Provide a History of Circuit City

Circuit City was founded in 1949 by Samuel S. Wurtzel as the Wards Company. The company began as a small electronics store selling televisions, radios, and stereos in Richmond, Virginia. By 1968, the company had grown to 17 stores across four states with annual sales of $41 million.

In 1972, Circuit City became the first nationwide retailer of electronic equipment when it opened its first store outside of Virginia in Maryland. A year later the company had expanded to 135 stores and began franchising throughout the United States and Canada under the name “Circuit City Superstores”. During this time they also changed their name from Wards Company to Circuit City Stores Incorporated.

During the 1980s and 1990s Circuit City experienced rapid growth culminating in an IPO in 1984 that raised over $400 million for expansion efforts. By 1991 there were 1140 stores nationwide with revenues over $7 billion making it one of largest retailers of consumer electronics at that time; second only to Best Buy Co., Inc after their merger with Musicland Group Incorporated earlier that year which gave them even more dominance within their industry niche market share on retail level .

Provide a History of Circuit City

In 1997, Circuit City launched its website which allowed customers from all around America access to purchase products online and have them shipped directly or available for pick up at any local store location; this helped further boost sales despite stiff competition from other big box retailers such as Wal-Mart who started offering discounted electronics during late 90s through early 2000s . As part of an effort to better compete against rival companies like Best Buy Co.,Inc (whose own Internet presence had become strong thanks largely due their acquisition Musicland Group Incorporated) , Circuit city opened 250 new superstores between 2004-2005 while simultaneously closing down 350 existing locations resulting massive layoffs within organization’s workforce thus leading some critics labeling move “unwise” given economic climate during mid -2000’s period where gas prices skyrocketed causing consumers stay away mall shopping trips hence decreased foot traffic at traditional brick-and-mortar locations.

On December 6th 2009 announcement came that all remaining 567 U.S based outlet /superstore operations would be shuttered permanently; leaving thousands unemployed while quietly liquidating assets remaining inventory via online auctions before officially closing doors January 16th 2010 marking end nearly sixty years electronic retailing history books forever..

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