Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, reached an agreement with liquidators on Friday to sell the merchandise in its 567 U. stores after failing to find a buyer or a refinancing deal.
The closures could send another 30,000 people into the ranks of the unemployed.
Marcum, acting chief executive, said in a statement.
The TV show had logged prices before and after the liquidators and with almost everything in the store, the liquidator's "close-out" pricing was higher than the regular store price before the bankruptcy.
They are relying on the stupidity of the general public to believe they are getting a bargain without actually comparing prices before/after or against other competing retailers. We went in back in november and couldn't believe what they were asking for some things. We went in back in november and couldn't believe what they were asking for some things.
The deal went sour, however, when Blockbuster withdrew their bid only a month later due to market conditions.
The announcement made this morning detailed that the corporation had roughly .4 billion in assets with .32 billion in liabilities.The signs advertised 20%-80% off but of course, nearly everything you are interested in was just 20% off. As reported on TV, CC turned the store closing over to a liquidator who promptly raised prices on items.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.“We are extremely disappointed by this outcome.” The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable.The liquidation of Circuit City is the latest fallout from the worst holiday shopping season in four decades."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," acting CEO James A. It's unknown at present what will happen to the company's 765 retail stores and dealer outlets in Canada, but we do know that US shareholders will get zip, nada, nothing - as is typical in these types of bankruptcy liquidations.