announced by a company spokesman that Circuit City needed a buyer by January 16, 2009 to keep from shutting its doors due to an approaching deadline set by the court and creditors.[40] Two unnamed parties had expressed interest in purchasing the company.[41] However, no bidders could be found, and Circuit City was forced to sell off all of its assets and begin store closing sales.[2] The Canadian operations, which are run under The Source by Circuit City banner, were not initially affected by the liquidation, but were later sold to Bell Canada.[42]

According to Circuit City's website, the company announced on January 16, 2009 that it intended to close all of its stores. Reportedly, over 30,000 employees lost jobs in the liquidation.[43] After the final date of operation for all Circuit City stores, the company's online store was replaced with a page that reads a follows:

Circuit City would like to thank the millions of customers who have shopped with us during the past 60 years. Unfortunately, we announced on January 16, 2009, that we are closing our stores.

For answers to your questions about the store liquidation process, please view the FAQs available at liquidation.circuitcity.com

CircuitCity.com is also temporarily closed, although we anticipate the website will reopen in the coming weeks. Please check back for updates.

Business model

Circuit City introduced a new Superstore format in 2001 which was much more in line with the "Big Box Retailer" store design than its prior layouts. The newer stores had a brighter, more open sales floor to allow customers to browse the merchandise easily. The format allowed putting all products on the sales floor, except those that are too large for customers to carry themselves. In 2007, new store formats include a 20,000-square-foot (1,900 m2) store known as The City and designed to eliminate previously under-utilized space. All new store openings in 2008 used this new store format.[44]

In partnership with IBM, Circuit City also developed its first online virtual-reality store based completely within the 3D virtual world of Second Life. The store was opened in December 2006 and houses 3D representations of actual products carried in stores. Online consumers can shop in the virtual store much like they would in a real store. The Second Life virtual store project was created as part of Circuit City's "Multi-Channel" initiative to branch into other areas of retailing in addition to a standard store environment.[45]

As of 2008, domestic segment retail operations were overseen by the COO, John Harlow. Domestic retail operations were divided into 8 regions supervised by Regional Vice Presidents. The 8 regions comprised 67 districts, which were overseen by District Managers who regularly visited stores to monitor store operations and meet with store management.

Domestic segment superstores were typically staffed with an average of 56 full- and part-time associates including sales support personnel, such as customer service associates, product specialists and stockpersons; in-store technicians and installers; supervisors; an operations manager; an assistant manager; and a store director.[46]

  • Home Entertainment Equipment: Televisions, DVD Players, Receivers, Speakers
  • Imaging Equipment: Digital Cameras, Camcorders
  • Technology Equipment: Personal Computers (PCs), Laptops, Monitors, Computer Accessories, Computer Software
  • 12-Volt (Car Audio) Equipment: MP3/CD Player, GPS, Amplifiers, Speakers, Subwoofers, Overhead/Headrest Screens, DVD Players
  • Entertainment Software: Music CDs, DVD Movies, Console Systems, Console Games, PC Games
  • House Care: Vacuums, Air conditioners, Small Refrigerators
  • Firedog Service: Home Entertainment Installation, PC Checkup / Installation and Car Audio Installation

Associates

At the time of its fiscal year 2007 Annual report, Circuit City had over 43,000 hourly and salaried associates working in the United States, and 3,071 associates in Canada.[47]

Associates in both the domestic and international segment received frequent training through interactive E-learning courses hosted on the company intranet known as ccity.com. In the beginning, the E-learning courses were developed in conjunction with Circuit City's training department and DigitalThink. As of 2007, all coursework was developed internally and deployed and hosted on an LMS system by Convergys. In addition to online courses, associate training tools included training workbooks and management-driven in-store mentoring.

On May 9, 2007, the executive board of the Retail, Wholesale and Department Store Union (RWDSU, UFCW) issued a statement that they would support a lawsuit against Circuit City by three Oxnard, California Circuit City employees who were part of the group of employees fired for earning higher wages. The three employees are Daniel Weidler, 57, Michael Yezback, 59, and Eloise Garcia, 66. RWDSU President Stuart Appelbaum said that even though the three employees were not part of their union, "what happened to them and other Circuit City workers represents a two-fisted assault against all retail employees." According to Appelbaum's statement, the union plans to file an amicus brief in support of the California workers. RWDSU represents about 100,000 workers throughout the U.S. and Canada and felt that if Circuit City is allowed to get away with firing higher-paid employees, other major retailers will follow suit.[48]

Initiatives

Circuit City's in-store transformation program, dubbed ISCE, started in 2007 with the termination of 3400 employees who were earning wages higher than the pay cap for their positions. It was internally announced at a store level within a few months of the terminations. The company also sought to develop a "full floor" selling staff in certain stores. Despite an effort to train associates to sell in any department, many skeptics believe that the changes may have been an early fatal error, as they led to reduced earnings and a loss of market share to competitors.[49]

Multi-Channel In the company's 2007 annual report, Circuit City listed Multi-Channel integration as one of its primary innovation initiatives. The company launched a test program that enables sales associates and shoppers in 10 stores in Boston and 10 in Florida to use wireless tablet PCs to study product specifications and compare products and prices from circuitcity.com as they walk through a store. The test has now resulted in a roll-out in all of the company's new concept stores known as The City.

