Friday, January 16, 2009

Circuit City Closing

Circuit City (CC) has reached a deal to be fully liquidated after failing to find a buyer or a refinancing deal.

The electronics retailer reached an agreement with liquidators to sell the merchandise in its 567 domestic stores.

"We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction,” said James Marcum, vice chairman and acting president and chief executive officer, in a statement.

“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."



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