Circuit City Seeks Approval To Liquidate U.S. Business [Updated]
"We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction. Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company," said James A. Marcum, vice chairman and acting president and chief executive officer for Circuit City Stores, Inc.
If approved, the company would hold a liquidation sale Saturday, January 17th, through March 31st at all U.S. retail locations.
Circuit City is the second largest U.S. consumer electronics retailer behind Best Buy. While Circuit City does not sell Apple computers or iPhones, they do sell iPods and a variety of 3rd party accessories in addition to other electronics gear.
Update: Circuit City has posted a FAQ to their website. Up until today Circuit City has employed 34,000 people in the U.S.
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Bankrupt retailer Circuit City Stores (CCTYQ.PK) said on Friday it will liquidate its assets after it failed to reach a deal with creditors and lenders regarding a potential sale of the company.
Circuit City, the second-largest U.S. specialty electronics retailer, was due to present the results of an auction for its assets at a hearing in U.S.
Bankruptcy Court in Richmond, Virginia, on Friday.
It had conducted negotiations with potential bidders to sell the company, but had advised that liquidation was possible if no deal was reached.
i can't say its surprising that they weren't able to find a backer given their downward trend over the past few years, and the current economic climate. i never really liked their stores, but the one bad thing about them going away is that this will give Best Buy even more power and bargaining clout when they surely do not need it.
/rant
Maybe at least there will be some good buys as they drop their merchandise? One can hope.
Now to hold out on buying the sub until I see what happens to them. :D
Sort of surprising that they waited til after the holidays to announce the liquidation.
What makes Best Buy so much better than Circuit City that one can survive and the other can barely make it even in a healthy economy? I just don't see a big difference. They're both big, they both sell a lot of electronics, and neither of them employ knowledgeable, helpful employees. :confused:
My cousin worked there and was very knowedgable. One of my friends is a manager and also smart with the products. I'm pissed because there goes my electronics hook-up. Just when I need a new LCD and surround system. :mad:
What makes Best Buy so much better than Circuit City that one can survive and the other can barely make it even in a healthy economy? I just don't see a big difference. They're both big, they both sell a lot of electronics, and neither of them employ knowledgeable, helpful employees. :confused:
I've always had a good experience at Best Buy and always buy my computers from them. The financing deals are great.
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