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Circuit City Corporation, Inc., formerly Circuit City Stores, Inc., is an American consumer electronics retail company, which was founded in 1949 by Samuel Wurtzel as the Wards Company, operated stores across the United States, and pioneered the electronics superstore format in the 1970s.[3][4] After multiple purchases and a successful run on the NYSE, it changed its name to Circuit City Stores Inc.

Key Information

Ronny Shmoel re-established the brand name in 2016 as part of his acquisition of the brand name and trademark rights sold by Systemax. Systemax formerly operated the CircuitCity.com website from 2009 until 2012, when it was consolidated into the TigerDirect brand, which kept the website open until 2023, when TigerDirect shut down.

Retail History

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As Wards Company (1949–1984)

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In early 1949, Wurtzel was on vacation in Richmond, Virginia when, while at a local barber shop, he was witness to the start of television in the South.[citation needed] Imagining the opportunities, in late 1949, he moved his family to Richmond and opened the first Wards Company retail store.[5] Later, Abraham L. Hecht joined him as a partner in the business.[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, D.C.; and Costa Mesa, California. During the 1970s and early 1980s, it also sold mail-order under "Dixie Hi Fi" and advertised in hi-fi magazines. Wards experimented with several retail formats in Richmond, including smaller mall outlets branded "Sight-n-Sound" and "Circuit City".

Samuel Wurtzel served as president of the company until 1970 and remained the chairman until 1984.[5] Alan Wurtzel, his son, became CEO of Wards in 1972 and initially focused on digesting the acquisitions and shedding unprofitable operations.[7][8] After developing a long range plan for the company in 1973, construction began on a distribution center and new corporate offices building at 2040 Thalbro Street (named after Thalhimer Bros. Department Store) in Richmond, Virginia and in the extra space, "Wards Loading Dock", its first warehouse showroom opened on May 1, 1975.[9][10][11] The large-format store was popular with customers. The company continued to expand with the new format modeled after "Wards Loading Dock" and renamed it Circuit City Superstore in 1978; the first locations called such opened on June 22 of that year in North Carolina.

As Circuit City Stores (1984–2009)

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Original Circuit City logo, used from 1978 to 1989
The second Circuit City logo, used from 1989 to 2000
Red Tower entrance Circuit City Superstore format on La Cienega Blvd. in West Los Angeles, California, opened in 1985, using the "Horizon"-era logo.
"Plug" Circuit City Superstore format in San Antonio, Texas, opened in 1993.[12]
"Half Plug" Circuit City Superstore format in Huntsville, Alabama that included a more open showroom, used from 1995 to 2000.

Wards Company officially changed its name to Circuit City Stores, Inc., 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 Zodys discount 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.[citation needed]

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 (~$48.4 million in 2024) to enter the market.[15]

In 1985, Circuit City entered the Los Angeles market by opening seven Superstore locations in former The Akron discount stores. The next year, Circuit City opened five more Superstores in the market and closed the licensed electronics and appliance departments it operated in Zodys stores.[16][17] The new stores featured the "red tower" entrance that ultimately became a trademark of the company. The towers were designed to make the store more identifiable to drivers among the endless stores and shopping centers in Los Angeles.[18]

In 1988, Circuit City began constructing the new "plug" design Superstore formats. The company also returned to New York City, opening a 40,000 sq ft (3,700 m2) superstore in Union Square, the first of two planned Manhattan locations. In late 1988, Circuit City had an opportunity to purchase Best Buy, a growing competitor at the time, for US$30 million (~$68.4 million in 2024). The offer was rejected by Richard Sharp, Circuit City's CEO, since he believed they could open a store in Best Buy's home territory of Minneapolis and easily beat the competitor.[19]

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".[20]

Horizon format in Rome, Georgia, used in 2000.

Many Circuit City stores were out-of-date and in bad locations, unable to compete with newer Best Buy stores. In 2000, Circuit City moved away from the Superstore showroom format and introduced a new more self-service "Big Box" format called "Horizon." The new format eliminated the red tower entrances and moved the entrance to the center of the store. The selling floor was enlarged with lower sight lines and the race track was removed.[21] A central checkout was located at the front of the store and shopping baskets were added for small items.[22] Appliances were eliminated to make room for games, computer peripherals, and other small electronics. The plan was to open stand-alone major appliance stores, but later that plan was dropped.[23] One new store in Jacksonville, Florida incorporated the new design and twenty-five existing Florida stores were remodeled to this format.[23]

In July 2000, Circuit City abandoned the large appliance business in all stores to make space for more small electronics. This was controversial because in the previous year Circuit City was the second largest appliance retailer in the United States, behind only Sears. The company had earned nearly US$1.6 billion in sales revenue from large appliances in 1999. 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. 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.

