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Best Buy will be the only game in town for many customers. Circuit City was second to Best Buy in the retail consumer electronics market.  (Source: AdRants)
Best Buy shall rule the land when it comes to retail electronics in the U.S.

It’s been a tough road for Circuit City. The retail electronics giant has been pummeled over the years by the likes of Best Buy and Walmart, and has been unable to turn its operations around due to the current state of the economy.

In early November, the company announced plans to close 155 stores in the United States. The stores combined accounted for $1.4 billion USD in sales for fiscal year 2008.

Just a week later, Circuit City filed for Chapter 11 bankruptcy protection -- the filing showed that the company has $2.2 billion USD in debt and $3.4 billion USD in assets. The news got even bleaker today as Circuit City's CEO announced that the company failed to find a buyer and that it could not refinance its debt.

As a result, Circuit City will liquidate all of its remaining stores. The liquidators lined up to sell off the merchandise from the remaining 567 stores include Great American Group, Hudson Capital, SB Capital Group and Tiger Capital.

"We are extremely disappointed by this outcome," said Circuit City CEO James A Marcum "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."

In early July, Blockbuster rejected a deal to purchase Circuit City.



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RE: pic
By m1ldslide1 on 1/16/2009 12:29:25 PM , Rating: 5
I find that picture a compelling addition to the subject matter. If only all news of the financial crisis was presented in this fashion, the nation wouldn't be so glum about it all.


RE: pic
By Bender 123 on 1/16/2009 4:35:55 PM , Rating: 2
All systems are go for the space elevator!

Payload is airborne!


RE: pic
By nugundam93 on 1/16/2009 5:38:35 PM , Rating: 2
hahahahaha nice reference on that recent space elevator article here in DT. :)

and breastbuy ftw!


RE: pic
By Hiawa23 on 1/16/2009 7:39:19 PM , Rating: 2
I feel for the employees, but I plan to take advantage of the fire sale, & Best Buy has always been my #1 store, so good for them. This is really sad..


RE: pic
By Mitch101 on 1/17/2009 9:54:46 AM , Rating: 2
Go with caution and read the article in the link and watch the video.

At a Circuit City store taken over by liquidators, Good Morning America found a Samsung HD TV for $1,799 only available from an opened box, while a still-in-business Circuit City was selling the same brand new TV for $1,599.

Linens 'n Things Tricky Liquidation Tactics Exposed
http://www.savvysugar.com/2538324


RE: pic
By The0ne on 1/18/2009 3:31:49 PM , Rating: 2
CompUSA did the same thing for weeks. High prices in the face of a total shutdown. Lets see what the CircuitCity stores here do :)


RE: pic
By mattclary on 1/19/2009 8:28:14 AM , Rating: 2
You NEVER get any worthwhile deals from these places when they close. At least not if you are a savvy shopper and are even remotely are aware of how to shop on the internet. Heck, you can get better prices at Wal-Mart than these so-called sales.


RE: pic
By phazers on 1/16/2009 4:47:55 PM , Rating: 2
I wonder if she gets DTV on those?? Or if you put tinfoil over them, they'd make a fine pair of satellite dishes :).


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