Circuit City Going Out-Of-Business, Electronic Retailer To Sell Remaining Merchandise

J-Banks · 01-16-2009, 04:27 PM

Circuit City Going Out-Of-Business, Electronic Retailer To Sell Remaining Merchandise

Mega retailer Cicuit City has requested court approval to shut down its remaining 567 stores in the United States.

The shocking announcement was made today (January 16).

After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City Stores Inc. said Friday it will liquidate due to the economic downturn. The liquidation will affect more than 30,000 employees, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II. (Market Watch)

Circuit City executives have confirmed the mass store closings.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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." (CNN)

The company was once known as the largest electronics retailer in the nation.

Based in Richmond, Virginia, Circuit City was the biggest electronics retailer in the U.S. until the mid-1990s. The company lost market share to Best Buy Co. and Wal-Mart Stores Inc. while Amazon.com Inc. and other online retailers undercut it with lower prices. In November, the company filed for bankruptcy, saying it planned to reorganize and exit court protection as a going concern. (Bloomberg)

Source: sohh

Drewshady17 · 01-17-2009, 01:49 AM

Props on this I got one 5 min from my house Im gonna hit that shit up the firt day it goes on clearance.

Ritz · 01-17-2009, 03:59 AM

looks like i know where ima buy another amp at now

HawaiianLoyalty · 01-17-2009, 11:07 AM

looks like alot of jobs lost. more struggle

AllFrumThaEye · 01-17-2009, 11:21 AM

Do they sell beats by dr.dre headphones?

D_D_D_D_David · 01-17-2009, 03:53 PM

psp, hdtv,xbox360 and wii games time!!!

ToRcH · 01-17-2009, 03:58 PM

damn this shit sucks, no more circuit city exclusive cds! R.I.P. to CC Bonus Tracks lol

YoungKR07 · 01-17-2009, 04:08 PM

imma try and get me a new tv sucks for the people who lost there jobs though i wonder whats gonna happen with the extended warranty i got on my big screen from them

JKO · 01-19-2009, 05:44 AM

Cant wait for the clearance sale lol

ClubAmerica · 01-20-2009, 06:50 PM

again no hate but this has nothing to do with hip hop

01-16-2009, 04:27 PM	#1
J-Banks Super Moderator Join Date: Feb 2005 Location: Providence, RI Posts: 21,015 Repped: 5,294 Repped 53,425 Times in 7,839 Posts Blog Entries: 1 Neg Reps: 53 Neg Repped at 93 Times in 86 Posts	Circuit City Going Out-Of-Business, Electronic Retailer To Sell Remaining Merchandise Circuit City Going Out-Of-Business, Electronic Retailer To Sell Remaining Merchandise Circuit City Going Out-Of-Business, Electronic Retailer To Sell Remaining Merchandise Mega retailer Cicuit City has requested court approval to shut down its remaining 567 stores in the United States. The shocking announcement was made today (January 16). After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City Stores Inc. said Friday it will liquidate due to the economic downturn. The liquidation will affect more than 30,000 employees, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II. (Market Watch) Circuit City executives have confirmed the mass store closings. "We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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." (CNN) The company was once known as the largest electronics retailer in the nation. Based in Richmond, Virginia, Circuit City was the biggest electronics retailer in the U.S. until the mid-1990s. The company lost market share to Best Buy Co. and Wal-Mart Stores Inc. while Amazon.com Inc. and other online retailers undercut it with lower prices. In November, the company filed for bankruptcy, saying it planned to reorganize and exit court protection as a going concern. (Bloomberg) Source: sohh __________________ JBanksblog.com - check it out __________________

01-17-2009, 11:07 AM	#4
HawaiianLoyalty 808 Dahui 808 Join Date: Jun 2005 Location: Kailua' Oahu Posts: 4,531 Repped: 3,104 Repped 280 Times in 115 Posts Neg Reps: 128 Neg Repped at 40 Times in 33 Posts	looks like alot of jobs lost. more struggle __________________

01-17-2009, 11:21 AM	#5
AllFrumThaEye God Loves Ugly Join Date: Jan 2008 Location: Minneapolis, MN Posts: 1,275 Repped: 178 Repped 450 Times in 200 Posts Neg Reps: 27 Neg Repped at 17 Times in 17 Posts	Do they sell beats by dr.dre headphones? __________________

01-17-2009, 03:58 PM	#7
ToRcH tHe DuNgEoN rAt Join Date: Mar 2007 Posts: 1,298 Repped: 174 Repped 721 Times in 153 Posts Neg Reps: 1 Neg Repped at 1 Time in 1 Post	damn this shit sucks, no more circuit city exclusive cds! R.I.P. to CC Bonus Tracks lol __________________ "Still standin' for somethin' while y'all fallin' for nothin'." -Khujo Goodie

01-17-2009, 04:08 PM	#8
YoungKR07 Anotha Day Anotha Dollar Join Date: Mar 2006 Location: Sagnasty, MI Posts: 4,252 Repped: 2,240 Repped 2,529 Times in 227 Posts Neg Reps: 26 Neg Repped at 2 Times in 2 Posts	imma try and get me a new tv sucks for the people who lost there jobs though i wonder whats gonna happen with the extended warranty i got on my big screen from them __________________ >>>>>>>>>>>>>> Formerly Known As King Richard07 Callin My Name Is Like Callin Candyman R.I.P M.J

01-17-2009, 01:49 AM	#2
Drewshady17 Shady/Aftermath/G-Unit Join Date: Sep 2006 Location: Illinois Posts: 2,001 Repped: 295 Repped 347 Times in 71 Posts Neg Reps: 4 Neg Repped at 16 Times in 12 Posts	Props on this I got one 5 min from my house Im gonna hit that shit up the firt day it goes on clearance.

01-17-2009, 03:59 AM	#3
Ritz Join Date: Jul 2005 Posts: 631 Repped: 78 Repped 47 Times in 29 Posts Neg Reps: 39 Neg Repped at 10 Times in 10 Posts	looks like i know where ima buy another amp at now

01-17-2009, 03:53 PM	#6
D_D_D_D_David Veteran Join Date: Jan 2005 Posts: 2,154 Repped: 2,028 Repped 18 Times in 15 Posts Neg Reps: 4 Neg Repped at 0 Times in 0 Posts	psp, hdtv,xbox360 and wii games time!!!

01-19-2009, 05:44 AM	#9
JKO Jay Knocks Out Join Date: Sep 2005 Location: Bronx, NYC Posts: 5,378 Repped: 989 Repped 2,742 Times in 384 Posts Neg Reps: 15 Neg Repped at 15 Times in 11 Posts	Cant wait for the clearance sale lol __________________ Play ur cards right and dont throw down that "Ace" and stop frontin like ur "2 Fresh" because we know ur shit is ROTTEN!

01-20-2009, 06:50 PM	#10
ClubAmerica Join Date: Jan 2009 Location: Uruapan, Mexico Posts: 507 Repped: 222 Repped 21 Times in 19 Posts Neg Reps: 117 Neg Repped at 17 Times in 16 Posts	again no hate but this has nothing to do with hip hop

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