Tide format in Denton, Texas, opened in 2007, used from 2001 to 2007

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. Under an exclusive agreement with Sony, the only games that had been sold at the stores were PlayStation games.[24] The new space allowed them to sell Nintendo, Sega, and eventually Xbox games after the agreement ended. Music and movie sales had been added to most stores years before, but the extra space allowed the selection to be added to smaller stores. The retrofitting project alone cost the company US$1.5 billion.[25][26]

Another store format, called "Tide", was created based on research conducted that found women and teenagers were not respected by the Circuit City sales staff.[27] The front of the store featured windows allowing customers to see in and the signage was improved. Power poles and movable fixtures allowed for easy rearrangement of the store and lowered the cost of remodeling older locations since the floor did not need to be trenched. In 2001, Chicago stores were remodeled with parts of this format and all new locations opened with this design.[28]

In March 2002, Circuit City purchased the key assets for 800.com, which included their entire 2.6 million customer list, websites, and marketing assets. Financial terms of the deal were not disclosed.[29]

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. Many company insiders later revealed that they thought this was the most influential company decision that would ultimately lead to its demise.[30][31]

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. Circuit City stopped selling wireless phones with all other carriers due to the agreement.[32][33]

In April 2004, Circuit City announced its purchase of Canadian retailer InterTAN. Circuit City paid approximately US$284 million for InterTAN's 980 stores, which operated in Canada under the trade names RadioShack, Rogers Plus, and Battery Plus. Chairman and CEO Alan McCollough believed these existing small-format stores provided an easy entry into Canada, a country where Best Buy had been expanding.[34][35] RadioShack sued InterTan in April 2004 over the branding use of RadioShack in Canada.[36] Circuit City lost the lawsuit and all Canadian locations were renamed The Source by Circuit City in 2005.[37] These stores were sold to Bell Canada and continue to operate.

Circuit City's most recent store format nicknamed "The City", used from 2008 to 2009. Note the effects of a liquidation sale (including a "store closing sale" banner on the left) occurring on March 7, 2009, at Torrington, Connecticut.

In 2007, a new 20,000-square-foot (1,900 m2) store format was introduced as "The City" and designed to eliminate previously under-utilized space. The smaller format gave the company greater flexibility to enter new markets and backfill existing ones. Most new store openings in 2008 used this new store format.[38]

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.[39] News reports also mention that 62 stores in Canada were to close.[40]

Circuit City announced on February 23, 2007, that its chief financial officer, Michael Foss, would leave the company. This unsettled investors and analysts, who were concerned about management turnover. "This represents the third departure of a senior executive in he 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 Officer Phil Schoonover's "hand-picked team is turning over faster than we would like to see in a turnaround situation."[41]

In 2007, the starting wage for new employees was dropped from $8.75 an hour down to $7.40 an hour ($6.55 being the federal minimum wage at the time). In a press release on March 28, 2007, Circuit City announced that in a "wage management" decision, it had laid off approximately 3400 better-paid associates and would re-staff the positions at the lower 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.[42] 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.[43]

In April 2008, video rental firm Blockbuster announced a bid worth $1 billion (~$1.43 billion in 2024) to purchase Circuit City.[44] In July 2008, Blockbuster withdrew its offer due to market conditions.[45]

In August 2008, the chain's head office demanded stores destroy all copies of an issue of Mad magazine which described "Sucker City" as a chain with a long list of locations, all in proximity to each other and each adjacent to a rival Best Buy store.[46]

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.[47] 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.[48]

Bankruptcy and liquidation

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Removal of signage on a former Circuit City store in Portland, Oregon
A Circuit City store under the effects of a liquidation sale in Raleigh, North Carolina on February 26, 2009.

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.[49][50] On November 7, 2008, Circuit City laid off between 500 and 800 corporate employees from its Richmond, Virginia, headquarters. The approximately 1,000 remaining corporate employees were consolidated into one building, to further reduce costs and improve profitability.[51] On November 10, 2008, Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia.[52][53] At that time, Circuit City's stock traded well below $1 per share, and was removed from listing on the New York Stock Exchange.[54]

In bankruptcy court, Circuit City was approved to borrow $1.1 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,[55] including a $119 million debt to Hewlett-Packard and a $116 million debt to Samsung Electronics.[56] Chief executive James A. Marcum promised that the stores would stay open and the chain would not be liquidated.[57][58]

On November 18, 2008, it was announced that Ricardo Salinas Pliego, current owner of Mexican television broadcaster TV Azteca and electronics store chain Elektra, had purchased 28% of Circuit City.[59]

Liquidation sale at Circuit City in Raleigh, North Carolina, in February 2009

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.[60] Although two unnamed parties were interested in buying out Circuit City,[61] a bidder could not be found,[62] so Circuit City, with bankruptcy court approval, converted its Chapter 11 bankruptcy to Chapter 7,[63] and started airing "going out of business" commercials, as they started closing all of their stores.[62] The Canadian operations, which were run under The Source by Circuit City banner, were not initially affected by the liquidation, but were later sold to Bell Canada.[64]

According to Circuit City's website, the company announced on January 16, 2009, that it intended to liquidate all of its stores. Reportedly, over 30,000 employees lost their jobs in the liquidation,[65] as well as 45% of Verizon's Circuit City sales force being laid off with the remainder resigning or transferring to other Verizon locations.[66]

The final day of operations for all Circuit City stores was March 8, 2009.[67] Besides retail auto dealerships, Circuit City closed more retail locations in the U.S. than any other retail chain in 2009.[68] Circuit City selected Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC, and Tiger Capital Group LLC[69] to handle the liquidation of all stores nationwide. Liquidation was completed on March 9, 2009.

During the liquidation of all Circuit City stores across the nation, the company's online store was closed, and it was replaced with a page that read:[70]

Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business.

