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Crazy Eddie Returns to Electronics Retail
It’s unknown if the rebirth of the Crazy Eddie brand will recapture that old advertising “magic.”
Crazy Eddie is back.
Yes, Crazy Eddie, the 1970s and 1980s consumer electronics retailer with notoriously hyperbolic TV commercials is already reborn with an online presence at PricesAreInsane.com.
The URL is a reference to Crazy Eddie's legendary commercials. The ads featured actor/DJ Jerry Carroll continuously screaming about the stores' low prices before signing off with catch phrase, "His prices are INSANE."
Circuit City going out of business has opened the door for Crazy Eddie to reestablish a store presence, according to a story by Brandweek.com. It reports on a plan to open as many as 50 Crazy Eddie franchise stores, some of which will be store-within-a-store formats, with the first store launching as soon as late 2009.
This resurgence, however, is of the Crazy Eddie brand, not crazy Eddie Antar himself, whose family founded Crazy Eddie in 1971. With 43 stores in Northeastern United States, Crazy Eddie saw as much as $300 million in annual revenue.
The company was liquidated in 1989 after allegations of illegal warranty billing practices and violations of federal security laws surfaced. (See a slideshow of 10 Failed Electronics Retailers.) Eddie Antar served six years in prison.
Now, an investment firm, apparently recognizing a gap in the consumer electronics industry, is looking to cash in on Crazy Eddie's brand recognition. In February 2009, New York-based Magic Investments purchased the Crazy Eddie name from Trident Growth Fund of Houston, which had purchased the name from the Antar family in 2004, according to Brandweek.com.
"The demise of Circuit City will naturally provide Crazy Eddie with a greater built in market share, both at retail and online," Ike Gemal, vice president, licensing, for Magic Investments, told Brandweek.com.
He added that store lease bargains available in today's downtrodden real estate market also help pave the way.
Gemal says the primary format for Crazy Eddie stores will be relatively small, "the size of, say a Radio Shack, Blockbuster."
Yes, a Crazy Eddie advertising campaign is in the works, Gemal said. He indicated that it will include radio, TV, print media and New York City billboards.
Magic Investment's plan to cash in on the Crazy Eddie name could be influenced by an upcoming movie directed by Danny Devito. "Crazy Eddie" will be based on Eddie Antar's life, according to Variety.
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6 Comments (displayed in order by date/time)
Hey Ray, they have Fry’s Electronic stores on east coast ? I came over from UK to west coast, pretty uncertain of who did what here at first, took me a while of bad experiences and limited/poor inventory at BB and CC before i found a Fry’s just a 45 min drive from home. They pretty much fill that gap you mention, “an electronics dealer with a homedepot style”. If you need help they’re there, otherwise if you know what you want they carry a wide selection. Hopefully Fry’s can capitalise on the demise of CC and increase its store locations, i dunno how they are fairing in these bad economic times though.
I can’t believe somebody wants to associate themselves with a scam like Crazy Eddie’s ??? If you enjoy being ripped off then you might like Crazy Eddie or maybe have your legs broke !!!
Blatant
Over here in NJ we also have a store called PC Richard, 6th Ave and Electronics Expo. About a month ago I saw an employment add in the paper for PC Richard. The are opening 2 locations 1 in Eatontown NJ and the other in Brick NJ. Both of these towns had Circuit City locations and I know the PC Richard is taking the old Circuit City location in Brick and would assume the same is with Eatontown as well.
I am 30 and I do remember the Crazy Eddie adds but I was so young then and did not know all the dirt. Know knowing I would agree it seems funny that you would want to use the name. Hey but most consumers probably do not know or remember. I guess only time will tell.
I dunno, I think a new Crazy Eddie franchie could work. I have lived in NJ my whole life and I back in the 80s I used to go to the East Brunswick store on Route 18, next to Tices Lane. I forget what’s there now, some big box or clothing store.
Anyway, the point of Crazy Eddie was the whole advertising gimmick. Those commercials are hysterical. And going to the store was really an experience. I used to love the place. They used to give away free T-shirts and caps. If they can recapture that aspect of the Crazy Eddie experience and distance themselves from Antar and his family I think they really may have something.
I remember going to Crazy Eddies in the early 80s was awesome. I was a geek and used to check out their computers and video games. They had some good prices back then and we knew one of the managers there and would get “special deals” cuz we had “a guy” that worked there. His name was “Jerry” if anyone remembers him. FYI, about the mid to late 80s, this guy “Jerry” was a contestant on Bob Barker’s The Price Is Right. IIRC he sucked at guessing prices and the irony was one showcase was electronic items that would have been his specialty.
Ah… that is just “crazy”. As a native new Yorker raised partially in Mamaroneck and having lived in NYC for 16 years, i have to say that everyone knows about the scandal/dysfunction of “crazy eddies”. Personally I think that the void left by circuit city should be filled by a PC or HTPC centric electronics dealers that sells “solutions” but in a Costco/home depot like style. Furthermore, I think we need more of a 47st street photo (aka trustworthy, no nonsense, no flashiness, down to earth straight talkers selling goods/services) look and feel vs. another crazy Eddie approach!