http://finance.yahoo.com/...83094.html



Circuit City to liquidate remaining US stores

Circuit City and liquidators to sell off merchandise in remaining 567 US stores

Michael Felberbaum and Vinnee Tong, AP Business Writers

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.

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.

The tip of the sell-off iceberg.

Graycap23 said:

i think borders has been trying off their inventory these past few months in anticipation of closing its stores.

but i think with circuit city, something will likely take its place.

like when compusa closed best buy took over selling apple products.

good news for Best Buy ... Walmart is now their biggest competetion for now.

i would imagine alot of electronic stores have a ton of old stock and irrelevant electronics that they shouldn't have bought.
Mostly taking into consideration the recent switch from tube tvs to lcd and blu ray players
Imagine some of the stocks of movies on standard dvds.
Its probably killing them.

The circuit city here (santa barbara) closed early last month. I was sad to see them go, not because of the store, but because of all of the employees losing their job.

But a new store just opened here a few monthz ago!

Note to self...go to Circuit City.

They have good candy. Electronics, not so much. We usually go to Sam's Club, WalMart, or Best Buy around here. Thanks to Walmart, no one really goes anywhere else. Seriously (not to be graphic...but..) it was like the ultimate rump rape. The C.C. around here closed about 3 years ago, though. The only one left is all the way in the 'burbs. Bummer that they're going.

The troubled 60-year-old electronics chain tried its best to survive bankruptcy, but to no avail; now, it will liquidate its merchandise and close all 567 remaining stores.

Bloomberg reports that Circuit City Stores Inc. has hired a quartet of liquidators to sell off its existing merchandise, pending a green light from the courts. If everything goes according to plan, the fire sale will start Saturday and continue through the end of March, according to CNNMoney.com.

And unfortunately for Circuit City's 30,000+ employees, unemployment awaits.

The biggest consumer tech chain in the U.S. besides Best Buy, Circuit City filed for bankruptcy protection back in November. As Bloomberg notes, the struggling company had been looking for a buyer as late as Thursday, but failed to find any takers.

Of course, news of the Circuit City liquidation sale will draw plenty of bargain hunters, but (as I've blogged before), buyer beware.

Typically, closeout sales are final: no refunds or exchanges, so think twice before snapping up a big-ticket item like an HDTV. Also, keep in mind that closeout prices often aren't as rock-bottom low as you'd think; make sure to comparison shop online, and don't be fooled by big "75% OFF!" signs on items that have been marked up.

Finally ... a deep bow to Circuit City in general, where I've spent countless hours of browsing (and drooling)—and if nothing else, when it comes to tech retailers, less competition is never a good thing.
http://tech.yahoo.com/blo...rson/33343

and so the "new depression" begins. Get ready world!

Seemed inevitable.

wildgoldenhoney said:

Even before the downturn. It was a shitty store.

SupaFunkyOrgangrinderSexy said:

SupaFunkyOrgangrinderSexy said:

I agree with that.

About time. Circuit City is a terrible store.
Too bad for all the workers, though.

So...

where do we buy our electronics now???

What I'm more afraid of is this forced homogenization of the retail world. Soon it'll be only Best Buy & WalMart and that's all...

I have a deep dislike for all these "Malls" that seem to open EVERYWHERE and in each one there's a Panda Express, a Starbucks, a Old Navy, a Barnes & Nobles, a Gap, a Williams-Sonoma, and so on... where's the variety???

Shitty store or not, I'm looking forward to the liquidation sales. Great chance to get some stuff dirt cheap.

PaisleyPark5083 said:

There was a Circuit City across the street from the mall that I go to that closed several years back.

sexxydancer said:

Yeah, one just opened in my neighborhood a few months ago, too.

psychodelicide said:

dirt cheap 5 plus year old irrelevant electronics

horatio said:

I wasn't thinking of electronics. I was thinking more of DVDs or CDs. There are some DVD box sets I've been thinking about buying, but they're so damn expensive.

they just opened a new store in the city i shop about 3 months ago why did they open a new store when they knew they were bankrupt? makes no sense! i have seen so many places in the last 6 months have to close their doors, that it's scary, i wonder when this is all over what will be left standing? feel bad for all those losing their jobs!

psychodelicide said:

Crappy day for the the 34,000 that worked for Circuit City --- including myself for the past 10 years. It was really sad and bittersweet today (ok, I guess it was yesterday now) at the corporate campus.

So long Circuit City.

SupaFunkyOrgangrinderSexy said:

As soon as I hear when the liquidation sales start, I'm going to my nearest Circuit City as soon as it opens. It's going to be a madhouse.