— Circuit City Stores, Inc., via its webpage

Purchase by Systemax

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Systemax, Inc., in April 2009, signed a stalking horse agreement for $6.5 million (~$9.21 million in 2024), which was an initial offer for the bankrupt Circuit City's assets.[71]

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 (~$19.8 million in 2024) at auction from Circuit City Stores, Inc. on May 11, with the deal set to take effect on May 19.[72][73] Systemax relaunched the CircuitCity.com website on May 22, 2009, as an online retailer of consumer electronics.[74] 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. The revived site's front page initially looked similar to the original front page, while other pages were similar in appearance and functionality to the other two sites.[75] All three sites eventually transitioned into slightly rebranded mirrors of each other.[citation needed]

On November 2, 2012, it was announced that Systemax would drop both the CompUSA and Circuit City storefront brands by consolidating their businesses under the TigerDirect brand and website. This ended, after 63 years, the use of the Circuit City brand name.[76]

Circuit City Corporation

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It was reported in January 2016 that the Circuit City brand would be revived as Circuit City Corporation by area retail veteran Ronny Shmoel, who acquired the brand from Systemax.[77][78] Circuit City was originally set to reopen in June 2016,[79] but the postponed relaunch was announced at CES for February 15, 2018.[80] On August 22, 2018, Circuit City Corporation officially relaunched the brand name as an online retailer and announced plans to begin operating as a store-within-a-store chain. It also planned to open some new Circuit City retail stores in the future, but never materialized.[citation needed] On December 13, 2023, Circuit City announced its intention to raise US$25M. Shmoel aims to establish strategic alliances (in alternative to brick-and-mortar stores) with undisclosed national enterprises (potentially including JCPenney) to launch a "Powered by Circuit City" initiative.[81]

Former subsidiaries

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CarMax

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Main article: CarMax
CarMax auto superstore in Raleigh, North Carolina

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. The goal of CarMax was to revolutionize used car retailing through a combination of large selection (400+ used cars at each store); low, no-haggle pricing; guaranteed quality; and a consumer-friendly shopping experience. The first location opened in Richmond, Virginia in September 1993. CarMax grew slowly for its first four years as the team refined the basic concept, then went public through an IPO as a "tracking stock" (KMX) of Circuit City in February 1997. The offering was managed by Morgan Stanley and Goldman Sachs, and raised more than $400m for a 20% interest in the company, with Circuit City retaining the remaining 80% ownership. CarMax used the proceeds to repay Circuit City's initial $170mm investment in the company, then used the remainder to grow rapidly, adding 27 more stores from 1997 to 2000, and turning its first profit in FY2001.[82] Circuit City sold a further 10% of its interest in CarMax in July 2001 for $140mm (~$236 million in 2024), with proceeds going to Circuit City. CarMax was spun off from Circuit City in tax-free distribution to shareholders in October 2002 to allow both companies to grow and be valued independently. The stock distribution provided Circuit City shareholders with KMX stock valued at over $1.2bn (~$1.99 billion in 2024) at the time of the spin off in 2002.[82]

Circuit City Express

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Circuit City Express was a chain of mall-based Circuit City stores with over 50 locations at its peak. The first locations opened in Baltimore, Maryland; Richmond, Virginia; and McLean, Virginia in 1989.[83] The stores were originally known as Impulse, but were later renamed in 1993 to focus on the strength of the Circuit City brand. These stores focused on small electronic products for personal use or to be given as gifts. Cellular phones were a major focus of the business since all major carriers were sold until the exclusive agreement with Verizon Wireless in 2004. Circuit City Express stores offered Superstore prices and the Circuit City "Price Match Guarantee" in a mall environment. Most of the locations closed in the early 2000s as their original 10-year leases expired. There was also a Circuit City Express location inside Charlestowne Mall in Saint Charles, Illinois.

Connect

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Connect was a store concept operated as a joint venture between Circuit City and Comcast. These small stores offered Comcast cable services, plus select electronics and Firedog tech support services from Circuit City. The first Connect store opened in Medford, Massachusetts in December 2006,[84] followed by a second in nearby Burlington in May 2007.[85]

DIVX

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Main article: DIVX

DIVX was developed by Circuit City and launched in 1997 as an alternative to DVD. DIVX discs cost $5 each, but could only be played for 48 hours on proprietary set-top players before a continuation fee was required to continue viewing. The player was connected to a phone line to check whether the disc was still valid.[86] Opposition to the format and limited acceptance by the public led Circuit City to discontinue the format in 1999. Circuit City took a US$114 million loss to close its DIVX division.

Firedog

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Firedog was launched in August 2006 to provide in-store, in-home, and online computer and home theatre technical support and installation services[87] in competition with other retailers' consumer and business technical services offerings such as Best Buy's Geek Squad and Staples' EasyTech.[88] The Firedog brand was sold to Firstmark for US$250,000 (~$354,223 in 2024) in September 2009, approximately six months after the liquidation of all Circuit City stores.[89]

First North American National Bank

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First North American National Bank was created by Circuit City to operate its private-label credit card in 1990.[90] 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).

