Sony isn’t the only company that tried to rips its gear out of Circuit City’s broke, zombie clutches. Samsung has been asking for the bankrupt company to return $74 million of merch from September.UPDATED 4:00PM
https://gizmodo.com/sony-trucks-literally-turn-around-to-stop-circuit-city-5072782
In a bankruptcy court filing, Samsung said it believes “that Circuit City Stores was insolvent at the time it received the goods,” and has requested twice that it return $74 million worth of merch shipped between Sept. 21 and Nov. 4. Even if Circuit does pay up or return this set of goods, if it were dealing with mob bosses instead of corporations, it’d still probably get its legs broken—Bloomberg reported it actually owed Sammy over $116 million all told, plus $119 million to HP. So that $1.1 billion loan it just got probably won’t go very far after tiding over operating expenses.
https://gizmodo.com/circuit-city-gets-a-new-lease-on-life-literally-5083374
Sony Electronics prez Stan Glasgow’s gloomy observation that no one in the industry has come out of a Chapter 11 alive is looking more and more true everyday.
https://gizmodo.com/why-you-probably-wont-find-amazing-sony-deals-for-chris-5094428
Update: As CE Pro explains, these filings are typical with bankruptcy cases, to make sure that vendors are paid money they were owed before the bankruptcy filing, since court approval is needed. So, in one sense, this isn’t a huge deal and is fairly typical, but the flip side is that we can expect a few more these from anyone else Circuit City owes. [Home Media Magazine]
