Blockbuster Bids for Circuit City

“Our proposal offers Circuit City a significant premium to its existing stock price and creates a game-changing retail concept with a sustainable competitive advantage”

Blockbuster Inc. said Monday it will take an unsolicited $1 billion-plus bid for Circuit City Stores Inc. directly to the consumer electronics chain's shareholders, saying Circuit City has not responded to repeated offers.

The disclosure sent Circuit City shares up more than 50 percent in premarket trading.

Blockbuster, the movie rental chain operator, said it has been in talks with the struggling Circuit City for months regarding an acquisition, and sent a letter Feb. 17 to Circuit City Chairman and Chief Executive Philip Schoonover offering $6 to $8 per share in cash for the company. Read more

Read full story from The Associated Press

[C Jones]

If I was a Circuit City employee, I'd approve this sale in a minute. Have you been in a Circuit City lately? They treat their customers like prisoners and the employees spit on our way out the door. Most of the shopping is pushed to some catalog that we could see without going into the actual store. I'm praying for this sale. Nobody should be allowed to do business this way and stay in business. Circuit City is an opportunity waiting to happen under the right caring leadership. They are an anchor in my community! I want them to do well, but their attitude sucks! We can get electronics anywhere. This could be the leader in the field.

[belokarma]

I am a Circuit City employee, and I agree with you. It's not the employees fault, our management team sucks, I am talking the entire Circuit City Management team, from Hr, to the warehouse, to the stores, I think Circuit City would be better off being managed by a bunch of monkies, instead of the incredibly ignorant managment we have now.

[circuitcitysucks]

Circuit City's management sucks!!!!
they'll never make it with the management they have now, incompentent, ingnorant, idiots.

[Paleface]

I am also a employee and I 100% agree with the comments. All of my managers are rejects from Best Buy management team. My store manager was let go from Best Buy and so was my regional manager.

[Kathy]

I was an employee from august 05 until april 08. The store didn't always suck but it sure did starting roughly October 06. For a small period of time we were cutting into Best Buy. They knew it and took action. When the store (and company) started losing money late in 06 they made all the wrong moves.
By firing all employees making above 12 dollars (give or take a dollar) per hour, the upper management showed that they don't give a crap about anything but revenue. Most of the fired workers in my store (19) either came back as "supervisors" or were young enough that it wasn't a killer. However, there were 3-4 people who gladly would have taken any pay cut to keep their health benefits. For someone who has a medical issue or is older, benefits are more important than their salary. To rub salt into the wounds, Circuit City made the people who wanted to come back wait 10 weeks. There is a 63 day rule regarding pre-existing conditions where if you have a condition and go unisured for 63 days or more, your pre- existing condition will not be covered by the health plan. I think that is exactly why they had to wait 10 weeks.
Every decision that was made by Schoonover and his band of morons were so bad I could tell they weren't going to work as soon as they were implemented.
I am so happy to be out of that hell hole and working in an environment where I am respected. I sure wasn't at C.C.

[Danny]

The customer service at CC is so bad I always shop online now.

[blockbuster managers]

After being with blockbuster almost 8 years, going from a great place to work to a not so great, to a really do not care about their employees, so if you think blockbuster is changing their colors I wouldn't bet on that.....however lets not forget we are under a very tough financial place in todays world .......

[Dennis]

blockbuster managers wrote:

After being with blockbuster almost 8 years, going from a great place to work to a not so great, to a really do not care about their employees, so if you think blockbuster is changing their colors I wouldn't bet on that.....however lets not forget we are under a very tough financial place in todays world .......

So what is it you're trying to say or point out?
Who are "the great place", the "not so great place"
and the "do not care place"?

[Jackie A]

Both of these establishments are examples of what retail should NOT be. Unfortunately the American people have become accustomed to receiving less service, lower quality goods, and attitude in exchange for rising costs passed along to the consumer.

They deserve each other and neither one will last, regardless of this or any other transaction.

Ask anyone who has walked into a CC or Blockbuster store lately. The story is ALWAYS some variation of "I got mad and left"

[awbuck]

THIS IS A GREAT DAY AT C.C. IT MAY BE TO LATE.BUT BYE BYE PHIL SCREWOVER.MAYBE BEST BUY WILL TAKE YOU BACK.IM SURE YOUR STOCK AT BEST BUY IS STILL GOOD.I HOPE THE PRESS WILL BE ALL OVER THIS.WE WILL NOW FIGHT FOR OUR COMPANY .SO BE SCARED BEST BUY.

[SAM 12345]

C Jones wrote:

If I was a Circuit City employee, I'd approve this sale in a minute. Have you been in a Circuit City lately? They treat their customers like prisoners and the employees spit on our way out the door. Most of the shopping is pushed to some catalog that we could see without going into the actual store. I'm praying for this sale. Nobody should be allowed to do business this way and stay in business. Circuit City is an opportunity waiting to happen under the right caring leadership. They are an anchor in my community! I want them to do well, but their attitude sucks! We can get electronics anywhere. This could be the leader in the field.

Thank god this never went through