Patapsco Designs

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Patapsco Designs was acquired by Circuit City in 1987.[91] The company was in charge of designing product displays and other electronic services for Circuit City. Patapsco Designs was founded in 1977 and is based in Frederick, Maryland and in November 2004 was acquired by American Computer Development Inc. Patapsco Designs, Inc. filed a voluntary petition for reorganization under Chapter 11 Bankruptcy in joint administration with Circuit City Stores, Inc. in November 2008.[92]

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In 2004, RadioShack sued InterTAN to prematurely terminate its role as reseller for the Radio Shack line in Canada;[93] the stores rebranded as "The Source by Circuit City". In 2005, InterTAN sued RadioShack in an attempt to prevent it from re-entering the Canadian marketplace as a direct competitor;[94] while this effort failed, the nine new RadioShack-branded stores closed their doors by 2007.[95]

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 about sale items was purposely obscured within the advertisement, thus potentially deceiving customers.[96]

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.[97]

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.[98]

Real estate holdings

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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 had 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.[99] 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.[100] 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, and upon the company's declaration of bankruptcy, it was discovered that large expenditures were due to paying leases on buildings that were not even opened to the public.

In January 2010, the main Circuit City headquarters building was put 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. The asking price was set at $11 million.[101][102][103] The former headquarters was sold in September 2010, for $3 million (~$4.2 million in 2024) to DRCC Properties, LLC. They also bought the 58 acres (23 ha) of land that the building sits on for $2.75 million.[104]

See also

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Notes

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References

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Revisions and contributorsEdit on WikipediaRead on Wikipedia

Circuit City

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from Grokipedia
Circuit City was an American retailer founded in 1949 by S. Wurtzel as the Wards Company in , which pioneered the superstore format for selling televisions, appliances, and later computers and other gadgets. The company rebranded to Circuit City Stores, Inc. in 1984 and went public on the that year, expanding rapidly across the and . At its peak in the early , Circuit City operated more than 700 stores and generated annual sales exceeding $12 billion, making it the second-largest electronics retailer in the U.S. behind for over two decades as a company. It introduced innovations like no-haggle pricing and specialized sales staff, but faced challenges from increased competition, poor management decisions—such as laying off experienced employees in 2007—and the rise of . These factors contributed to declining sales amid the . On November 10, 2008, Circuit City filed for Chapter 11 bankruptcy protection with $3.4 billion in assets and $2.32 billion in debt, leading to the closure of all stores and full under Chapter 7 by March 2009. The brand was later acquired and revived in 2016 by entrepreneur Ronny Shmoel, who initially planned to relaunch it as an platform with physical stores, though none opened, focusing on online only. As of 2025, Circuit City operates primarily online, emphasizing modern retail strategies like sales and partnerships, including 2023 initiatives as an AI-driven platform for retailers.

Corporate history

Origins as Wards Company (1949–1984)

Circuit City originated as the Wards Company, founded in 1949 by Samuel S. Wurtzel in , where he opened a single retail television store in a former tire shop on Broad Street. The name "Wards" was derived from the initials of Wurtzel family members: Wurtzel, Alan, Ruth, David, and Sam. Wurtzel, a former supply officer, identified an opportunity in the emerging television market after learning of the South's first TV station, WTVR, which began broadcasting in Richmond that year. The company initially focused on selling televisions and other consumer electronics amid the post-World War II economic boom, when U.S. household ownership rose from fewer than 1% in to over 34% by , driven by pent-up consumer demand and technological advancements. To appeal to lower-income customers in the region, Wards offered installment payment plans and free in-home demonstrations, emphasizing accessible and quality products at competitive prices. By , the store expanded its inventory to include home appliances such as refrigerators and washing machines, broadening its appeal during the era's and home modernization trends. Throughout the 1950s, Wards grew steadily within , opening additional locations in Richmond to reach four stores by 1959, with annual sales approximating $1 million. The operational model prioritized high-volume sales through efficient and personalized service, fostering customer loyalty in a competitive retail landscape. In 1960, the company ventured beyond standalone stores by licensing discount electronics departments in larger merchandise outlets in , , and , marking its first steps toward regional expansion. That same year, Wards began emphasizing appliances more prominently, aligning with rising demand for household goods. To support further growth, the company went public in December 1961, issuing 100,000 shares of underwritten by Stein Brothers & Boyce Co. of Richmond. By the mid-1960s, Wards had approximately 10 stores, primarily in the mid-Atlantic region, solidifying its position as a local leader in . In the , Wards innovated its operations to enhance efficiency and scale. The company introduced a computerized and across its stores, an early adoption that allowed for better stock management and reduced overhead in a growing market for stereos, video equipment, and personal computers. In 1975, Wards launched its first no-frills warehouse-style store under the "" format in Richmond—a 40,000-square-foot space offering thousands of products at discount prices, emphasizing and high turnover over traditional frills. This model shifted toward mass-market appeal and operational simplicity. Financially, the company experienced robust growth, with climbing from $1 million in 1959 to over $100 million by 1980, reflecting successful adaptation to evolving consumer preferences. Alan Wurtzel, Samuel's son, assumed the role of president in 1976, steering the firm toward broader retail strategies that set the stage for national ambitions.

