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Old 01-16-2009, 04:27 PM   #1
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Default 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
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Old 01-17-2009, 01:49 AM   #2
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Props on this I got one 5 min from my house Im gonna hit that shit up the firt day it goes on clearance.
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Old 01-17-2009, 03:59 AM   #3
 
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looks like i know where ima buy another amp at now
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Old 01-17-2009, 11:07 AM   #4
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looks like alot of jobs lost. more struggle
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Old 01-17-2009, 11:21 AM   #5
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Do they sell beats by dr.dre headphones?
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Old 01-17-2009, 03:53 PM   #6
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psp, hdtv,xbox360 and wii games time!!!
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Old 01-17-2009, 03:58 PM   #7
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damn this shit sucks, no more circuit city exclusive cds! R.I.P. to CC Bonus Tracks lol
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Old 01-17-2009, 04:08 PM   #8
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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
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Old 01-19-2009, 05:44 AM   #9
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Cant wait for the clearance sale lol
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Old 01-20-2009, 06:50 PM   #10
 
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again no hate but this has nothing to do with hip hop
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