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|Jan 17, 2009, 8:41 PM||#1|
Join Date: Jun 2006
As of this moment, CC no longer exists.
Officially CC is liquidating their business as they could not find sufficient sources of financing to reorganize the business under the bankruptcy laws.
The assets of CC are being sold to professional liquidation companies.
Most likely the Liquidators have already taken over your local CC store. The staff may be the same guys and gals which worked at CC just last week,BUT the staff now report to the Liquidators.
The Liquidators bought the assets of CC for figuritively pennies on the dollar... sight unseen. If the liquiditator can't sell the asset, it is the liquidator's problem.
The sales start immediately.
But a sale is not always a sale.
Last week CC might have been selling your favorite camera for $500 and the big screen TV for $2000. Those cute book shelf loud speakers were $200 and the TV stand was $250.
Those were CC's prices.
The liquidator must make $ off of their purchase. Granted they paid pennies on the dollar, but those pennies must stretch out to cover payroll costs (paying the former CC employees to work the store), electricity, rent ect.
Today (actually the day CC announced their liquidation), the liquidator sent a team to each store to inventory their investment and setup the sale... which includes raising prices to standard prices.
RAISE prices to standard prices.
From the standard prices the liquidator will discount down the wares until everything is gone .... more or less.
For the liquidator the absolute most important thing (besides making $) is getting rid of stuff that costs money to move.
That TV stand weighs 90lbs and soldfor only $250 at CC prices. The camera sells for $500 but only weighs 1 lb. IF nothing sells thenthe liquidator will toss the TV stand into the trash andmove the camera to another store to sell.
HINTHINT.... the liquidatorreally, really wants to get rid of that TV stand.
SOOOOO...... last night the liquidator raised the price of the TV stand to $300 and will give you10% discount if you buy theTV stand today. Next week the stand will be discounted to 20%. The third week the stand might be 50% discount. The fourth week the stand might be 90%discount.
Yep, they are motivated to get rid of the TV stand.
At any moment you could walk in and offer the CC staff a few pennies on the dollar for the TV stand and it might become yours.
Forget the advertised price. They really, really want to move that TV stand. Money from you today is better than no money tomorrow.
The rest of the stuff? Supply, demand, shelf life of the product, difficulty moving the product will all come into play. That TV is a bitch to pack for moving. But there ain't no way you are going to get that TV for 90% off unless A) it is the floor model near the last days of the sale or B) They know the TV is about to be discontinued in the next 30-60 days and the new model is monstercheaper/better whatever.
These liquidators do this for a living. Yes the CC dudes are working the floor, but the management work for the liquidators.
Even though 90% off on the TV still in the box maynever happen, thestores will be liquidated in short order. If 10% off sells 10% of the store inventory and then 20% sells off 30% of the store inventory the sale is quite successful and will continue.
The liquidator can and will bring in NEW stock. It is legal. Some of the stock might come from another CC store where the liquidation process was not proceeding as planned. Some of the stock might actually come fromanother bankrupt CE chain (remember Tweeter just closed up late last fall). The manufacturers might actually sell new stock to the liquidator to buff up the inventory (it is a little hard to sell lenses and flash units without camera bodies for example).
Today everything in the CC store is new stock which carries the standard manufacturer warranties.
Tomorrow the liquidator could bring in rebuilds. Legally the liquidator is required to mark rebuilds clearly.
(Yea, right, and I own a slice of the Brooklyn Bridge).
If you are careful and make note of the product selection in your local CC as of today and the product selection decreases over time there is littlechance for rebuilds to slip into your shopping basket as new product. BUT in some markets the liquidiator might be tempted to run this sale for the next 12 months.
Speaking of months. Legally every state limits the time a going out of business sale can last. My state is 6 months. That is it. After 6 months the CC name must come off the business.
Are there sales to be had?
Those TV stands can be bought cheap.
Once the discount rate hits the right point (be it 10, 20 or 30%) the speakers are going to go fast... mainly because thesesmall discounts might be enough to offset mail order UPS costs on the same speakers.
Cameras are not going to be as aggressively marked down. Sorry guys.
Why? For example the Sony Style and B&H price on an A700 Body is $999. Once the liquidator's price drops below $999 the bodies are going to disappear fast. Same with the A700 with kit lens.... once the price drops below the standard price the cameras are going to sell-FAST.
Sure you might get 10% off on thenormal street price. Get luckyand you mighteven 20%. Butwhy would the liquidator offer you 30% if they can easily move the camera to another store andsell the sealed camera for just 10% off?