Expansion and rebranding to Circuit City (1984–2000)

In 1984, Wards Company underwent a significant to Circuit City Stores, Inc., to better align with its evolving emphasis on and to appeal to a national audience beyond its traditional appliance roots. This change coincided with the company's listing on the and marked a shift toward a more modern, specialized identity in the retail landscape. The rebranding was part of a broader to capitalize on the growing demand for home entertainment and computing products, positioning Circuit City as a leader in the sector. The company pursued aggressive expansion throughout the and , growing from 113 stores in 1984 to over 600 by 2000, primarily through organic openings and strategic acquisitions that extended its footprint across the . This national rollout included the adoption of a big-box superstore format, introduced in the early , which featured expansive showrooms for demonstrating products like televisions, stereos, and personal computers. innovations, such as a price-match guarantee to ensure competitive pricing and the development of private-label brands to offer exclusive, higher-margin items, helped differentiate Circuit City from smaller competitors and supported its scaling efforts. Under the leadership of Alan McCollough, who joined in 1987 and rose to president and CEO in the mid-, the focus intensified on high-growth categories like computers and home entertainment systems, driving further store proliferation and market penetration. Financially, Circuit City achieved remarkable milestones during this period, entering the Fortune 500 rankings in the and reaching annual sales of approximately $10 billion by fiscal year 2000, up from $250 million in 1984. These gains reflected the company's strong performance in a booming market, with consistent growth fueled by store expansions and product category diversification. By the late , Circuit City had established itself as one of the two dominant players in U.S. retail, sharing market leadership with and capturing a substantial portion of national sales in key segments like video and audio equipment.

Operational challenges and restructuring (2000–2008)

In the early 2000s, Circuit City faced intensifying competition from rivals like , which offered superior store locations and services such as the Geek Squad for technical support, as well as from online retailers like Amazon and big-box chains like that undercut prices on . Consumer preferences shifted toward , where shoppers could compare prices and read reviews easily, but Circuit City lagged in developing a robust online presence and inventory management systems, exacerbating overstocking and stockout issues during economic slowdowns. This external pressure was compounded by internal strategic decisions, including the 2000 choice under CEO Alan McCollough to exit the appliance business—previously a stable revenue source less vulnerable to online disruption—in favor of high-margin electronics like TVs and computers, a move that reduced product diversity and exposed the company to volatile electronics pricing wars. To address rising costs, Circuit City implemented aggressive cost-cutting in by eliminating its commissioned sales force and laying off approximately 3,900 experienced salespeople, citing their wages as exceeding market rates, then rehiring many at lower hourly pay under a new performance model emphasizing speed over expertise. This "decide, direct, deliver" policy aimed to streamline operations but led to a noticeable decline in quality, as less knowledgeable staff struggled to assist with complex product setups, alienating loyal customers and contributing to lost . Further attempts to enter digital initiatives, such as music and video downloads, faltered against dominant platforms like , as Circuit City's late and poorly integrated offerings failed to attract users amid shifting habits. Financial pressures mounted as same-store sales declined amid these challenges; for fiscal year 2007 (ended February 28, 2007), net sales reached a peak of $12.43 billion, but by fiscal 2008 (ended February 29, 2008), they fell to $11.74 billion, reflecting weaker demand for flat-panel TVs and computers alongside mounting debt from prior stock buybacks totaling nearly $1 billion between 2003 and 2007. The company began closing underperforming stores in 2007, shuttering around 70 international locations primarily in , as part of efforts to rationalize its footprint and reduce overhead. Leadership transitions underscored the ongoing turmoil; Philip Schoonover, formerly an executive vice president at , joined Circuit City in October 2004 as executive vice president and chief merchandising officer, was promoted to president in February 2005, and became CEO in January 2006 amid persistent losses and pressure to revitalize merchandising strategies. Under Schoonover, the company pursued turnaround efforts including operations and divesting non-core assets like the sale of its Canadian subsidiary InterTAN in 2006, but these measures yielded only temporary relief as comparable store sales dropped 5.8% in fiscal 2007. By mid-, with quarterly losses accelerating—such as a $239 million net loss in the fiscal fourth quarter of —Schoonover's strategies had not stemmed the tide, setting the stage for deeper crisis.

Bankruptcy and liquidation (2008–2009)

On November 10, 2008, Circuit City Stores, Inc., along with 17 affiliates, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of , listing approximately $3.4 billion in assets and $2.32 billion in liabilities as of August 31, 2008. The filing came amid a severe retail downturn exacerbated by the , with the company seeking to reorganize operations while continuing as a . Just one week prior, on November 3, Circuit City had announced plans to close 155 underperforming stores—representing more than one-fifth of its U.S. locations—resulting in the of about 17 percent of its domestic workforce, or roughly 7,000 employees, as part of initial cost-cutting measures ahead of the holiday season. Under bankruptcy protection, the retailer aimed to secure of up to $1.1 billion to sustain inventory purchases and store operations while marketing the company to potential buyers. Despite these efforts, Circuit City's restructuring proved unfeasible as vendor credit tightened and no viable acquisition offers materialized during the Chapter 11 proceedings. On January 16, 2009, the company converted its case to Chapter 7 , authorizing the closure of its remaining 567 U.S. stores and the sale of all assets to repay creditors. Going-out-of-business sales commenced immediately, with liquidators handling the disposition of approximately $1.8 billion in retail-value inventory across the chain. The process unfolded rapidly amid the ongoing , contributing to widespread economic strain in retail sectors; by March 8, 2009, all stores had shuttered permanently, marking the end of Circuit City's physical retail presence after nearly 60 years. The liquidation resulted in profound workforce impacts, with over 34,000 employees—primarily store-level staff—losing their jobs as the final closures took effect, amplifying unemployment pressures during the height of the 2008-2009 recession. Liquidation sales generated more than $1 billion in proceeds from merchandise disposition, providing partial recovery for secured creditors but leaving unsecured ones with minimal distributions. As part of the asset wind-down, Circuit City's intellectual property, including its brand name, trademarks, and e-commerce domain, was auctioned off; on May 13, 2009, Systemax Inc. emerged as the winning bidder for $14 million plus a share of future revenues, finalizing the transfer of these non-physical assets post-store closures. In the immediate aftermath, hundreds of vacant storefronts dotted shopping centers nationwide, underscoring the retail casualties of the and prompting landlords to renegotiate leases amid reduced foot traffic. The collapse highlighted vulnerabilities in traditional brick-and-mortar electronics retailing, as consumers shifted toward online alternatives and discounters during the economic downturn.