Supply Chain In Fiscal 2007, Circuit City made improvements within its supply chain organization to help identify and react to consumer demand in a timely manner as well reduce the lag between buying from a vendor and display of the product at the point of sale. Circuit City has set up a subsidiary, Circuit City Global Sourcing, Ltd (with offices in China, Hong Kong, and Taiwan), to assist in obtaining inventory to sell. Most products were shipped directly from manufacturers to the 9 Circuit City distribution centers.[50]

Six Sigma Six Sigma was introduced in 2001 as an initiative within Circuit City's annual report.[51] Six Sigma is applied to Circuit City's operational side such as supply chain and distribution centers. In May 2004 the Director of Six Sigma for Circuit City announced that Six Sigma was being applied to important company projects. As of 2006, Six Sigma initiatives ceased to exist.[52]

Community involvement

Heart of the City In early 2006, Circuit City rolled out its "Heart of the City" initiative, a label for the company's encouragement for all associates to volunteer for charitable causes. Volunteering was not compulsory but wa encouraged by district and store management. Stores organized events such as softball games, car washes, and bake sales to raise money for charities in their own communities. Included within the "Heart of the City" initiative were corporate donations and partnerships with organizations nationwide. As of June 2006, Heart of the City had developed an "Umbrella," which they consider the people and organizations they support through the program. Four programs fell under this umbrella, including Boys and Girls Clubs of America, United Way of America and as of December 2006, the newly created "Associate Relief Fund," which was originally an idea to help those associates directly affected by Hurricane Katrina. The Associate Relief Fund later went to help any associate in need of assistance who otherwise would not receive any.[53][54][55][56]

Boys & Girls Club of America Beginning in 2001, Circuit City partnered with the BGCA for their annual ImageMakers contest. This $5 million initiative, funded by the Circuit City Foundation, helped BGCA develop a state-of-the-art photography curriculum, host a photography competition, provide photography resources, and involve Club members in the art of photography.[53][57]

Habitat for Humanity Circuit City was a Build Partner with Habitat for Humanity. As recently as March 2006, Circuit City made charitable contributions to the Richmond, VA Habitat. Circuit City associates volunteered and assisted in the construction of several houses near the Richmond area that same month.[58][59]

American Red Cross In the wake of Hurricane Katrina, Circuit City announced on September 9, 2005 a corporate donation of $1 million to the American Red Cross Disaster Relief Fund. In addition, Circuit City associates participated in a "Drive for a Million" fundraising effort, which included a variety of projects (bake sales, car washes, etc.) at Circuit City locations across the country to benefit the American Red Cross Disaster Relief Fund.[60]

United Way Circuit City made charitable contributions to various organizations through the United Way and listed this organization in its "Community Involvement" section of its website.[54][55]

Real estate

Due to the expansion of Circuit City stores in the 1970s-1990s, the company accumulated a surplus of unused real estate with a presence in nearly every major market in the country. Although a typical retail location is approximately 30,000 square feet (2700 m²), the company had numerous freestanding and in-line locations ranging from 2,000 to 50,000 square feet (180 to 4500 m²), and also surplus office, service and distribution locations scattered across the country. During Circuit City's 2005 fiscal year (March 1, 2004 through February 28, 2005), the company disposed of approximately 1.2 million square feet (108,000 m²) of vacant retail space.[61] In January 2007, Circuit City's vice president for real estate announced plans to open 200–300 stores in the next two years, a large increase from the current trend of 10–12 stores a year.[62] Due to the economic conditions the company faced, they did not reach that goal. Many of these stores, however, did open in 2008 and operated for only a few weeks before closing. Some were built and never opened.

Best Buy CEO Brad Anderson commented that stores left vacant by Circuit City's bankruptcy presented a growth opportunity for his company.[63]

Products and services

DIVX

Main article: DIVX (Digital Video Express)

Circuit City developed and launched DIVX in 1997 as a competitor to DVD. DIVX discs cost $5 each but could only be played for 48 hours before a continuation fee was required to continue viewing. Opposition to the format and limited acceptance by the public led Circuit City to discontinue the format in 1999. Circuit City took a $114 million loss to close its DIVX division.

