Quickdraw's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/273781/comments http://seekingalpha.com/article/115235-circuit-city-s-liquidation-schoonover-could-have-saved-it-but-didn-t?source=feed#comment-361450 361450
Phil would have loved to reap the kudos, if there were any. He was certainly in position long enough to effect change at Circuit. Phil is a moron who was 'way over his head' at BBY, and got out while short-term results said otherwise. His short-sightedness was eclipsed only by his own sense of self-importance. Circuit didn't just make a handful of mistakes and then have their luck fail also; they were soooooooo far behind in the great retail race, from their perpective they thought they were ahead. Todd Sullivan was correct to predict that the only viable option for any prospective buyer, would be to let 'em die and pick the bones.

We will only hope to imagine if poor 'ole Phil is being hit hard, like the other 34,000 employees. We will more likely imagine him sitting on the beach, drinking something wonderful out of a pineapple.


On Jan 19 09:43 AM CC guru wrote:

> Another poorly written article by Todd Sullivan. I have no clue why
> this guy hates Schoonover so much. Did Schoonover do a poor job?
> Yes. Did Schoonover have the experience for the helm? No. Did Schoonover
> get involved with a company that had countless problems that kept
> getting swept under the rug way before his time so when he came into
> the position he inherited them. Most definitely. While Schoonover
> did make some bad calls, I think we need to also point the finger
> at 10 years of bad management. Oh and if you read this Todd, spurning
> a deal from Blockbuster actually isn't a bad thing. Blockbuster is
> the next major retail to go under. Good luck to all the CC employees
> and anyone else who is in a position within another company that
> is now unemployed.]]> Tue, 20 Jan 2009 21:57:50 -0500
Phil would have loved to reap the kudos, if there were any. He was certainly in position long enough to effect change at Circuit. Phil is a moron who was 'way over his head' at BBY, and got out while short-term results said otherwise. His short-sightedness was eclipsed only by his own sense of self-importance. Circuit didn't just make a handful of mistakes and then have their luck fail also; they were soooooooo far behind in the great retail race, from their perpective they thought they were ahead. Todd Sullivan was correct to predict that the only viable option for any prospective buyer, would be to let 'em die and pick the bones.

We will only hope to imagine if poor 'ole Phil is being hit hard, like the other 34,000 employees. We will more likely imagine him sitting on the beach, drinking something wonderful out of a pineapple.


On Jan 19 09:43 AM CC guru wrote:

> Another poorly written article by Todd Sullivan. I have no clue why
> this guy hates Schoonover so much. Did Schoonover do a poor job?
> Yes. Did Schoonover have the experience for the helm? No. Did Schoonover
> get involved with a company that had countless problems that kept
> getting swept under the rug way before his time so when he came into
> the position he inherited them. Most definitely. While Schoonover
> did make some bad calls, I think we need to also point the finger
> at 10 years of bad management. Oh and if you read this Todd, spurning
> a deal from Blockbuster actually isn't a bad thing. Blockbuster is
> the next major retail to go under. Good luck to all the CC employees
> and anyone else who is in a position within another company that
> is now unemployed.]]> http://seekingalpha.com/article/115141-circuit-city-closing-time?source=feed#comment-357925 357925
This story is less about the economy, than it is about Circuit's own shortcomings. I am certain we will all hear about "the good employees who lost their jobs, through no fault of their own" ... history will record Circuit's epitaph very simply. When you sell products that can all be bought elsewhere at the same price, and you suck at virtually every aspect of operations and customer service, then you hang.

]]> Fri, 16 Jan 2009 15:04:58 -0500
This story is less about the economy, than it is about Circuit's own shortcomings. I am certain we will all hear about "the good employees who lost their jobs, through no fault of their own" ... history will record Circuit's epitaph very simply. When you sell products that can all be bought elsewhere at the same price, and you suck at virtually every aspect of operations and customer service, then you hang.

]]> http://seekingalpha.com/article/112892-what-do-we-need-in-2009-more-failure?source=feed#comment-343453 343453
Pull the plug! Most Americans would prefer to see the Big 3 survive and become healthy once again ... unless that means we all must ante-up from our own pockets an absurdly large sum, to continue life support. It is a commonly accepted premise throughout many fields, that getting rid of the bottom performers promotes a healthier big picture. It is certainly true in the business world.

Few people would knowingly chose to buy the less effective drug, the poorer investment choice, inferior products, or the runt-of-the-litter ... especially not when they are priced at or above better options.

I see the future of the Big 3 resembling this: The phoenix that will rise from the ashes of their galactic short-sightedness and failure will be a better business model. Let them die ... in a few months, perhaps a year or so, the economy will resurrect itself and be stronger for the experience. If we continue feeding this monolithic failure, and throwing good money after the bad, then our grandchildren will still be paying for the priviledge of poorer choices regarding their vehicle purchase options.
]]> Thu, 01 Jan 2009 12:37:37 -0500
Pull the plug! Most Americans would prefer to see the Big 3 survive and become healthy once again ... unless that means we all must ante-up from our own pockets an absurdly large sum, to continue life support. It is a commonly accepted premise throughout many fields, that getting rid of the bottom performers promotes a healthier big picture. It is certainly true in the business world.

