circuit city stock price history 1980s
Firing the company’s highest paid but most experienced sales clerks saved money in the short term, but only hastened the inevitable. In late 1993, Circuit City announced it would cut prices in markets it shared with Best Buy, sparking a grueling price war.

Update your browser to view this website correctly. The towers were designed to make the store more identifiable to drivers among the endless stores and shopping centers in Los Angeles. [61] Besides retail auto dealerships, Circuit City closed more retail locations in the U.S. than any other retail chain in 2009. [65], On May 13, 2009, it was announced that Systemax had purchased the Circuit City brand name, trademarks, and e-commerce website for US$14 million at auction from Circuit City Stores, Inc. on May 11, with the deal set to take effect on May 19. 1984: Company name changes to Circuit City Stores Inc.; Stock listed on the New York Stock Exchange. Circuit City: A Brief History In Time Alan Wolf ⋅ Published: January 26, 2009 Once upon a time, before the distractions of CarMax and Divx, before it de-commissioned its sales force, before it dropped appliances, before Best Buy went corporate, before it lost its way — Circuit City was the CE specialty chain supreme. This unsettled investors and analysts concerned about management turnover.

The first of these replacements occurred in Knoxville, Tennessee; Charleston, South Carolina; and Hampton, Virginia. Stock Market Watch © . We have provided a few examples below that you can copy and paste to your site: Your data export is now complete. [46][47] At that time, Circuit City's stock traded well below $1 per share, and was removed from listing on the New York Stock Exchange. [23], In 2003, Circuit City converted to a single hourly pay structure in all stores, eliminating commissioned sales. [41] [75], CarMax is a used car auto superstore concept developed in 1991 at Circuit City by Austin Ligon, then Circuit City's Senior VP of Planning, and Rick Sharp, then Circuit City CEO.

Chief Executive Officer Phil Schoonover's "hand-picked team is turning over faster than we would like to see in a turnaround situation. Offers 1,700 shares at $19.75 per share (split adjusted, 55 cents per share). DIVX was developed by Circuit City and launched in 1997 as an alternative to DVD. May 2008: Circuit City's board of directors authorizes the exploration of strategic alternatives to enhance shareholder value; Opens books to Blockbuster.

Circuit City requested the matter be dismissed. What follows is a brief history of the iconic chain that created the big-box CE format and brought high-technology to the masses. Sept. 29, 2008: Circuit City withdraws its outlook for the full year and posts a wider second-quarter loss as sales fell 10 percent; Shares fall more than 20 percent.

First North American National Bank was created by Circuit City to operate its private-label credit card in 1990. Nov. 3, 2008: Circuit City says it will close 155 stores in 55 U.S. markets by Dec. 31, laying off about 17 percent of its domestic work force. Add to Wish List Add to Compare . [15][16] The new stores featured the "red tower" entrance that ultimately became a trademark of the company. Nov. 7, 2008: Circuit City lays off about 700 employees at its headquarters. [4] Later, Abraham L. Hecht joined him as a partner in the business.[5]. All boats rise with the tide, but when flat-panel prices plummeted and the economy went south, so too did Circuit’s fortunes. Partner Abraham Hecht retires.

Look up historical stock price information by specified date. [42], On November 4, 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.

It was later realized that Circuit City thus missed out on the residential housing boom of the mid-2000s, which saw a dramatic rise in new-appliance sales.

2007: Circuit City announces plans to explore strategic alternatives for InterTAN Inc.; lays off about 3,400 retail employees and replaces them with lower-paid workers; launches new store prototype "The City.".

1987: Alan McCollough joins company as general manager of corporate operations. [9][10][11] The large-format store was very popular with customers. Seven Summits Research Releases Comments on AMD, AMGN, CC. Many company insiders later revealed that they thought this was the most influential company decision that would ultimately lead to its demise. However, executives were concerned about the competition from Home Depot and Lowe's and believed there would be big savings in warehouse storage and delivery costs if they quit the large appliance business. By 2000, many Circuit City stores were out of date and in bad locations, unable to compete with newer Best Buy stores. During the 1970s and early 1980s, it also sold mail-order under the name "Dixie Hi Fi", advertising in hi-fi magazines.

For example, in 2001 The plaintiffs cited breach of contract, unjust enrichment, and violation of the Massachusetts Consumer Protection Act. Statement Regarding NYSE Move to Delist Common Stock", "Circuit City Seeks Bankruptcy Protection", "washingtonpost.com, Circuit City Files for Chapter 11 Protection", "Mexican tycoon Salinas sets eyes on Circuit City", "Bankruptcy to kill 150 jobs at local Circuit City stores", "Update: Verizon Wireless lays off employees formerly at Circuit City", "Circuit City's Final Sales Day: Key Indicators Found in Chapter 11 of the U.S. Retail Industry Story", "2009 Retail Store Closings and Liquidations: Complete and Updated Ongoing List of Retailers Going Out of Business", "How Liquidators Profit from Circuit City's Loss", Circuit City brand, Web site sold at auction – Associated Press – May 13, 2009, "Systemax Announces Definitive Agreement to Acquire Selected Assets and Retail Stores From CompUSA", "Systemax To Cut Circuit City, CompUSA Brands, Exit PC Manufacturing", "Circuit City is back from the dead, again - CNBC.com", "Circuit City Update: 'Taking Our Time To Get It Right, "In Time for Black Friday, Circuit City is Back and Aiming to Truly Differentiate - Dealerscope", "Circuit City Stores, Inc. Company Timeline", "Circuit City unit Patapsco lays off one-third of staff", "Important information about RadioShack Canada", "New Jersey Office of the Attorney General", "Schacter, and as representative for all persons similarly situated vs. [88], Circuit City's City Advantage Plan was also challenged in a United States District Court in Massachusetts. 2000: McCollough succeeds Sharp as CEO; exits appliances.

