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Circuit City to Liquidate Its Assets, Shut Down
Alice Hill's Real Tech News - Independent Tech —
... ; this new development will result in the closure in its remaining 567 U.S. stores as well as resulting in the loss of 30,000 more jobs. James A. Marcum, vice chairman and acting president and chief executive officer for Circuit City Stores, Inc. said :“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 ...
Circuit City Closes Up Shop Once and For All
Technologizer —
... , but now it’s official: Troubled consumer-electronics merchant Circuit City has failed to find a buyer and will therefore be liquidating all its stores . It’s lousy news for its more than 30,000 employees, its stockholders, and anyone who was a fan of the chain, which started with a single store six decades ago. Even if the U.S. economy was in better shape, the odds were against the company–and, for that matter, anyone else who tries to operate a big chain of electronics stores. ...
Circuit City To Go Out Of Business
InformationWeek - All Stories And Blogs —
... City, said in a statement . The company expected to release details soon about its plans for liquidation of stores and other assets. Before filing for bankruptcy protection, Circuit City said it would close 155 stores. The company has slightly more than 550 stores remaining. While the poor economy has taken its toll on the company, the retailer never recovered from a management decision to replace experienced sales staff with lower-paid, less-experienced workers. The move hurt revenues and damaged the company's reputation. Circuit City's chief rival was Best Buy, which ...
It is Game over for Circuit City
I4U News —
... details in the near term about the plans for the liquidation of the stores and other assets, the status of the company's Web site and firedogSM services operations, the status of its Canadian operations and plans for the company's bankruptcy proceedings. The company does not anticipate any value will remain from the bankruptcy estate for the holders of the company's common equity, although this will be determined in the continuing bankruptcy proceedings. Via this Circuit City announcement . Posted on Fri, 16 Jan 2009 13:24:17 CST | by Luigi Lugmayr ...
