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Going Out of Business: Circuit City to Liquidate
By
Jen Chung
Published Jan 16, 2009
Modified Jan 16, 2009
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By
Jen Chung
Published Jan 16, 2009
Modified Jan 16, 2009
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Guess that new location in the old Tower Records by Lincoln Center didn't work out. After closing 20% of its stores (including 3 in NYC) filing for Chapter 11 last fall, Circuit City has now hired four liquidators to help sell the inventory of its remaining 567 stores nationwide. Acting CEO James A. Marcum 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.” Bloomberg News reports that CC lost market share to Best Buy and Wal-Mart, plus Amazon.com and other online retailers undercut its prices.
Tagged
Circuit City
economy
electronics
recession
retail
stores
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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