(By the way, some of the liquidating companies also own their own CE stores or have business arrangements with certain well known CE stores.... this is another reason why CE never gets really aggressively marked down)
Of course the Liquidator knows what products are about to be discontinued from the manufacturer.... or might buy up manufacturer excess stock..... so some weird deep discounts are possible.
Know what you want. I have my list of cameras and current B&H prices. Sis wants a camera. Mom wants a camera. Know your prices or have them written down.
I am visitingCC.Checking prices today as well as trying to gauge inventory. Time is my friend. I now that the % discount will drop every week
(yes it will)
and I am willing to wait until thelast units available at the deepest discounts.
|Jan 18, 2009, 12:19 AM||#2|
Join Date: Jun 2006
Went by the local CC.
Found out a couple interesting things.
1) Cameras which were not previously on sale were 10% off. No discount on the "sale" cameras. This sale was not posted. The wet-behind-the-ears-pimply-faced-I-might-be-the-floor-manager-in-three-years-dude was carrying several dozen sheets of inventory/price spreadsheets. The Wannabe was telling othercustomers about the 10% off sale.
2)Current CC Sales expire on Saturday night (or maybe it was Sunday night. Regardless, as the CC sales come off the liquidation sales were to start. The liquidation prices were to be higher than the Sale price.... the Wanaabe admitted
(Duh, the liquidator is raising the standard price so as to properly discount down the goods. 10% off standard price ain't a gread deal)
3) New inventory was scheduled for Monday and most of the days during the week.
4) That is the scheduled stuff. They don't "know" what is coming, just that they know there is stuff are ready scheduled to come.
5) There is more stuff in the CC warehouse (Duh) to come.
6)But what they will get is not known. Not jerking my leg, they really had no clue. Maybe later they will get told.
7) Speakers were already on sale at 10% off.
(I wonder why)
8) Saw some DLP and the biggest LCD TV's on 10% discounts.
(Remember, this is the stuff they really, really want to get rid of ... especially those floor models)
9) DVD's were on sale 20% off. $9.99 for most common stock less 20% aint't great. BUT the selection was huge. Seriously this was the best stocked DVD selection I have seen in the CC store in the last 10 years.
(wonder if theCC warehouse might be loaded up on DVD's)
10) IF DVD's are already at 20%, what kind of discount, say oh, maybe 3 weeks from now?
Are there bargins already to be had?
Canon 100mm Macro lens was on clearance several weeks back. Still on clearance sale. The clearance sale price is already less than the B&H price for the same lens. I THINK I saw boxed lenses in the locked bin.
Need a flash? The discontinued Sony HLV-36AM is ~$200 at B&H. Close out price at CC is$129.
Will be interesting to see how the liquidator handles these previous CC closeouts. We may or may not see the standard price being adjusted upwards to give the big discount. Then again, might be a bad buy on Monday.
Oh, and morale seemed pretty good. Actually seemed better than my visit to CC about 2 weeks ago.
One dude was trying to help an elderly man tune in a receiver to his favorite radio station. (See there really is a need for B&M vendors)
Another dude was trying to sell a P&S camera to a lady.
(Canon and Sony were best because of their digital processors. Panasonic uses Leica lenses and Leica are really good lenses)
The Wannabe was discussing his inventory and the 10% off sale to a family handling two different dslrs as I walked in.
Somebody actually asked me if I was finding what I was looking for.
Two dudes were striping a cable off a computer in order to connect another computer to a monitor for a woman.
And the store had been cleaned. DVD land was actually organized. Impressive considering slobs like me that place the R rated girly flick into the G rated Disney bins by mistake all the time.
Gotta say I was impressed, they have been given their walking papers but they were carrying on in the best possible spirit.
Wannabe said they would be at the location through the end of March. The way he said it seemed to quite certain. It was also when he told me there was more stuff coming from the CC warehouse.
IF he is correct. The good sales (depending upon your definition of good) may be several weeks away.
Remember, we are not trying to get x% off. We are trying to get x% off the normal internet /mail-order price.
|Jan 18, 2009, 8:21 AM||#3|
Join Date: Dec 2004
Location: Taylor Mill, Kentucky
I've been through a liquidation and as a retailer it isn't fun. The liquidation company does take over, and everyone including the store manager reports to the person the liquidator has assigned to the building. Employees have no control over price and cannot give out discounts or negotiate better prices..only the liquidator rep can do that, and I can guarantee he/she won't. The store will likely be 10-20% for the first 2-3 weeks, with select high margin items being marked down more aggressively. Accessories, tv stands (as was mentioned), speakers (ridiculously high margin) will likely be the first things to go. Computers, cameras etc will likely be 5-10% off. My stores raised no prices to get more out of the markdowns. Good bargains will happen, but you'll need to wait several weeks before anything really good gets down to a good price. The markdown percentages will typically change on Thursday's or Friday's, so those are the days you'll want to make sure you're in the store when it first opens.
