Circuit City to Close ALL Stores
Circuit City said in a statement today that it would be closing ALL of its stores. Circuit City is the second largest U.S. electronics retailer and the largest ever to go bankrupt. They have conducted many negotiations with creditors and lenders but have failed to reach any deals.
"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 ... and so this is the only possible path for our company," Vice Chairman James Marcum said in a statement.
Circuit City will provide more details in the near term about the plans for the liquidation of the stores and other assets, the status of the companys Web site and firedogSM services operations, the status of its Canadian operations and plans for the companys bankruptcy proceedings.
The company does not anticipate any value will remain from the bankruptcy estate for the holders of the companys common equity, although this will be determined in the continuing bankruptcy proceedings. The company filed for Chapter 11 bankruptcy protection in November 2008. The case number for Circuit Citys Chapter 11 filing is 08-35653.
This is great, no more
By James AndersonThis is great, no more competition for Best Buy.
What idiot would buy from
By orstyWhat idiot would buy from Best Buy or Circuit City? It's always cheaper online and there aren't teenagers there to bother you while you are trying to figure out what you want to get. I guess the only reason Best Buy is still around is because people who don't understand electronics need someone to hold their hand though the buying process.
Yeah I agree with you orsty,
By OptimusYeah I agree with you orsty, newegg and others are the way to go. I do like to go into Best Buy sometimes if I need something same day however, its good for that at least.