Circuit City Liquidating, Closing all US Stores
Circuit City, a major consumer electronics retailer had had filed for bankruptcy last year, has failed to secure a buyer and is now liquidating its existing inventory and closing its US stores.
All of its US retail locations will close, and 30,000 people will lose their jobs.
"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.
Circuit City, based in Richmond, Va., has become the latest in a growing line of retailers to shutter completely, as the recession weighs down on consumers’ appetite for everything from clothes to pricey flat-screen TV’s.
(The Source was formerly owned by Radio Shack)
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Beaverton, Oregon, United States