Few people would knowingly chose to buy the less effective drug, the poorer investment choice, inferior products, or the runt-of-the-litter ... especially not when they are priced at or above better options.

I see the future of the Big 3 resembling this: The phoenix that will rise from the ashes of their galactic short-sightedness and failure will be a better business model. Let them die ... in a few months, perhaps a year or so, the economy will resurrect itself and be stronger for the experience. If we continue feeding this monolithic failure, and throwing good money after the bad, then our grandchildren will still be paying for the priviledge of poorer choices regarding their vehicle purchase options.
]]> http://seekingalpha.com/article/112687-ironic-headline-of-the-day-hint-it-s-about-gmac?source=feed#comment-342133 342133
For all of our sakes, and for the livelihood of our grandchildren, let's hope this saying doesn't re-live itself regarding GM's bailout and our money. All Americans have been forced by our government to pay for a monolithic business failure. I am skeptical of any positive learning experience,,given zero accountability for our loot ( and for the dismal performances by everyone associated with this taxpayer robbery ).]]> Tue, 30 Dec 2008 23:52:15 -0500
For all of our sakes, and for the livelihood of our grandchildren, let's hope this saying doesn't re-live itself regarding GM's bailout and our money. All Americans have been forced by our government to pay for a monolithic business failure. I am skeptical of any positive learning experience,,given zero accountability for our loot ( and for the dismal performances by everyone associated with this taxpayer robbery ).]]> http://seekingalpha.com/article/112479-gmac-why-the-bond-exchange-silence?source=feed#comment-340683 340683
Pull the plug! Like most Americans, we'd prefer to see the Big 3 survive and become healthy once again ... unless that means we all must ante-up from our own pockets an absurdly large sum, to continue life support.

I see the analogy more closely resembling this: The phoenix that will rise from the ashes of their galactic short-sightedness and failure will be a better business model. Let them die ... in a few months, perhaps a year or so, the economy will resurrect itself and be stronger for the experience. If we continue feeding this monolithic failure, and throwing good money after the bad, then our grandchildren will still be paying for the priviledge of poorer choices regarding their vehicle purchase options.]]> Mon, 29 Dec 2008 13:16:40 -0500
Pull the plug! Like most Americans, we'd prefer to see the Big 3 survive and become healthy once again ... unless that means we all must ante-up from our own pockets an absurdly large sum, to continue life support.

I see the analogy more closely resembling this: The phoenix that will rise from the ashes of their galactic short-sightedness and failure will be a better business model. Let them die ... in a few months, perhaps a year or so, the economy will resurrect itself and be stronger for the experience. If we continue feeding this monolithic failure, and throwing good money after the bad, then our grandchildren will still be paying for the priviledge of poorer choices regarding their vehicle purchase options.]]> http://seekingalpha.com/article/112065-gm-proves-there-is-an-alternative-to-bailouts?source=feed#comment-336986 336986
Yes; when I invite people over for dinner, I do attempt to serve something they will enjoy based upon their likings. That's called being a good host.

Your blogs underscore that you are also very sadly underinformed, about a wide variety of things. For instance, you clearly do not know the definition of 'slave' ... and it sounds like you could be overextending yourself, with regards to credit.

I'd be upset also. But I'd try to know what I'm talking about, before I post blogs here for the whole nation to see, if I were you.

]]> Tue, 23 Dec 2008 16:21:15 -0500
Yes; when I invite people over for dinner, I do attempt to serve something they will enjoy based upon their likings. That's called being a good host.

Your blogs underscore that you are also very sadly underinformed, about a wide variety of things. For instance, you clearly do not know the definition of 'slave' ... and it sounds like you could be overextending yourself, with regards to credit.

I'd be upset also. But I'd try to know what I'm talking about, before I post blogs here for the whole nation to see, if I were you.

]]> http://seekingalpha.com/article/112065-gm-proves-there-is-an-alternative-to-bailouts?source=feed#comment-336945 336945
I believe your anger is misplaced. Shouldn't you really be angry with all of our fellow Americans who have chosen to buy the products made by the more highly competitive companies?

The last time I checked, the Honda, Toyota, and Nissan assembly plants right here in America didn't employ 'slave labor'. They do seem to be making products that a significant number of us prefer to buy.

Light the torches! Grab the pitchforks! Let's git 'em!]]> Tue, 23 Dec 2008 15:34:39 -0500
I believe your anger is misplaced. Shouldn't you really be angry with all of our fellow Americans who have chosen to buy the products made by the more highly competitive companies?

The last time I checked, the Honda, Toyota, and Nissan assembly plants right here in America didn't employ 'slave labor'. They do seem to be making products that a significant number of us prefer to buy.

Light the torches! Grab the pitchforks! Let's git 'em!]]> http://seekingalpha.com/article/112065-gm-proves-there-is-an-alternative-to-bailouts?source=feed#comment-336933 336933
So why again do they have their hats out, asking all Americans to ante-up so that they don't have to declare bankruptcy?

Yep ... they are the best. Sure they are. Of course they are.

]]> Tue, 23 Dec 2008 15:23:56 -0500
So why again do they have their hats out, asking all Americans to ante-up so that they don't have to declare bankruptcy?

Yep ... they are the best. Sure they are. Of course they are.

