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Circuit City fails to be wanted, will now be liquidated

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  • Circuit City fails to be wanted, will now be liquidated

    Well, more bad news out today:

    Circuit City to liquidate remaining U.S. stores


    Circuit City fails to be wanted, will now be liquidated

    "The companyís move to liquidate, first reported by CNBC Friday morning, means the retailerís 35,000 employees will likely lose their jobs"


    * *

    Stoop and you'll be stepped on; stand tall and you'll be shot at.

    -Carlos A. Urbizo-

  • #2
    Re: Circuit City fails to be wanted, will now be liquidated

    Another discussion (or rather FYI) has also been posted by Eroak a Circuit City employee...

    ~ Draken

    Originally posted by Associated Press

    Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.

    The company, which employs more than 30,000 employees, said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.

    Calls to the Richmond, Va.-based company and the liquidators were not immediately returned.
    Story continues below ↓advertisement | your ad here

    Circuit City filed for Chapter 11 bankruptcy protection in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season.

    It had been exploring strategic alternatives since May, when it opened its books to Blockbuster Inc. The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a 9,300-store chain to sell electronic gadgets and rent movies and games. Blockbuster withdrew the bid in July because of market conditions.

    Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half of this year.

    Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores. The company already closed 155 stores in the U.S. in November and December.

    U.S. Bankruptcy Judge Kevin Huennekens had given the company permission to liquidate if a buyout was not achieved.




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