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foreign [Music] City used to be a major chain of electronic stores in the United States they were a Fortune 500 company with sales consistently above 10 billion dollars per year I most remember them for their distinctly shaped red locations in the commercials at this cool thing where it would be plugging into the ground at all electrified I mean even today you can easily tell if a building used to be a Circuit City and sadly there is a lot of them out there like that in November of 2008 Circuit City filed for bankruptcy it was the biggest retail bankruptcy filing since Kmart did it six years earlier over the next few months they closed all of their 700 stores and that was the end of Circuit City just like that one of the country's biggest retailers that had been in operation for 60 years was gone making this a great case study and easily one of my most requested topics I think it's interesting that Circuit City has clearly left an impact on people despite being gone for well over a decade now we are still thinking about them so in this long-awaited video I'm going to talk all about Circuit City while highlighting what I believe to be five of the biggest reasons behind their decline I'm going to ease into it with my first reason being their investment in a failed technology now I want you to realize that a big reason Circuit City was able to grow so large in the first place was its ability to recognize what would become popular Technologies while they were still in their early stages and that goes all the way back to the very beginning in 1949 a man named Samuel wurtzel was getting a haircut in Richmond Virginia the person cutting his hair happened to mention that the first TV station in the South had opened in that town earlier in the year and Samuel instantly saw that as a promising business opportunity he predicted that televisions were about to Skyrocket in popularity and logically believe that he could take advantage of that by selling televisions he opened a small TV store in town called Wards it was like an altered acronym for the members of his family and it proved to be successful as it turns out 1949 was an incredibly smart time to invest in the television business considering that over the next decade the number of U.S homes who owned a TV set jumped from nine percent to 86 percent by that point he had opened three more stores in Richmond that were also selling audio equipment and household appliances throughout the next couple decades the business was expanded by having public stock offerings and using the proceeds to acquire similar retailers throughout the country in 1974 they took a big risk by closing two of those original stores and using the money to open a 40 000 square foot electronic Superstore...