]]> http://seekingalpha.com/article/112065-gm-proves-there-is-an-alternative-to-bailouts?source=feed#comment-336900 336900
When sales of any product drops substantially, then production is adjusted downward. Duh ... so why do the autoworkers of our Big 3 seem to think they are 'entitled' to their jobs, when the products they make are clearly not selling? According to sales trends, then a quarter of the UAW (and management, and executives, and dealerships, and salespeople at the dealerships) are not needed.

This isn't about unions, imports, or politics. It is all about supply-and-demand in a capitalistic economy. Throughout our great nation, most people in general do care about the lives and livelihoods of the UAW autoworkers.

We simply don't care enough to whip out our wallets and give them the salaries they somehow believe they are 'entitled' to. Let the house of cards in Detroit fall. ]]> Tue, 23 Dec 2008 14:50:47 -0500
When sales of any product drops substantially, then production is adjusted downward. Duh ... so why do the autoworkers of our Big 3 seem to think they are 'entitled' to their jobs, when the products they make are clearly not selling? According to sales trends, then a quarter of the UAW (and management, and executives, and dealerships, and salespeople at the dealerships) are not needed.

This isn't about unions, imports, or politics. It is all about supply-and-demand in a capitalistic economy. Throughout our great nation, most people in general do care about the lives and livelihoods of the UAW autoworkers.

We simply don't care enough to whip out our wallets and give them the salaries they somehow believe they are 'entitled' to. Let the house of cards in Detroit fall. ]]> http://seekingalpha.com/article/111630-paulson-grasps-the-automaker-nettle?source=feed#comment-334140 334140
Billions for the automakers who build products that a significant percentage of the potential market chooses not to buy ...

For the rest of the country, the questions are mounting: What if we don't own a home, or a new car? Tell us again, why we are being asked to prop up the house of cards? Our grandchildren will still be paying for these so-called 'bailouts', which everyone will soon realize bought us nothing. A trillion dollars, to finish right where we started.

If the cards fall, and the people who collectively made the mistakes that led us here are out of the way, and the immediate future for our economy is indeed looking grim. Retailers will sell less. Services will be suspended. A galactic correction occurs in our capitalistic world, but at least we still have that capitalism. After the ashes of the mess that is our current model for doing these businesses cools, then new models will quickly rise that are smarter and more relevant. A year or three of contraction will be followed by a new order ... and most of those responsible for the bad business will be gone. From the bankers who looked the other way when home loan applicants misrepresented their incomes, the business leaders who somehow believe that 2 plus 2 equals 22, to the UAW members who think they are 'entitled' to their jobs at a time when the products they build clearly are not selling; within a short few years our country would be stronger and better after a resurrection of a better business culture. Our country is far different from the USA of the 1930's. We would rebound and emerge better and stronger (just like we did in the 1940's).

Or, should we reward failure and ask present and future generations to pay for it?

Maybe we should give the billions to the banks and the automakers who are NOT struggling. They didn't paint themselves into corners or build boats in their basements. They would become stronger and more dominant, creating jobs and supplying services that the majority of Americans already find more desireable compared to those of the losers who need the bailouts. If we continue to throw good money after the bad, most of us won't be able to afford to go to a bank, nor buy a new car.


]]> Fri, 19 Dec 2008 13:51:23 -0500
Billions for the automakers who build products that a significant percentage of the potential market chooses not to buy ...

For the rest of the country, the questions are mounting: What if we don't own a home, or a new car? Tell us again, why we are being asked to prop up the house of cards? Our grandchildren will still be paying for these so-called 'bailouts', which everyone will soon realize bought us nothing. A trillion dollars, to finish right where we started.

If the cards fall, and the people who collectively made the mistakes that led us here are out of the way, and the immediate future for our economy is indeed looking grim. Retailers will sell less. Services will be suspended. A galactic correction occurs in our capitalistic world, but at least we still have that capitalism. After the ashes of the mess that is our current model for doing these businesses cools, then new models will quickly rise that are smarter and more relevant. A year or three of contraction will be followed by a new order ... and most of those responsible for the bad business will be gone. From the bankers who looked the other way when home loan applicants misrepresented their incomes, the business leaders who somehow believe that 2 plus 2 equals 22, to the UAW members who think they are 'entitled' to their jobs at a time when the products they build clearly are not selling; within a short few years our country would be stronger and better after a resurrection of a better business culture. Our country is far different from the USA of the 1930's. We would rebound and emerge better and stronger (just like we did in the 1940's).

Or, should we reward failure and ask present and future generations to pay for it?

Maybe we should give the billions to the banks and the automakers who are NOT struggling. They didn't paint themselves into corners or build boats in their basements. They would become stronger and more dominant, creating jobs and supplying services that the majority of Americans already find more desireable compared to those of the losers who need the bailouts. If we continue to throw good money after the bad, most of us won't be able to afford to go to a bank, nor buy a new car.


]]> http://seekingalpha.com/article/110615-there-s-a-bull-lurking?source=feed#comment-328936 328936 Sun, 14 Dec 2008 09:47:59 -0500 http://seekingalpha.com/article/110511-auto-industry-watch-you-can-t-get-different-results-doing-the-same-thing?source=feed#comment-328665 328665
Billions for the Big 3, who make products that a significant number of Americans don't want to purchase ... ?

What if you don't own a home? What if you don't have a new car? Tell us again, just exactly why should we bail out the folks who do ...