The big thing to remember is all sales are final...period. If you buy an empty box (it happens), you're stuck with it. If the item fails, you'll have to go through the manufacturer which could take weeks. I wouldn't buy a display electronic item through a liquidation under any circumstances, unless you're getting an incredible deal. Make sure you check any item you buy for this reason...open the box, make sure everything is in it, and if you can fire it up to make sure it works.
|Jan 19, 2009, 10:54 PM||#4|
Join Date: Jun 2006
Went in ... just looking.
The guys working at CC are keeping their sense of humor. Also trying to take care of customers. There was no sale sign on the dslrs. Asked the check out girl and she said 10%. Big whoop. The guy ahead of me is asking about the Sony SAL 70-300G... hey, I might want one of those as well. Well my new best friend wants a great price on the floor demo... his budget is limited I guess. I want one in a box.... if the price is right. Well Junior assistent checkout clerk boy volunteers that camera accessories are 30% off.
New best friend demurs and says I can I have it.
(I love ya guy. What a friend. I will share my life preserver with ya if I ever get a chance)
30% Off.Sony SAL 70-300G 30% off. That's right. The $800 Premium Zoom was available for just $560.
Hells Bells, I had already decided that 20% off of the $800 street price was my target. 30% would be better, 40% would be fantastic.... if there were any left at that price. But I had decided if they were down to one unit... at 20% I would go ahead and buy it.
And how many copies (new in the box) do you have left? Answer= One.
Aint't going to wait and see if the lens is still available next week (or whenever) for the40% sale to start and risk my new best friend (or somebody else) purchasing the last copy.
Other good deals or NOT...
That closeout Sony Flash was still $129 less 10%. And there is only the floor model left. That one is going to have to get real cheap for me to buy a floor model.
In the locked bin below the camera display I saw ONE SonyA700 with 18-70 lens. Today's price is 1399 less 10%. NOT a good deal. Sony Style "sale" price is 1099.
Might take a few days to get the price straighten out. Personally I would prefer an A700 body only at a good price. Might wait that one out for afew weeks and hope nobody spots the last boxed unit.
There are still a handful of A200 and A300's in the locked box. Sale Price not good yet.
Also seen in the locked box. 6 copies of the Canon 40D. Also had several copies of the 50D. At one point CC was selling the 40D in the store as a body only, and the40Dcould become an interesting price at a future date as the inventory level is so high and the presence of the 50D will confuse the average buyer. This could bea good reason to switch from KM/Sony toCanon.
Point and Shoot cameras are 10% off. Nothing great there. Even if CC was priced competitively, the liquidator has raised the products to MSRP rather than street prices. But inventory is definitely getting picked over. Bad sign. Yo People,the prices are not that great. Seriously, by time the 20% sale hits there might not be a lot left. And my target for a specificpocket camera model to buy is equivilent of 40% off the current price as 30% would just barely beat the B&H price.
TV's. Moving them Cowboy. It is a darn Rodeo in there. There are darn holes on the walls and on the shelves. Looks like the absolute smallest and the absolute biggest TV's have been the first ones to go. Haven't priced out TV's in years so I have no clue what is a good price... but I doubt it is the liquidation price at CC. That said those floor models could have been good deals.
DVD inventory has not shrunk. 20% off 9.99 isn't going to do it I guess. I bet the dicounts quickly get to 40 and even 50% discount.$5 movies? Oh yea.
On Saturday I sawan HP B&W laser print selling for $99.$99 is the price whenCC and Office Depot aretrying to close out thelast years models that I love to buy. Thought I wouldwait a few days/weeks.Oops. The new"sale" price is $180. Sale discount is going to have to get well over 50% to get my attention.
Computers are flying off the shelves. There wereessentially no laptops in the store. Panic buying. Darn people, it aint like you can't buy a laptop directly from HP for the same money or less.
Camera Bags. And other Accessories. 30% discount. For most of the accessories the 30% discount is not that great. Except now and then you can find a gem. The SonyLCS-SC5 Camera Bag was marked $42 Less 30%. Not a wonderful price, but it is far better than the $49 price at Sony Style and then there is the 30% discount. If you just Hafta have the manufacturer's name embossed on the camera bag the time is now to get one.
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