Brand acquisitions and attempted revivals (2010–present)

Following the 2009 liquidation of the original Circuit City Stores, Inc., Systemax Inc. acquired the brand name, trademarks, and assets for $14 million at a , aiming to revive the as an online retailer. The company relaunched CircuitCity.com in late 2009, operating it as an online-only platform integrated with Systemax's business, which emphasized sales, refurbished electronics, and computer peripherals to leverage the established name in the IT reseller market. By 2012, Systemax consolidated the Circuit City brand into its primary platform to streamline operations, effectively discontinuing the standalone CircuitCity.com site and absorbing its inventory and customer base into a unified model focused on North American IT hardware sales. This integration marked the end of active use of the Circuit City name under Systemax, as the company prioritized its core identity amid a competitive online retail landscape dominated by larger players. In 2016, entrepreneur Ronny Shmoel, through his , acquired the dormant Circuit City trademarks and rights from Systemax, positioning the brand for a potential revival in . Shmoel, a in online retail with prior exits in ventures, relaunched the brand in 2018 with an updated website on , introducing a digital-first model that included experiential features and plans for limited physical touchpoints such as kiosks and shop-in-shops to blend with modern retail. The relaunch targeted and Gen Z consumers through and partnerships, but it generated modest revenue—over $140 million in and since revival—without recapturing significant market share. Efforts to expand continued into 2023, when Circuit City filed with the U.S. Securities and Exchange Commission to raise up to $25 million in a Series A round, with proceeds earmarked for growth including exclusive "Powered by Circuit City" partnerships with national retailers and further development of physical store prototypes. In November 2024, the brand was revived as an AI-driven platform, featuring a database of over a million products for integration into existing retail stores and online platforms. The initiative emphasized disrupting the sector through integrated online-offline experiences, but the fundraising did not lead to substantial new investments or operational scaling by mid-2025. As of November 2025, Circuit City operates as a limited online platform under ownership of Circuit City Ventures LLC led by Ronny Shmoel, with ongoing revival efforts focused on digital and AI-driven , but without physical stores or significant market share, hampered by intense competition from e-commerce giants like Amazon, which have eroded opportunities for mid-tier retailers, and challenges in effectively harnessing amid shifting preferences toward direct manufacturer and subscription models.

Subsidiaries and ventures

CarMax

CarMax was launched in September 1993 as an experimental used-car department within select Circuit City stores in , where Circuit City's corporate headquarters were located. Developed during Circuit City's expansion era in the early , the initiative aimed to apply retail innovations from electronics sales to the automotive sector, starting with a single superstore that offered a large inventory of inspected used vehicles in a no-pressure environment. The venture experienced rapid growth, transitioning to standalone superstores by , when Circuit City announced plans for a national rollout including up to 90 locations across 45 U.S. cities, effectively separating operations from its parent company's electronics retail activities. This expansion was supported by initial funding from Circuit City, which invested approximately $170 million, along with shared real estate resources that allowed to leverage existing properties until the full separation. In February 1997, Circuit City conducted an (IPO) of tracking stock, selling 21.86 million shares at $20 each to raise $437.2 million, which funded further growth while retaining majority ownership. The IPO occurred when operated seven stores, marking a key step toward operational independence. CarMax's business model centered on no-haggle pricing to eliminate stress, a 5-day for customer confidence, and a focus on vehicles rigorously inspected for quality. This approach differentiated it from traditional dealerships, emphasizing transparency and a broad selection of vehicles with comprehensive warranties. In October 2002, Circuit City completed a tax-free spin-off, distributing CarMax shares to its shareholders and establishing CarMax, Inc. as a fully independent , with Austin Ligon as its inaugural CEO; the separation ended shared funding and real estate ties, allowing CarMax to operate autonomously. Following the spin-off, solidified its position as the largest U.S. used-car retailer by the , expanding aggressively through and acquisitions to 259 locations nationwide as of October 2025, while selling approximately 790,000 used vehicles in fiscal year 2025 alone. This success stemmed from its scalable model and customer-centric policies, which propelled annual revenues to $26.4 billion in fiscal 2025.