Our grandchildren will still be paying for the so-called bailouts, that reward failure and make irrelevant any reference to our system as being capitalistic. From the bankers who chose to look the other way as loan applicants misrepresented their incomes, to the executives of the Big 3 companies who would propose to us that 2 plus 2 equals 22, to the UAW workers who for some reason actually belive they are entitled to their jobs even though they build vehicles that are clearly not selling; we should let the house of cards fall. The economic repercussions would be harsh and broadly felt. Retailers would sell less. Services would be restricted. Business across a wide spectrum would succumb.

The difference would be, that in a year or three, what rose from the ashes of the failed system would be stronger and better. The people who are responsible for that bad business would be gone, for the most part, and we would still have capitalism. Our country's and the world's economies are fundamentally different that what exisited in the 1930's. We would emerge more quickly, and stronger than ever (just like we did in 1940's). For a short year-to-three, all of society would pay a steep price, and the ordeal would be over. At this time we are 'rounding the bend on a trillion dollars of 'bailout' which has bought us absolutely nothing. In a few months, everyone will agree that we are exactly where we started. Generations will be stuck paying the bill for galactic failure.

Everywhere we hear the alarmists proclaim, "We can't sit back and simply do nothing." I agree. We should be giving our precious billions to the banks that DIDN'T fail. We should be giving billions to Honda, Toyota, Nissan, and the like. Instead of rewarding bad business, we should encourage business models which are staying ahead of their respective games. They would thrive and grow. Jobs would expand. Taxes would be paid. Products and services would improve for all of us.

Otherwise we will continue throwing good money after the bad, and before long the majority of Americans will not be able to buy cars, or need the banks.

]]> Sun, 14 Dec 2008 00:55:34 -0500
Billions for the Big 3, who make products that a significant number of Americans don't want to purchase ... ?

What if you don't own a home? What if you don't have a new car? Tell us again, just exactly why should we bail out the folks who do ...

Our grandchildren will still be paying for the so-called bailouts, that reward failure and make irrelevant any reference to our system as being capitalistic. From the bankers who chose to look the other way as loan applicants misrepresented their incomes, to the executives of the Big 3 companies who would propose to us that 2 plus 2 equals 22, to the UAW workers who for some reason actually belive they are entitled to their jobs even though they build vehicles that are clearly not selling; we should let the house of cards fall. The economic repercussions would be harsh and broadly felt. Retailers would sell less. Services would be restricted. Business across a wide spectrum would succumb.

The difference would be, that in a year or three, what rose from the ashes of the failed system would be stronger and better. The people who are responsible for that bad business would be gone, for the most part, and we would still have capitalism. Our country's and the world's economies are fundamentally different that what exisited in the 1930's. We would emerge more quickly, and stronger than ever (just like we did in 1940's). For a short year-to-three, all of society would pay a steep price, and the ordeal would be over. At this time we are 'rounding the bend on a trillion dollars of 'bailout' which has bought us absolutely nothing. In a few months, everyone will agree that we are exactly where we started. Generations will be stuck paying the bill for galactic failure.

Everywhere we hear the alarmists proclaim, "We can't sit back and simply do nothing." I agree. We should be giving our precious billions to the banks that DIDN'T fail. We should be giving billions to Honda, Toyota, Nissan, and the like. Instead of rewarding bad business, we should encourage business models which are staying ahead of their respective games. They would thrive and grow. Jobs would expand. Taxes would be paid. Products and services would improve for all of us.

Otherwise we will continue throwing good money after the bad, and before long the majority of Americans will not be able to buy cars, or need the banks.

]]> http://seekingalpha.com/article/110450-let-s-hope-the-auto-bailout-has-failed-for-good?source=feed#comment-327196 327196
Billions for the automakers who build products that a significant percentage of the potential market chooses not to buy ...

For the rest of the country, the questions are mounting: What if we don't own a home, or a new car? Tell us again, why we are being asked to prop up the house of cards? Our grandchildren will still be paying for these so-called 'bailouts', which everyone will soon realize bought us nothing. A trillion dollars, to finish right where we started.

If the cards fall, and the people who collectively made the mistakes that led us here are out of the way, and the immediate future for our economy is indeed looking grim. Retailers will sell less. Services will be suspended. A galactic correction occurs in our capitalistic world, but at least we still have that capitalism. After the ashes of the mess that is our current model for doing these businesses cools, then new models will quickly rise that are smarter and more relevant. A year or three of contraction will be followed by a new order ... and most of those responsible for the bad business will be gone. From the bankers who looked the other way when home loan applicants misrepresented their incomes, the business leaders who somehow believe that 2 plus 2 equals 22, to the UAW members who think they are 'entitled' to their jobs at a time when the products they build clearly are not selling; within a short few years our country would be stronger and better after a resurrection of a better business culture. Our country is far different from the USA of the 1930's. We would rebound and emerge better and stronger (just like we did in the 1940's).

Or, should we reward failure and ask present and future generations to pay for it?

Maybe we should give the billions to the banks and the automakers who are NOT struggling. They didn't paint themselves into corners or build boats in their basements. They would become stronger and more dominant, creating jobs and supplying services that the majority of Americans already find more desireable compared to those of the losers who need the bailouts. If we continue to throw good money after the bad, most of us won't be able to afford to go to a bank, nor buy a new car.

