January 16, 2009
| by Arlen Schweiger
Another day, another piece of bad news coming from a major U.S. electronics retailer. This time, it’s Circuit City singing the blues.
The retailer reached an agreement to liquidate the merchandise of its 567 remaining U.S. stores, the Associated Press is reporting. The company said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators, according to the AP.
Last month came with the ultimate end to Tweeter, complete with a web-hacked finger-flipping by disgruntled ex-workers as the exclamation point.
Richmond, Va-based Circuit City has 30,000 employees apparently getting the news today at its 567 stores, which had been pared down by 155 store closings recently—which was followed soon after with Chapter 11 bankruptcy filing.
No word on a timeline, so we’ll update when we hear more on the liquidation process. Read the full press release here.
Arlen writes about home technology installations and product news and reviews for electronichouse.com
and Electronic House magazine.