Hope you used your gift cards...
Back on November 11th, in a post I called "Short Circuit in Gift Cards?" I stated:
Back on November 11th, in a post I called "Short Circuit in Gift Cards?" I stated:
"If You've got a Circuit City Gift Card, Use it Now!
...Circuit City tried to reassure shoppers that it would be business as usual despite its Chapter 11 bankruptcy filing. I wouldn't be the least bit surprised, if and when the Circuit City gift cards do indeed short-circuit, to see the gift card landscape vastly affected forever. There needs to be either new regulation introduced or someone will have to come up with an improved program... otherwise consumers will shy away, from, especially the "closed loop" gift cards.
So if you have a Circuit City gift card use it immediately..."
...Circuit City tried to reassure shoppers that it would be business as usual despite its Chapter 11 bankruptcy filing. I wouldn't be the least bit surprised, if and when the Circuit City gift cards do indeed short-circuit, to see the gift card landscape vastly affected forever. There needs to be either new regulation introduced or someone will have to come up with an improved program... otherwise consumers will shy away, from, especially the "closed loop" gift cards.
So if you have a Circuit City gift card use it immediately..."
Hope you did, because yesterday Circuit City announced they are "shuttering" all 567 stores. If you haven't used them, there's no rush...you can shop at CircuitCity.com through tomorrow. (January 18th) Store liquidations begin as early as today and last until...?
According to the Chicago Tribune, "The sooner consumers use their gift cards, the better. Circuit City's group of liquidators have agreed to honor gift cards for at least the first few weeks. Deadlines for gift card use are expected to be posted in stores within the next couple of days."
"We are extremely disappointed by this outcome,” said James A. Marcum, acting president and chief executive of Circuit City Stores. He called the liquidation “the only possible path” for the 60-year-old company."
The NY Times writes: "The demise of Circuit City, while not surprising given its declining sales, is part of a radical shift (Editor's Note: call it "radical" but I say "paradigm") taking place in retailing. Weak chains — unable to weather the freeze-up in consumer spending and choked by tight credit markets — are closing.
Look for that "Amazon Thanksgiving Day Parade" by 2011, eh?
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