]]> Fri, 12 Dec 2008 09:16:53 -0500
Billions for the automakers who build products that a significant percentage of the potential market chooses not to buy ...

For the rest of the country, the questions are mounting: What if we don't own a home, or a new car? Tell us again, why we are being asked to prop up the house of cards? Our grandchildren will still be paying for these so-called 'bailouts', which everyone will soon realize bought us nothing. A trillion dollars, to finish right where we started.

If the cards fall, and the people who collectively made the mistakes that led us here are out of the way, and the immediate future for our economy is indeed looking grim. Retailers will sell less. Services will be suspended. A galactic correction occurs in our capitalistic world, but at least we still have that capitalism. After the ashes of the mess that is our current model for doing these businesses cools, then new models will quickly rise that are smarter and more relevant. A year or three of contraction will be followed by a new order ... and most of those responsible for the bad business will be gone. From the bankers who looked the other way when home loan applicants misrepresented their incomes, the business leaders who somehow believe that 2 plus 2 equals 22, to the UAW members who think they are 'entitled' to their jobs at a time when the products they build clearly are not selling; within a short few years our country would be stronger and better after a resurrection of a better business culture. Our country is far different from the USA of the 1930's. We would rebound and emerge better and stronger (just like we did in the 1940's).

Or, should we reward failure and ask present and future generations to pay for it?

Maybe we should give the billions to the banks and the automakers who are NOT struggling. They didn't paint themselves into corners or build boats in their basements. They would become stronger and more dominant, creating jobs and supplying services that the majority of Americans already find more desireable compared to those of the losers who need the bailouts. If we continue to throw good money after the bad, most of us won't be able to afford to go to a bank, nor buy a new car.

]]> http://seekingalpha.com/article/103227-red-friday-coming-to-a-mall-near-you?source=feed#comment-297731 297731
Amen ... as I've said elsewhere, you should be in a good place.]]> Mon, 03 Nov 2008 22:58:32 -0500
Amen ... as I've said elsewhere, you should be in a good place.]]> http://seekingalpha.com/article/103227-red-friday-coming-to-a-mall-near-you?source=feed#comment-295028 295028
The Red Friday fire sale will be happening at many hundreds of retail shopping areas, all over the U.S. and Canada.]]> Fri, 31 Oct 2008 10:03:58 -0400
The Red Friday fire sale will be happening at many hundreds of retail shopping areas, all over the U.S. and Canada.]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-295011 295011
And just who will be the first vendor to blink, in the Circuit City bankruptcy games? The award goes to: Sony!!!

This 'little birdie' sat on my shoulder and told me some interesting news. All of the Sony trucks headed for CC were told Thursday, to turn around and head 'em back to Sony. No baloney ... Circuit gets no Sony. My 'little birdie' is always right.

As I stated previously, watch the house-of-cards fall quickly. All other vendors are scambling today to follow suit. The Fat Lady is hitting the crescendo.

And to billdrummer:

Yes, I too was struck by the number of people who were defending CC here, but I completely understand. Loyalty is an admirable trait, and is combined here with the personal feelings about one's job (and financial livelihood) that make it hard to be objective. My heart goes out to the thousands of employees who are about to receive some very bad news, at a most unfortunate time of the year for them and their families. ]]> Fri, 31 Oct 2008 09:50:16 -0400
And just who will be the first vendor to blink, in the Circuit City bankruptcy games? The award goes to: Sony!!!

This 'little birdie' sat on my shoulder and told me some interesting news. All of the Sony trucks headed for CC were told Thursday, to turn around and head 'em back to Sony. No baloney ... Circuit gets no Sony. My 'little birdie' is always right.

As I stated previously, watch the house-of-cards fall quickly. All other vendors are scambling today to follow suit. The Fat Lady is hitting the crescendo.

And to billdrummer:

Yes, I too was struck by the number of people who were defending CC here, but I completely understand. Loyalty is an admirable trait, and is combined here with the personal feelings about one's job (and financial livelihood) that make it hard to be objective. My heart goes out to the thousands of employees who are about to receive some very bad news, at a most unfortunate time of the year for them and their families. ]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-290588 290588
I think its just you and me here, most of the time.

I hope the winds of retail blow softly in your favor this upcoming selling season. Unlike the subject of the blog-line, BBY's senior management team are smart people who almost always roll with the punches, and maximize opportunities. You should be in a good place.

]]> Sun, 26 Oct 2008 01:07:02 -0400
I think its just you and me here, most of the time.

I hope the winds of retail blow softly in your favor this upcoming selling season. Unlike the subject of the blog-line, BBY's senior management team are smart people who almost always roll with the punches, and maximize opportunities. You should be in a good place.

]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-290232 290232
Unless you're a power-player, senior management or board member type, then you won't be soliciting Mark for a position. If you were, then you'd already know how to find him.

Wattles enterprise is diversified. To name just a few examples: Waldo's Family Dollar in Mexico is a large endevour ... Manuel Clothing (exclusive designer western wear for the urban cowboy/cowgirl types) ... Firebird's restaurants (fine dining) ... and Ultimate Electronics (mid to upper-mid consumer electronics, appliances, and pool tables/home gaming accessories). Appliances and gaming are recent newcomers to that business plan, so it might be logical to expect a name change for that company sometime. Much of the time, a group of investor/management gurus run the empire under the name "Wattles Capital Management". The individual entities have their own tiers of management.

