Circuit City Shuts Down Remaining 557 Stores

It was just reported that Circuit City (CC) will close its remaining 557 stores.  As a result they will be liquidating assets and having a huge sale to pay off creditors.  It is a shame to see once such a proud retailer fall out like this.  After being around for over 60 years, founded in 1949, this company could no longer produce a profit due to stiffened competition.  The economy's fall off sure came at a bad time for this already struggling company as now no one is trying to purchase new electronics.  Another cause of concern is over 34,000 people will be losing their jobs with Circuit City closing down operations.  One bright light of this whole situation is Best Buy (BYY) as they are now the only real big time Electronics retailer left.  Something always made me inclined to choose Best Buy over Circuit City.  I always considered Circuit City to be run down and never anyone there to help you compared to Best Buy who are over-staffed and have bright pleasing colors and a new look appearance.  Best Buy will now be able to breathe easier now that Circuit City is no longer competing against them.  I now consider Best Buy a buying opportunity and would watch it for the following month.  We saw investors jump on it yesterday as the stock soared over 9%.  If it has a dip next week buy it as Best Buy is a company that will be around for a long time and unlike Circuit City is more popular among consumers.  When we sort out this whole Economic mess people will be back to the stores wanting to buy electronics and Best Buy will be their to deliver so swoop up some shares of BBY before you miss out.