Circuit City Stores
Circuit City Stores, Inc. (Pink Sheets: CCTYQ) was an American retailer in brand-name consumer electronics, personal computers, entertainment software, and (until 2000) large appliances. The company opened its first store in 1949 and pioneered the electronics superstore format in the 1970s.[1] Circuit City liquidated its final American retail stores in 2009 following a bankruptcy filing and subsequent failure to find a buyer.
The "Circuit City" brand is now owned by Systemax, which uses the brand to sell electronics as an online retailer. On May 11, 2009, Systemax bought the brand, trademark and e-commerce business at an auction from Circuit City Stores, Inc. Systemax had earlier acquired CompUSA and TigerDirect which now operate as online retailers. Systemax in April 2009 signed a stalking horse agreement for $6.5 million which is an initial offer for the bankrupt company's assets.[2]
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. 155 of the stores were closed when the company initially filed for Chapter 11 bankruptcy in November 2008 in an attempt to continue 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 the remaining stores were all closed on or before March 8, 2009.[3][4][5]
In January 2010, the main Circuit City headquarters building was placed up for sale. The five-story 288,650-square-foot (26,816 m2) office building, Deep Run I, had been appraised at $46.2 million. New York-based Lexington Property Trust, defaulted on a $17 million commercial mortgage and the lender foreclosed on the property. An asking price has since been set at $11 million.[6][7][8]
The former headquarters was sold in September 2010, for $3 million to DRCC Properties, LLC. They also bought the 8 acres (32,000 m2) of land that the building sits on for $2.75 million
Wards
Samuel S. Wurtzel studied accounting and got the idea to open a television store while on vacation. Abraham L. Hecht joined Wurtzel as a partner. Both founders, Hecht and Wurtzel, died in 1985.[10]
In 1932, Samuel S. Wurtzel opened the first Wards Company retail store in Richmond, Virginia, at 705 West Broad Street.[11] (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).)[12]
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" and "Circuit City". Sight-n-Sound and Circuit City stores were replaced by the Circuit City Superstore format
Change to Circuit City
Wards Company officially changed its name to Circuit City and became listed on the New York Stock Exchange in 1984.[13] 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. In 1981, Circuit City entered the New York City market by acquiring the six remaining stores of the bankrupt Lafayette Radio chain.[14] They operated the stores under the "Lafayette/Circuit City" name and expanded to 15 locations, but the stores were not profitable and were closed in 1986 after spending US$20 million to enter the market.[15] Wurtzel served as president of the company until 1970. He remained the chairman until 1984.[11] When he stepped down,.
Circuit City Stores, Inc. (Pink Sheets: CCTYQ) was an American retailer in brand-name consumer electronics, personal computers, entertainment software, and (until 2000) large appliances. The company opened its first store in 1949 and pioneered the electronics superstore format in the 1970s.[1] Circuit City liquidated its final American retail stores in 2009 following a bankruptcy filing and subsequent failure to find a buyer.
The "Circuit City" brand is now owned by Systemax, which uses the brand to sell electronics as an online retailer. On May 11, 2009, Systemax bought the brand, trademark and e-commerce business at an auction from Circuit City Stores, Inc. Systemax had earlier acquired CompUSA and TigerDirect which now operate as online retailers. Systemax in April 2009 signed a stalking horse agreement for $6.5 million which is an initial offer for the bankrupt company's assets.[2]
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. 155 of the stores were closed when the company initially filed for Chapter 11 bankruptcy in November 2008 in an attempt to continue 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 the remaining stores were all closed on or before March 8, 2009.[3][4][5]
In January 2010, the main Circuit City headquarters building was placed up for sale. The five-story 288,650-square-foot (26,816 m2) office building, Deep Run I, had been appraised at $46.2 million. New York-based Lexington Property Trust, defaulted on a $17 million commercial mortgage and the lender foreclosed on the property. An asking price has since been set at $11 million.[6][7][8]
The former headquarters was sold in September 2010, for $3 million to DRCC Properties, LLC. They also bought the 8 acres (32,000 m2) of land that the building sits on for $2.75 million
Wards
Samuel S. Wurtzel studied accounting and got the idea to open a television store while on vacation. Abraham L. Hecht joined Wurtzel as a partner. Both founders, Hecht and Wurtzel, died in 1985.[10]
In 1932, Samuel S. Wurtzel opened the first Wards Company retail store in Richmond, Virginia, at 705 West Broad Street.[11] (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).)[12]
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" and "Circuit City". Sight-n-Sound and Circuit City stores were replaced by the Circuit City Superstore format
Change to Circuit City
Wards Company officially changed its name to Circuit City and became listed on the New York Stock Exchange in 1984.[13] 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. In 1981, Circuit City entered the New York City market by acquiring the six remaining stores of the bankrupt Lafayette Radio chain.[14] They operated the stores under the "Lafayette/Circuit City" name and expanded to 15 locations, but the stores were not profitable and were closed in 1986 after spending US$20 million to enter the market.[15] Wurtzel served as president of the company until 1970. He remained the chairman until 1984.[11] When he stepped down,.
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