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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: liquidation
By 67STANG on 1/16/2009 1:01:15 PM , Rating: 2
Wait for 70%, then snatch up the Blue Ray players and PS3's...

RE: liquidation
By rudy on 1/16/2009 1:36:19 PM , Rating: 3
They will be long gone by then. I have found all the liquidations in my area to be completely useless. Remember the people shopping these places are less informed and used to paying high prices so the wimpy 20% that cant even beat newegg looks good to these people. On top of that when compusa went under the liquidators and signs all over saying sold on the best items so you could not get them and then they bought them at 90% off the last day.

RE: liquidation
By Oregonian2 on 1/16/2009 2:11:30 PM , Rating: 2
Yes, if they've got the same guys who did CompUSA, it'll be a joke. Prices will be raised from their normal discounts and start at 5~10% off!!!! (list). Whats more many people will think it a great deal and buy (afterall, it's a store closeout, it MUST be a good deal, eh?).

RE: liquidation
By sticks435 on 1/16/2009 8:37:38 PM , Rating: 2
When the CC stores went under here in KC couple of months back, I picked up some PC and 360 games for pretty cheap. Small stuff like that they usually have ton's of. It's the bigger price items (and even things like computer parts, etc) that are a scam.

"We basically took a look at this situation and said, this is bullshit." -- Newegg Chief Legal Officer Lee Cheng's take on patent troll Soverain
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