Firedog

Main article: Firedog

During fiscal year 2006 the domestic segment launched the firedog brand to provide home theater installation and PC services in-store, at home and remotely in competition with other retailers' consumer and business technical services offerings such as Best Buy's Geek Squad and Staples EasyTech.[64]

Criticism and controversy

In 2005, Circuit City agreed to pay $173,220 in settlement and investigation reimbursement costs due to a false advertising claim in a 2004 New Jersey court case. The court found that important information pertaining to sale items was purposely obscured within the advertisement, thus potentially deceiving customers.[65]

The same year, Harris and Kaufman, Attorneys at Law, successfully represented a class action suit of Circuit City employees caught in an unfair arbitration agreement. The court's ruling in Gonlugar v. Circuit City Stores, Inc., found the store's arbitration agreement to be "tainted with illegality." The arbitration agreement was found to be so one-sided that it was unconscionable. Harris and Kaufman maintained the arbitration agreement bound only the employee to arbitration, required the employee to pay fees to Circuit City for initiating the arbitration (Circuit City paid no such fee), imposed a shortened statute of limitations on the employee (not on Circuit City), and prohibited class actions.[66][67]

During the week of August 31, 2007, the California Supreme Court ruled that the Circuit City arbitration agreement, which all 46,000 employees were required to sign, violated the state's labor laws and that Circuit City employees may sue the store for labor law violations despite having signed it. The document requires employees to waive their right to sue their employer and establishes a cap for damages regarding any wrongdoing on the part of corporate or management, which violates California's well-established law on arbitration agreements.[68]

Circuit City's City Advantage Plan was also challenged in a United States District Court in Massachusetts. The plaintiffs' claim concerned Circuit City's cancellation of its warranty plan without full disclosure of the plan at the time of sale. The plaintiffs cited breach of contract, unjust enrichment, and violation of the Massachusetts Consumer Protection Act. Circuit City requested the matter be dismissed. The court, however, upheld the plaintiffs' claim that the monies paid for the protection plan be reimbursed and credit be issued for non-working goods returned.[69]

Liquidators handling the sale of remaining Circuit City inventory have also become the target of consumer complaints, not only for often-uncompetitive pricing of items but also for an "all sales final" policy which allows the sale of defective or damaged merchandise at former Circuit City locations with no recourse afforded to the consumer.[70]

Circuit City-owned brand names

  • Anika
  • Centrios
  • Circuit City Rewards
  • ESA
  • firedog
  • i-next
  • Liquid Video
  • NexxTech
  • Roadshop
  • Sector 7
  • Verge
  • Wasaki
  • NexxTech Ultimate
  • Sens

The Centrios and NexxTech brands are imported and distributed by the American company Orbyx Electronics and primarily manufactured in the People's Republic of China.

  • Circuit City store in Los Angeles, California, modeled after the 1989-1995 store design, with updated 2001 signage.
    Circuit City store in Los Angeles, California, modeled after the 1989-1995 store design, with updated 2001 signage.
  • The Circuit City location in Huntsville, Alabama on the day after closing for the final time. This model is indicative of Circuit City store designs from 1995-1999.
    The Circuit City location in Huntsville, Alabama on the day after closing for the final time. This model is indicative of Circuit City store designs from 1995-1999.
  • Circuit City in Raleigh, North Carolina going out of business in February, 2009. This appears to be a 1995-1999 store design with a custom exterior
    Circuit City in Raleigh, North Carolina going out of business in February, 2009. This appears to be a 1995-1999 store design with a custom exterior
  • A Circuit City store in Rome, Georgia. Indicative of the 2000 "Horizon" store design, update shortly thereafter with new circle logo.
    A Circuit City store in Rome, Georgia. Indicative of the 2000 "Horizon" store design, update shortly thereafter with new circle logo.
  • Closing Circuit City #3746, Johnstown, Pennsylvania. This model is indicative of Circuit City store designs from 2001-2007
    Closing Circuit City #3746, Johnstown, Pennsylvania. This model is indicative of Circuit City store designs from 2001-2007
  • A Circuit City store (St. Louis Mills - Hazelwood, Missouri, United States). Also indicative of the 2001-2007 store design.
    A Circuit City store (St. Louis Mills - Hazelwood, Missouri, United States). Also indicative of the 2001-2007 store design.
  • Inside a "The City" location, Circuit City's final store design in 2007-2008
    Inside a "The City" location, Circuit City's final store design in 2007-2008
  • Inside a "The City" location, Circuit City's final store design in 2007-2008
    Inside a "The City" location, Circuit City's final store design in 2007-2008

References

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  4. ^ "Hilco to bid on Circuit City name". Chicago Business. February 13, 2009. Retrieved 2009-03-23. {{cite news}}: External link in |publisher= (help); Unknown parameter |authors= ignored (help)
  5. ^ a b The Associated Press. "SAMUEL S. WURTZEL :[OBITUARY]. " New York Times [New York, N.Y.] 7 Dec. 1985,Late Edition (East Coast): 1.12.
  6. ^ Rourke, Elizabeth; Woodward, A.; Salamie, David. (1994). "Circuit City Stores, Inc" ([dead link‍] – Scholar search). International Directory of Company Histories. 65. Retrieved January 29, 2009. {{cite journal}}: External link in |format= (help)CS1 maint: multiple names: authors list (link)
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  46. ^ untitled
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  64. ^ Circuit City's Secret Service Plan
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  70. ^ Customers Burned In Circuit City Closeout Sale: No Recourse Offered For Damaged Items, WCVB 5 Boston, February 23, 2009
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