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re: Circuit City Files Bankruptcy Protection: closing 20% stores
Posted on 11/12/08 at 1:14 pm to Cold Cous Cous
Posted on 11/12/08 at 1:14 pm to Cold Cous Cous
LINK
Aaaannd...boom goes the dynamite.
quote:
For the four remaining months in its fiscal year (November through next February), Best Buy said that its same-store sales could decline by anywhere from 5% to 15%. These targets are shockingly bad because they include the holiday season, which tends to be the most robust for retailers.
Aaaannd...boom goes the dynamite.
1
Posted on 11/12/08 at 1:28 pm to kfizzle85
This really shouldn't be surprising to anyone. Consumer electronics is pretty much the definition of discretionary spending and is going to be the first thing to go.
I'd go so far as to say there was probably a "high definition TV" bubble that went along with the housing bubble.
I'd go so far as to say there was probably a "high definition TV" bubble that went along with the housing bubble.
Posted on 11/12/08 at 1:36 pm to Cold Cous Cous
That is certainly part of a credit expansion and then subsequent crunch. It's not surprising that their sales are slumping, or even that they've drastically revised their forecasting, it is just more confirmation of a severe recession. We had been trending towards it for over a year, but the economy as a whole literally fell of a cliff in September, and BB is telling you we're going to be in free-fall for awhile.
ETA: The first thing to go was cars, btw.
ETA: The first thing to go was cars, btw.
This post was edited on 11/12/08 at 1:37 pm
Posted on 11/12/08 at 1:39 pm to kfizzle85
quote:
ETA: The first thing to go was cars, btw.
Maybe. But for car sales I think there's a lot of noise in the figures, related to the "soaring gas price" hysteria.
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