Your best route to any position would be to contact the Human Resources Director for the business that you find is your best fit, and go for it. You won't be interviewing with Mark Wattles.]]> Sat, 25 Oct 2008 10:55:53 -0400
Unless you're a power-player, senior management or board member type, then you won't be soliciting Mark for a position. If you were, then you'd already know how to find him.

Wattles enterprise is diversified. To name just a few examples: Waldo's Family Dollar in Mexico is a large endevour ... Manuel Clothing (exclusive designer western wear for the urban cowboy/cowgirl types) ... Firebird's restaurants (fine dining) ... and Ultimate Electronics (mid to upper-mid consumer electronics, appliances, and pool tables/home gaming accessories). Appliances and gaming are recent newcomers to that business plan, so it might be logical to expect a name change for that company sometime. Much of the time, a group of investor/management gurus run the empire under the name "Wattles Capital Management". The individual entities have their own tiers of management.

Your best route to any position would be to contact the Human Resources Director for the business that you find is your best fit, and go for it. You won't be interviewing with Mark Wattles.]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-289230 289230
Mark Wattles is not a 'friend' of mine. Recently a business associate, only. I say what I've commented upon here, based on conversations and personal insight after enjoying considerable face time.

To Flatearth

You probably mean well, but are obviously underinformed.

Phil could be reaping the rewards for good decision-making ... if so, then he would be the first to accept the kudos. Instead, he piloted the trainwreck. Everybody gives him the negative credits due. Your view that he was not really in control is a limited vision.]]> Thu, 23 Oct 2008 20:29:15 -0400
Mark Wattles is not a 'friend' of mine. Recently a business associate, only. I say what I've commented upon here, based on conversations and personal insight after enjoying considerable face time.

To Flatearth

You probably mean well, but are obviously underinformed.

Phil could be reaping the rewards for good decision-making ... if so, then he would be the first to accept the kudos. Instead, he piloted the trainwreck. Everybody gives him the negative credits due. Your view that he was not really in control is a limited vision.]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-289118 289118
Mark spends $40-50 million on a big play like this, about as easily as we might decide what to order from a restaurant lunch menu.

I can't say how ... but I know Mark well personally.]]> Thu, 23 Oct 2008 17:10:11 -0400
Mark spends $40-50 million on a big play like this, about as easily as we might decide what to order from a restaurant lunch menu.

I can't say how ... but I know Mark well personally.]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-289076 289076 Thu, 23 Oct 2008 16:39:05 -0400 http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-288972 288972
Thank you for the earlier compliment. Your own commentary is right on target.

Labor costs, as a concept, are totally disrespected at Circuit. Over the last 7 years I have observed instance upon instance of mismanagement of their people. The fat at corporate is mirrored by the waste at the store level. Today at Circuit stores everywhere, they have 'stocking teams' that restock product, set merchandising planograms, and build displays. These employees don't service guests or ring sales ... and the sales help is often forbidden to assist with the merchandising in any way, even though customer counts are dwindling and they stand idle most of their shift.

From the bottom, to the ivory tower, there's a culture of "That's not MY job."

About seven years ago Circuit changed the compensation plan for sales employees to an hourly model, rather than commission-based. The top performers (who also created the most revenue & profits for the company) were dismissed for 'making too much money'. The bottom feeders were shown the door ... a good move in any business ... and the middle were offered a low hourly wage. Since then there have been several ill-conceived initiatives that were designed to lower labor costs, but resulted in scuttling employee morale and becoming noncompetitive in the customer service arena.

Best Buy has only average customer service on a good day. Unfortunately for Circuit, average service always trumps poor-to-nonexistant service. The people who steer the ship there are sooooo far behind in the race for retail understanding, from where they are at it might appear to them, that they are ahead.

Latest case-in-point, hot off the cubicle-sitters think-tank: The One Price Promise. I suppose one of the geniuses there decided to retire the previous price promise ... "If You Catch Us in the Act of Screwing You, Then We'll Match Our Own Website."



]]> Thu, 23 Oct 2008 14:26:40 -0400
Thank you for the earlier compliment. Your own commentary is right on target.

Labor costs, as a concept, are totally disrespected at Circuit. Over the last 7 years I have observed instance upon instance of mismanagement of their people. The fat at corporate is mirrored by the waste at the store level. Today at Circuit stores everywhere, they have 'stocking teams' that restock product, set merchandising planograms, and build displays. These employees don't service guests or ring sales ... and the sales help is often forbidden to assist with the merchandising in any way, even though customer counts are dwindling and they stand idle most of their shift.

From the bottom, to the ivory tower, there's a culture of "That's not MY job."

About seven years ago Circuit changed the compensation plan for sales employees to an hourly model, rather than commission-based. The top performers (who also created the most revenue & profits for the company) were dismissed for 'making too much money'. The bottom feeders were shown the door ... a good move in any business ... and the middle were offered a low hourly wage. Since then there have been several ill-conceived initiatives that were designed to lower labor costs, but resulted in scuttling employee morale and becoming noncompetitive in the customer service arena.

