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Circuit City to Liquidate Remaining Stores, More than 35,000 Employees to Lose Their Jobs
Unable to find a buyer or orchestrate a refinancing deal Circuit City Stores has been forced to close the doors on their remaining 567 U.S. stores. The consumer electronics retailer reached an agreement to liquidate its in-store merchandise through Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC.
Circuit City had been looking to find a buyer or a refinancing deal since May 2008 but the struggling economy and weak market conditions prevented any deal from occurring. In November they filed for Chapter 11 bankruptcy protection and as part of that they were given permission to liquidate if they couldn’t find a buyer.
After filing for Chapter 11 the company said they had planned to emerge from court protection during the first half of 2009.
The decision to liquidate their remaining stores will cost more than 35,000 employees their jobs.
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