Liquidating circuit city

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." Circuit City's troubles came to a head in November when it announced the closure of 155 stores and the beginning of its bankruptcy process.

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Although Blockbuster made an unsolicited $1 billion bid back in April 2008, Circuit City declined. The credit crunch and failing banks of last year robbed Circuit City of the good financing rates it depended on.

The Richmond-Va.-based company is now requesting approval from the bankruptcy court to liquidate all of its assets and close its remaining 567 U. "We are extremely disappointed by this outcome," said acting chief executive James A. "The company has been in continuous negotiations regarding a going concern transaction.

Circuit City once stocked Macintosh Performas until 1998, then the two resurrected their relationship in 2000 to sell i Macs and i Books in 600 Circuit City locations. After five more years passed and Mac OS X flourished, the companies renewed attempts to push Macs in Circuit City's locations in a 2006 pilot program at a handful of stores, only for Apple to announce a year later that it had decided to pull the plug.

A fry's employee stated there was an article in a CA newspaper regarding a large $$ embezzlement investigation. " "Here lies a corpse of the capitalism." "Yes, it has been a tough economy." As reported on TV, CC turned the store closing over to a liquidator who promptly raised prices on items.

Pharmaceutical, health care and technology firms this week have indicated that they are cutting staff.

Tens of thousands of workers at firms, including Hertz, Pfizer, Well Point, Blue Cross/Blue Shield of Michigan and Advanced Micro Devices, are expected to lose their jobs soon.The Circuit City name is an iconic brand in the consumer electronic industry, revered and respected to this day.Founded in 1949 and serving as a pioneer in the electronics superstore format in the 1970s, Circuit City has enjoyed wide success over the years.These sales are made available so that you may learn more about some of our past auctions and liquidation sales related to the Warehouse & Material Handling industry.One-time Apple partner and the United States' second largest electronics retailer Circuit City will shutter all of its remaining stores following a difficult holiday shopping season and failed efforts to negotiate a sale that would have saved the company.In the Fry's stores I have noticed a significant reduction in inventory ... I went into the nearby store hear twice after the started the closeout and saw nothing so cheap as to compel me to buy it immediately.

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