DIVX and digital initiatives

In 1998, Circuit City launched (Digital Video Express), a proprietary format designed as an alternative to tape rentals for home entertainment. The system featured special DVD-like discs that could be purchased for around $5 each and viewed on compatible players for an initial 48-hour period, after which an additional fee via phone or was required for extended access up to 15 more times before expiration. players, priced at $299 or more, included modems for registration and were backward-compatible with standard DVDs, but the proprietary discs could only be played on hardware, creating incompatibility issues with the emerging open-standard DVD market. The initiative stemmed from Circuit City's $200 million-plus investment, developed in collaboration with select Hollywood studios such as Paramount, , and , aimed at capturing the video rental market dominated by by offering a more convenient, lower-cost disposable option. Conceived around as "Zoom TV" by a entertainment law firm and later rebranded, the technology required discs to be encased in packaging to prevent degradation, with players connecting to a central service for unlocking content. Despite initial rollout in test markets like , and starting in late September 1998, consumer adoption was minimal, with only a few thousand players sold amid widespread criticism from open-format advocates, including the , who viewed as an anti-consumer proprietary scheme that fragmented the market. The format's was exacerbated by the rapid rise of affordable standard DVD players (under $100 by 1999) and discs, rendering DIVX's higher costs and limitations obsolete, alongside consumer backlash over concerns from modem-based tracking and environmental worries about disposable media. In June 1999, just nine months after launch, Circuit City announced the discontinuation of operations, citing insufficient sales and market rejection, resulting in a $114 million one-time charge and total after-tax losses exceeding $300 million including inventory write-offs and unsold stock. Following the DIVX debacle, Circuit City's digital initiatives in the early 2000s focused on music downloads and emerging home entertainment technologies, though these efforts struggled against dominant players like Apple's , launched in 2003. In March 2004, the company acquired MusicNow, a Chicago-based online music service founded in 1999, for an undisclosed sum to develop its own with access to major-label content and subscription models. Circuit City integrated MusicNow to offer downloadable tracks and portable players in stores, promoting bundled home theater systems with digital audio capabilities, but the service saw limited traction amid the ecosystem's dominance in user-friendly purchasing and device integration. By November 2005, Circuit City sold MusicNow to for an undisclosed amount, effectively exiting the digital music space. The failure and subsequent digital ventures underscored the perils of proprietary technologies in , where open standards and ecosystem compatibility proved essential for widespread adoption, influencing Circuit City's later struggles to adapt to digital disruption.

Other retail and financial subsidiaries

Circuit City developed several smaller retail and financial subsidiaries to complement its core sales, focusing on services, financing, and ancillary products. These ventures aimed to enhance customer convenience and revenue streams but often added layers of operational complexity during the company's later years. Circuit City Express was introduced in 1989 as a smaller-format, mall-based chain targeting accessories, personal computers, and installation services. The stores, numbering over 55 locations by the late 1980s, operated in high-traffic centers to capture impulse buys and provide quick-service options distinct from the larger flagship outlets. By the early , amid shifting retail dynamics and cost-cutting measures, the Express format was phased out, with remaining stores closed or converted as part of broader restructuring efforts. In 2006, Circuit City launched Firedog, a dedicated services offering in-store repairs, in-home installations, and technical support for computers, home theaters, and networking, positioned as a direct competitor to Best Buy's . The initiative included dedicated Firedog kiosks in stores and a separate for bookings, emphasizing comprehensive tech assistance to drive service revenue. Operations expanded rapidly but were curtailed during the 2008 financial downturn; Firedog services were discontinued alongside the closure of 155 stores, and the brand was sold to Firstmark Services in September 2009 for $250,000 following the company's full liquidation. Circuit City's Connect initiative, rolled out in the mid-2000s through partnerships like one with , created boutique store-within-store sections to bundle electronics purchases with high-speed internet, voice-over-IP phone services, and digital home setups. Launched around , these Connect areas featured trained specialists to demonstrate integration with devices, aiming to capitalize on growing for connected homes. The program, which included agreements with providers like and for VoIP and router sales, operated briefly before being discontinued with the parent's in 2008-2009, as the joint ventures dissolved amid store closures. To facilitate in-house financing, Circuit City established First North American National Bank in 1990 as a wholly owned responsible for issuing and servicing private-label credit cards tied to store purchases. The bank managed consumer credit programs, including promotional financing for electronics, and by 2002 had expanded to co-branded Visa cards in partnership with . Facing regulatory scrutiny and rising costs, the unit was wound down in the mid-2000s; credit operations were outsourced to around 2006, effectively divesting the subsidiary prior to the 2008 bankruptcy filing. Patapsco Designs, acquired by Circuit City in , specialized in electronic , product display fixtures, and manufacturing services to support in-store merchandising and custom installations. The handled tasks like video surveillance systems and prototype development for retail environments, integrating closely with the parent company's operations throughout the . In November 2004, amid portfolio streamlining, Circuit City sold Patapsco Designs to ACDI Electronics for an undisclosed amount, allowing the buyer to leverage its expertise in quick-turn manufacturing. These subsidiaries played a supportive role in diversifying Circuit City's beyond hardware sales, with financing and services contributing to and extended purchase cycles. However, managing multiple arms strained resources, exacerbating operational challenges during the competitive pressures of the and ultimately complicating the company's path to recovery before its 2008 collapse. In the mid-1990s, Circuit City faced significant litigation over alleged in hiring and promotions. In 1995, two lawsuits were filed by employees claiming a pattern of bias at the company's headquarters, leading to a 1996 federal jury verdict that found Circuit City liable for systemic against African American workers, resulting in nearly $290,000 in damages to two plaintiffs and an order for a diversity plan. A prominent age discrimination case arose in 2007 following Circuit City's of approximately 3,400 higher-paid employees as part of a cost-cutting . Three affected workers over age 40 filed a proposed class-action in California federal court, alleging violations of state age discrimination laws by targeting older, more experienced staff for termination while replacing them with lower-wage younger hires. The case settled in 2008 for $15 million, providing compensation to over 200 laid-off employees nationwide. Throughout the , Circuit City encountered multiple wage-and-hour class actions alleging violations of labor laws, particularly unpaid for sales staff required to work off-the-clock during store openings, closings, and inventory tasks. A key case, v. Circuit City Stores (2007), challenged the company's arbitration agreement as unconscionable for waiving employees' rights to pursue class-wide claims under California law, though the U.S. later limited such challenges in related precedents. These suits collectively resulted in settlements exceeding $10 million, including a 2010 agreement resolving claims for lost future wages from the 2007 layoffs. In the intellectual property domain, Circuit City pursued trademark infringement claims against in the late 1990s over the use of the "CarMax" mark for used-car superstores, which Circuit City had registered for its own automotive ventures. The Sixth Circuit Court of Appeals ruled in 1999 that Circuit City's prior registration did not preclude 's independent adoption of the name, dismissing the infringement allegations due to lack of consumer confusion. No major post-bankruptcy trademark disputes involving unauthorized brand uses were reported in the , following the 2009 sale of Circuit City's intellectual property assets to Systemax Inc. for $14 million. During its 2008–2009 proceedings, Circuit City engaged in contentious disputes with creditors and landlords over assumptions and rejections under Section 365 of the Bankruptcy Code. Landlords objected to the company's plan, which sought extensions for deciding on nonresidential s, arguing it unfairly delayed payments and hindered property re-leasing; the approved the plan despite these challenges. Additional conflicts arose over proposed auctions, which landlords deemed unfair for releasing the retailer from obligations without adequate compensation, leading Circuit City to cancel the auctions in early 2009. Regulatory scrutiny in the 1990s focused on Circuit City's pricing practices amid industry-wide concerns over minimum advertised pricing () policies enforced by suppliers. While the investigated MAP enforcement by consumer electronics manufacturers during this period, no formal actions or penalties were imposed directly on Circuit City for its retail pricing strategies.