Shipping is on us when you order totals $35 or more. [28][29] RadioShack sued InterTan in April 2004 over the branding use of RadioShack in Canada.

1984: Company name changes to Circuit City Stores Inc.; Stock listed on the New York Stock Exchange. The company continued to grow and acquired stores in other locations including Albany, New York; Mobile, Alabama; Washington, D.C.; and Costa Mesa, California. Have a question? 1999: Company drops DIVX, launches CircuitCity.com. [36] The Post later reported in May 2007 that the layoffs, and consequent loss of experienced sales staff, appeared to be "backfiring" and resulting in slower sales.

[78] Opposition to the format and limited acceptance by the public led Circuit City to discontinue the format in 1999. For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to our newsletter here. But bad lease deals, outdated locations and aging infrastructure eventually took their toll.

[68] Systemax had earlier acquired both CompUSA and TigerDirect separately, which superficially continued to operate as separate online retailers with the same website formats and product catalog along with the new CircuitCity.com site. [21][22], Beginning in 2000, Circuit City moved away from the Superstore showroom format and introduced a new more self-service "Big Box" format called "Horizon." Circuit City Stores, Inc. retails electronic products.

It provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Schaeffer's Midday Options Update Features AnnTaylor Stores, Award-Winning Web Site Launches a New Level of Customer. Circuit City was purchased again by two retail veterans who believe there's a chance to reanimate it as a bricks-and-mortar chain, albeit a much smaller one with stores only 2,000 to … James A. Marcum, former Vice Chairman of the board, was named acting CEO. Company says it will further reduce new store openings and plans to work with landlords to renegotiate leases, lower rent or terminate agreements while it deals with tightening credit from its vendors. The Company also offers various wholesale banking products and services, including fixed income and equity sales and trading, foreign exchange, prime brokerage, and equity and fixed income research services. All new stores were built using this new format with some older Superstores receiving full remodels to this new format. Laid-off associates were provided severance and offered a chance to be re-hired after ten weeks at prevailing wages.

1993: Begins testing CarMax, a retail venture selling used vehicles. By 1959, Wards Company operated four television and home appliance stores in Richmond. [40], Philip J. Schoonover, CEO, President and Chairman of the Board of Circuit City Stores, Inc. announced his immediate resignation on September 22, 2008. The firm differed from Best Buy in offering a high-service, hard-sell sales environment, with sales people working for commission. The first locations opened in Baltimore, Maryland; Richmond, Virginia; and McLean, Virginia in 1989. 1960: Expands operations via licensed departments in mass merchandising discount stores. The company had earned nearly US$1.6 billion in sales revenue from large appliances in 1999.

The asking price was set at $11 million.

From 1981-2000, Circuit City’s stock price advanced more than 63,000%!

Announces Changes to Improve Financial Performance", "Circuit City plans to close dozens of stores", "Departure Of Foss Shocks Circuit City Investors - Forbes", "Circuit City Cuts 3,400 'Overpaid' Workers", "Circuit City's Job Cuts Backfiring, Analysts Say", "Blockbuster withdraws proposal to acquire Circuit City", "Circuit City Orders All Stores To Destroy Issue Of Mad Magazine Parodying "Sucker City, "UPDATED: Breaking: Circuit City Closing 155 Stores", "Eight Reasons Why Circuit City Went Bankrupt", "Circuit City laying off headquarters employees", "Circuit City Stores, Inc. - 3:08-bk-35653", "Circuit City files for bankruptcy protection", "Circuit City Stores, Inc. Firedog was launched in August 2006 to provide in-store, in-home, and online computer and home theatre technical support and installation services[79] in competition with other retailers' consumer and business technical services offerings such as Best Buy's Geek Squad and Staples' EasyTech. Stores at the time sold only PlayStation games under an exclusive agreement with Sony. The company, which had leased floor space from the Zodys discount stores as well as other department stores, began acquiring retail stores and turning them into Circuit City Superstores. 1990: Sales hit $2 billion; company opens own bank to handle private-label credit card program. [32], 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. 1996: CarMax announces plans for national expansion of the concept. Most new store openings in 2008 used this new store format. Every Superstore was retrofitted after the exit from the large-appliance business, using the space for an expanded self-serve computer accessory and software selection. Allen King was selected Chairman of the Board.

Citigroup - 43 Year Stock Price History | C, The all-time high Citigroup stock closing price was, The Citigroup 52-week high stock price is, The average Citigroup stock price for the last 52 weeks is.

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