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Author Topic: Circuit City Going Out-Of-Business  (Read 420 times)

Elano

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Circuit City Going Out-Of-Business
« on: January 17, 2009, 10:19:52 AM »
Mega retailer Cicuit City has requested court approval to shut down its remaining 567 stores in the United States.

After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City Stores Inc. said Friday it will liquidate due to the economic downturn. The liquidation will affect more than 30,000 employees, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II.

Circuit City executives have confirmed the mass store closings.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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."

The company was once known as the largest electronics retailer in the nation.

The news comes in the same week that New York City's Virgin Mega Store announced its closing.
[The store is being closed because its current owners can lease the space more profitably to another tenant. Virgin paid just $54 per sq ft in rent for the location, whereas the market rent in the area was about $700. Virgin has been the only major music chain in New York since 2004, when Tower Records declared bankruptcy and HMV pulled out of the US market]


Damn.....
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penenstamp

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Re: Circuit City Going Out-Of-Business
« Reply #1 on: January 17, 2009, 10:21:44 AM »
I look at it from a positive perspective:
Fans don't necessarily have to go to Circuit City anymore to pick up certain cd's because they have exclusive CC bonus tracks.
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J.D. Wykid, Esq.

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Re: Circuit City Going Out-Of-Business
« Reply #2 on: January 17, 2009, 12:20:43 PM »
time for some major discounts. :bandit:
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Ali Tha Great

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Re: Circuit City Going Out-Of-Business
« Reply #3 on: January 17, 2009, 12:23:28 PM »
Best Buy>Circuit City
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LooN3y

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Re: Circuit City Going Out-Of-Business
« Reply #4 on: January 17, 2009, 01:33:59 PM »
i thought they were going out of business 6 months ago
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J.D. Wykid, Esq.

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Re: Circuit City Going Out-Of-Business
« Reply #5 on: January 17, 2009, 01:46:41 PM »
Quote from: LooN3y on January 17, 2009, 01:33:59 PM
i thought they were going out of business 6 months ago

they closed a lot of stores a few months ago, now theyre closing the rest.
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Sickaluffa

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Re: Circuit City Going Out-Of-Business
« Reply #6 on: January 18, 2009, 01:41:40 PM »
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you gon always be my latin queen bitch

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Re: Circuit City Going Out-Of-Business
« Reply #7 on: January 18, 2009, 01:57:58 PM »
ima hit this up for a camera
haha i went to that black friday wall mart shit, damn!!!!!
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Mr. O

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Re: Circuit City Going Out-Of-Business
« Reply #8 on: January 18, 2009, 04:01:22 PM »
Better check their original prices before you guys fuckin' buy anything.  They be putting higher price than the orginal and label it "70% off."
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