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Circuit City To Liquidate Remaining Us Stores


malatekid

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Time to buy those HD TVs and Blu-ray players during the closing out sales ...

Complete article here

 

Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it had run out of options and will be forced to liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.

 

"This is the only possible path for our company," James A. Marcum, acting chief executive, said in a statement. "We are extremely disappointed by this outcome."

 

The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable. And bleak holiday sales results further weakened even the stronger retailers.

 

Circuit City said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.

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They aren't helpful when you go to their stores but I like them much more than Best Buy. I hate to see competition go away as that makes the others more likely to raise prices.

I think this is only the beginning for 2009. :(

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We had one of these open up in our biggest mall only about 5 years or so ago. I know I'm a sucker, but I typically purchase those "maintenance agreements" -- 3-4 year deals -- on electronics, and I'd probably be more leery buying one of those now from CC.

 

I agree w/ Paul, competition and prices seems to be inversely related ....

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The Circuit City store in my area has been closed down for several months now, so Best Buy is the only store left for computer stuff now. Comp USA went of of business in our area way before even Circuit City did, so talk about competition being lost---We sure have in our area !! :angry: Although I havent noticed any changes in the computer stuff at Best Buy yet.

 

Frank...

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Although I haven't noticed any changes in the computer stuff at Best Buy yet.

 

Frank...

 

Well that's a good sign, if Best Buy hasn't jacked up prices w/ Comp USA and CC both gone in your area. :)

 

Its nice to have another store to choose from though, I've bought plenty of discs from Circuit City. Hmmm. Maybe they'll put some Verbatim on sale.... Or better yet, Creator 2009 at a price even I'll buy it at :lol: :lol: :lol:

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I don't buy the extended warranty but I think they're all thru other, outside companies. Those are basically 'insurance' policies on the item and then you're given the run around when it breaks. :o

I generally won't get an extended warranty. However, when I bought my first LCD monitor at Fry's many years ago, I did get one. They replaced the screen TWICE and gave me a brand new loaner while it was being worked on so the $60 warranty was well worth it. When the monitor recently died (out of the 5 year warranty), I went back to Fry's and got a 22" LG W2234S with another 5 year warranty. ;) It Fry's bites the dust, I'm screwed.

 

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And unlike CompUsa, which still maintains a website despite shuttering it's retail stores, Circuit City's website is no more.

 

The Canadian stores known as "the Source by Circuit City" are still doing business but are running under Bankruptcy Protection because of the troubles with the Parent Co. In fact, the stores in Canada did better then forecast over the holiday season

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