Circuit City Closing
Friday, January 16th, 2009
Sixty years after opening its doors, Circuit City is going out of business. The electronics chain announced today that all of their U.S. stores will begin liquidating their stock immediately in order to pay off the company’s creditors. Circuit City stores in Canada will be unaffected by these closings.
From the press release:
“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.
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It looks like Best Buy no longer has any big competition. I wonder who becomes the second-biggest electronics chain in the U.S. now?
Walmart. :(
Wal mart sucks , it use to me cool but now there prices arent so low
Dang. I don’t live in the US, but when I’m visiting I usually check out their flyers. I shop there a few times a year anyway.
This hopefully means some good sales soon.
The website says that liquidation starts as early as Saturday, so I’m heading out to the one around here to see if there are any crazy deals or anything.
It turns out that liquidators won’t start at the store here until Tuesday. I’m definitely checking back then.
now is a good time for all the MOOKS AND CHEAP BASTARDS TO KNOCK DOWN THE DOORS FOR A DEAL…!!!
Ours didn’t have much left on the shelves by the time it got to 40%. And that was in December.
Circuit City has been in a downhill slide, ever since it took them ten years too long (at least) to remove the Turntable icon from their building back in the Nineties before their redesign. “State of the Art”, indeed.
Circuit City is my fav place to buy DVDs i’m sad to see it go
yeah I got all stars movies there for like 5 bucks each