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The Latest Retail Casualty: Circuit City Liquidates

RICHMOND, VA-Circuit City is closing all of its 567 US stores; no word yet on the rest of its operations.

By Debra Hazel | Updated on January 16, 2009

RICHMOND, VA-It’s over for Circuit City Stores, which announced today that it would seek Bankruptcy Court approval to begin liquidating the company’s assets.

In Chapter 11 protection since November 2008, Circuit City had announced on Jan. 5 that it was in negotiations with two potential buyers, but had to complete a sale agreement by Jan. 16 to avoid liquidation.

“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., in a press release.

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