Real estate holdings and post-liquidation sales

Prior to its 2008 bankruptcy filing, Circuit City operated a extensive real estate portfolio comprising approximately 567 leased and owned retail properties across the , along with its corporate headquarters in , contributing significantly to its $3.4 billion in total assets as of August 2008. This network spanned more than 18 million square feet of commercial space, primarily dedicated to superstores averaging around 30,000 square feet each, which supported the company's position as the second-largest retailer behind . The portfolio reflected both owned land parcels and long-term leases that had been strategically acquired during the company's expansion in the and . The Richmond headquarters, a key asset built in the to centralize operations amid rapid growth, exemplified Circuit City's investment in owned properties for administrative efficiency. During the proceedings, the rejection of numerous non-residential leases provided critical cost relief, which bolstered for creditor recovery efforts. These rejections, approved by the , allowed the company to shed underperforming locations without immediate financial penalties beyond capped claims under . In the 2009 liquidation phase, Circuit City's real estate assets underwent auctions and assignments, with court authorization to reject or sell leases for all 567 U.S. stores, enabling swift disposition amid the economic downturn. Many of these properties were repurposed by competitors, including , which acquired several former sites—such as the location—for relocation and expansion of its own operations. The process generated proceeds that supplemented the $1 billion from inventory sales, aiding partial creditor distributions. The bankruptcy proceedings concluded in 2021 after nearly 13 years, with creditors receiving approximately 55 cents on the dollar and professional fees exceeding $100 million. Post-liquidation, the bankruptcy estate retained select land holdings for future development, including parcels adjacent to former stores, which produced ongoing revenue through strategic sales and leasing starting in 2009. By the 2020s, a substantial portion of the legacy sites had transitioned to mixed-use developments, incorporating retail, office, and residential elements to adapt to evolving urban needs. In a notable recent development, the former Richmond headquarters—known as Deep Run III—faced foreclosure in 2025 and was sold to developer Marwaha Investments for $31 million on September 22, 2025, amid shifting commercial real estate trends influenced by remote work and e-commerce growth. This transaction renamed the 355,000-square-foot property as Marwaha Business Plaza, highlighting the enduring economic value of Circuit City's original real estate footprint.

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  102. https://richmondbizsense.com/2021/08/30/circuit-city-bankruptcy-headed-for-conclusion-after-nearly-13-years/
  103. https://richmondbizsense.com/2025/09/24/marwaha-strikes-again-buys-former-circuit-city-hq-out-of-foreclosure-for-31m/
  104. https://www.costar.com/article/41391500/marwaha-investments-continues-to-expand-its-burgeoning-richmond-virginia-office-portfolio
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