Best Buy has only average customer service on a good day. Unfortunately for Circuit, average service always trumps poor-to-nonexistant service. The people who steer the ship there are sooooo far behind in the race for retail understanding, from where they are at it might appear to them, that they are ahead.

Latest case-in-point, hot off the cubicle-sitters think-tank: The One Price Promise. I suppose one of the geniuses there decided to retire the previous price promise ... "If You Catch Us in the Act of Screwing You, Then We'll Match Our Own Website."



]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-288344 288344
It's too far away from shore to fix the hole at this point.

Blub, blub, blub, blub ...

If you take a tour through the hallways of the corporate offices in Virginia, you'll oserve layer after layer of redundancy. The keeper-of-the-pencils hands them to the sharpener ... who then sharpens them, and takes them down the hallway to the user-of-the-pencils ... who then decides to send the project to the person who uses the pen instead. Then, the keeper-of-the-pen must be summoned.

It's like watching a union railroad job; four or five people, watching one do the work. The new ownership will slice payrolls like the Grim Reaper and make the remaining few work harder. ]]> Wed, 22 Oct 2008 23:26:47 -0400
It's too far away from shore to fix the hole at this point.

Blub, blub, blub, blub ...

If you take a tour through the hallways of the corporate offices in Virginia, you'll oserve layer after layer of redundancy. The keeper-of-the-pencils hands them to the sharpener ... who then sharpens them, and takes them down the hallway to the user-of-the-pencils ... who then decides to send the project to the person who uses the pen instead. Then, the keeper-of-the-pen must be summoned.

It's like watching a union railroad job; four or five people, watching one do the work. The new ownership will slice payrolls like the Grim Reaper and make the remaining few work harder. ]]> http://seekingalpha.com/article/101052-circuit-city-doesn-t-have-enough-cash-to-declare-bankruptcy?source=feed#comment-287843 287843
Unlike the Ultimate takeover, where in hindsight Mark Wattles regretted the company's bankruptcy largely because it cost him a lot of extra loot to redeem the company's name, Wattles and his co-horts will definitely take Circuit down the tubes. Circuit City has a horrible reputation in all aspects of the retail business world ... their brand is so bad that it would be worth the millions required to change the name, if anybody wanted to pick up the pieces and rebuild that company. Circuit City didn't just have a short run of bad luck or a couple management errors. They have been the poster child for 'How Not to Do Business'.

Personally, I cannot wrap my mind around whatever a day in the life of a Warren Buffet or a Carl Icahn might look like. I can't imagine what their phone calls might sound like, etc. Phil Schoonover (Circuit's former, now departed CEO) on the other hand, gives us all a great deal of hope for our futures ... he is a complete moron, and rose to the top of a multi-billion $$$ company.

Circuit's hole is so deep, no rabbit can possibly jump out. Their balance sheet is redder than their storefronts. The bankers who have existing agreements with them are huddling in meetings, weighing the options. I predict they will decide to accept any penalties for bailing on their deals with Circuit, rather than go down with the ship. The vendors are in a quandary, because the orders for other retailer's holiday inventories were concluded weeks ago. If they pull the plug on Circuit's credit line, they have few alternative options for offloading their products. No sane, knowledgeable observer would suggest that Circuit will have even an average holiday season; but on the other hand, dismal sales beats zero sales. However, if even a single vendor blinks, the rest will follow like a house of cards falling.

Last year, Schultz Asset Management gave Circuit a transfusion to float 'em through the 4th quarter ... this year credit is a tighter scene for all, and so there won't be any manna from heaven for Circuit. (Even if there was, Wattle's henchmen will torpedo the deal, now that they are running the board.) Look for posturing among guys like Icahn and Keyes, expressing interest in ownership, to divert attention from Mark Wattles. They are his buddies, and they will pretend to be interested in Circuit, to ward off other possible suitors like Sears. Wattles' style is to pay pennies on the dollar for things, and here comes another fire sale. Bankruptcy is the best viable option for whoever wants to acquire Circuit, because they have made such a huge number of stupid decisions; the only timely way to back out of them would be to let the company die and then pick the meat off the bones.]]> Wed, 22 Oct 2008 11:55:32 -0400
Unlike the Ultimate takeover, where in hindsight Mark Wattles regretted the company's bankruptcy largely because it cost him a lot of extra loot to redeem the company's name, Wattles and his co-horts will definitely take Circuit down the tubes. Circuit City has a horrible reputation in all aspects of the retail business world ... their brand is so bad that it would be worth the millions required to change the name, if anybody wanted to pick up the pieces and rebuild that company. Circuit City didn't just have a short run of bad luck or a couple management errors. They have been the poster child for 'How Not to Do Business'.

Personally, I cannot wrap my mind around whatever a day in the life of a Warren Buffet or a Carl Icahn might look like. I can't imagine what their phone calls might sound like, etc. Phil Schoonover (Circuit's former, now departed CEO) on the other hand, gives us all a great deal of hope for our futures ... he is a complete moron, and rose to the top of a multi-billion $$$ company.

Circuit's hole is so deep, no rabbit can possibly jump out. Their balance sheet is redder than their storefronts. The bankers who have existing agreements with them are huddling in meetings, weighing the options. I predict they will decide to accept any penalties for bailing on their deals with Circuit, rather than go down with the ship. The vendors are in a quandary, because the orders for other retailer's holiday inventories were concluded weeks ago. If they pull the plug on Circuit's credit line, they have few alternative options for offloading their products. No sane, knowledgeable observer would suggest that Circuit will have even an average holiday season; but on the other hand, dismal sales beats zero sales. However, if even a single vendor blinks, the rest will follow like a house of cards falling.

