Word: discount
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...also pay the company's expenses - payroll, rent and store operating costs - for the duration of the liquidation, which will likely take eight weeks. Here, Circuit City shifts the risk to the liquidators. Sure, the company is offering the liquidators $1.7 billion worth of electronics at a very deep discount. But Circuit City now has $800 million to give its creditors. Plus, the deal is usually structured so that the bankrupt company sees some portion of the liquidator's profit...
...Circuit City near Manhattan's Lincoln Center, Fried, fresh off a nine-week job running clearance for a Mervyn's store in California, has plastered the storefront window with seven somewhat garish red and yellow posters: Store Closing Sale! Nothing Held Back! Entire Store on Sale! Inside, the discount stickers (30% off for furniture, mobile phone accessories, and cables, 20% off CDs and DVDs, 10% off everything else) and sale rules (no returns, no checks) are ubiquitous. "If we look obnoxious, we're doing our jobs," says Fried, who looks like a cross between Elvis and Elvis - Presley and Costello...
...also need to time the discounts correctly. The liquidation firms are running against the clock. They can't drop the discounts forever, and the longer the sale lasts, the more expenses it has to pay. How long will they let the $1,300 plasma TVs sit at 10% off? They won't tell the customer, of course. The Great American Group wants you to buy, now, before it's forced to move the discount down to 20%. The customer also has to make some bets. For example, Erickson, the Great American CFO, worked on the liquidation for the Montgomery Ward...
...Lincoln Center Circuit City, Fried is prepared to clear the shelves. In a stockroom, he's got hundreds of additional discount stickers piled up - 40%, 50%, all the way through 80% off. Electronics are rarely discounted as desperately as, say, clothes, so 10-20% deals alone could move the merchandise. According to the liquidation firms, Circuit City sales are beating projections thus far. But with consumer spending so dismal, and so many stores desperate for dollars, Fried might need to shift those stickers to the sales floor. "It used to be that if you were doing a liquidation, you were...
...Drake's Discount. Retail numbers are dismal and getting worse, so if you want to help give the economy a boost, check out the "Shop Til You Drop" promotion at Chicago's Drake Hotel: Get a $75 Bloomingdale's gift card, as well as 15% off purchases all day. Rates start at $215 per night; through March 31. 140 East Walton Place...