Posted on 01/16/2009 10:13:46 AM PST by An Old Man
NEW YORK (CNNMoney.com) -- Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise.
The company said it has 34,000 employees.
"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."
In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy (BBY, Fortune 500) - said it had reached an agreement with four companies to start the liquidation process.
The company said the sale would begin Saturday and run until March 31, pending court approval.
(Excerpt) Read more at money.cnn.com ...
We aren’t going to be needing so much retail in the brave new Obama world. :(
Next month, a new one will show up with all of Circuit City's discounted stock...
Have a friend who works there. I was really hoping the Mexican billionaire was going to buy the place.
CC was on the verge before this current mess. The downturn sent it into bankruptcy, and the continuing struggle and terrible economic outlook killed it off for good.
PC Richard will survive because they give honest service and honest pricing.
Personally, as an employee of CC for four years in my high school/college days, I'm delighted. Burn, baby, burn. It can't be too often that a company has so much going for it, when it decides to commit suicide.
The Over/Under is 6
Attention Circuit City employees: sorry, but you are not as important as UAW workers and Wall Street bankers.
Sincerely,
Your Federal Overlords.
Screw Circuit City. They stole a $100 rebate from me.
All morning, FBC has been saying that Golden State Capital wants to buy CC. I wonder which is true (and why the disparity in stories)?
I haven’t been in a Circuit City in years. I didn’t like their high pressure sales approach, their pushing of buying a warrenty.
Tweeter was an early casualty. Now CC. This won’t be the last.
Hello, everyone....so does this mean that now is the time to start looking for a new HDTV from Circuit City, or should I wait & look elsewhere? I’ve been itchin’ to get one for several months now, but I have heard that prices are expected to drop even lower due to the sour economy & I have held off my buying impulses...as difficult as it nay be to do.
Any advice? I will greatly appreciate it, thank you. :-)
Riveting video on the retail/banking disaster. Retail investor, Howard Davidowitz, really tells it like it is:
http://www.youtube.com/watch?v=aCVArxw3vng
Do price comparisons before shopping. You can bet CC is frantically marking everything UP before marking it down.
If you don’t know the going price of what you want you can think you’re getting a good deal when you’re not.
And- there’s no store to return it to should it end up being a lemon.
Caveat Emptor!
This is too bad. The CC in my neighborhood has always at least pretended the customer is to be valued. The BB here thinks the customer is a nuisance.
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