Last year, Schultz Asset Management gave Circuit a transfusion to float 'em through the 4th quarter ... this year credit is a tighter scene for all, and so there won't be any manna from heaven for Circuit. (Even if there was, Wattle's henchmen will torpedo the deal, now that they are running the board.) Look for posturing among guys like Icahn and Keyes, expressing interest in ownership, to divert attention from Mark Wattles. They are his buddies, and they will pretend to be interested in Circuit, to ward off other possible suitors like Sears. Wattles' style is to pay pennies on the dollar for things, and here comes another fire sale. Bankruptcy is the best viable option for whoever wants to acquire Circuit, because they have made such a huge number of stupid decisions; the only timely way to back out of them would be to let the company die and then pick the meat off the bones.]]> http://seekingalpha.com/article/97866-circuit-city-falls-further-bring-out-your-dead?source=feed#comment-275911 275911
Maybe they're still only lying at this point. This morning I needed some good humor, so I re-read Bill Cimino's comment about how the board of directors are dedicated to preserving stockholder equity. Wow ...

After the gurgling stops, and the funeral for CC is held, perhaps he can go to work for one of the major political parties as a spokesperson. The magnitude of the spin he puts on concerning CC's current footing is second only to the degree exhibited by our politicians this season.

Truly outstanding stuff there, Bill! We suppose it's true that you can say just about anything, when it's your last week on the job.]]> Tue, 07 Oct 2008 12:58:15 -0400
Maybe they're still only lying at this point. This morning I needed some good humor, so I re-read Bill Cimino's comment about how the board of directors are dedicated to preserving stockholder equity. Wow ...

After the gurgling stops, and the funeral for CC is held, perhaps he can go to work for one of the major political parties as a spokesperson. The magnitude of the spin he puts on concerning CC's current footing is second only to the degree exhibited by our politicians this season.

Truly outstanding stuff there, Bill! We suppose it's true that you can say just about anything, when it's your last week on the job.]]> http://seekingalpha.com/article/97866-circuit-city-falls-further-bring-out-your-dead?source=feed#comment-271918 271918
A correct perspective and historical reference! I do predict that traffic-drivers in the video realm will see a margin bloodbath ... in anticipation of the 2009 digital conversion retailers will be ready to draw their guns at the competition's first blink. Possible profit havens such as Blu-ray will be sacrificed to the marketing gods as well ... even the sacred accessory categories like connectivity and mounting hardware will be offered up.

After all, there's no 'second place' in a gunfight ...

Interesting to note that in the the recent financial statements that CC's audio category business is way down. Gee, I wonder why? Shop for a decent home audio receiver at most stores, and you'll find the displays are non-functional. They don't even try. Hmmm ... there must not be any money in home audio, according to the cubicle-sitters who steer the company ship.

I do not believe that Circuit City will be a major contributor to the intensity of the fray during holiday season 2008. They will react in desperation, as you suggest, but moreso within the context of the drowning victim who clutches desperately at anything that appears to be above water. I don't think CC's pockets are deep enough to survive even a few bubbles ... All eyes should be focused upon Wall Mart ... they are the marketplace Goliath this year.]]> Thu, 02 Oct 2008 15:15:41 -0400
A correct perspective and historical reference! I do predict that traffic-drivers in the video realm will see a margin bloodbath ... in anticipation of the 2009 digital conversion retailers will be ready to draw their guns at the competition's first blink. Possible profit havens such as Blu-ray will be sacrificed to the marketing gods as well ... even the sacred accessory categories like connectivity and mounting hardware will be offered up.

After all, there's no 'second place' in a gunfight ...

Interesting to note that in the the recent financial statements that CC's audio category business is way down. Gee, I wonder why? Shop for a decent home audio receiver at most stores, and you'll find the displays are non-functional. They don't even try. Hmmm ... there must not be any money in home audio, according to the cubicle-sitters who steer the company ship.

I do not believe that Circuit City will be a major contributor to the intensity of the fray during holiday season 2008. They will react in desperation, as you suggest, but moreso within the context of the drowning victim who clutches desperately at anything that appears to be above water. I don't think CC's pockets are deep enough to survive even a few bubbles ... All eyes should be focused upon Wall Mart ... they are the marketplace Goliath this year.]]> http://seekingalpha.com/article/97866-circuit-city-falls-further-bring-out-your-dead?source=feed#comment-271779 271779
Surely no sane, rational person out there really believes that CC will have even an average holiday season this year ... they live in a world of 'make believe' where common sense business and the customer's perception of any shopping experience do not matter.

The Fat Lady is ready to sing at CC ... listen ... you can hear her warming up in the dressing room right now!]]> Thu, 02 Oct 2008 13:25:52 -0400
Surely no sane, rational person out there really believes that CC will have even an average holiday season this year ... they live in a world of 'make believe' where common sense business and the customer's perception of any shopping experience do not matter.

The Fat Lady is ready to sing at CC ... listen ... you can hear her warming up in the dressing room right now!]]>