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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 jtdwab on 1/22/2009 3:50:46 PM , Rating: 2
I hit a CC today just because I was going near by. They had a glanced at the price on the current 720P Panasonic 42" plasma then headed accross the street to the BB. The TV was 50 more at CC with the liquidation 10% discount. Online the TV was another 150 below BB with shipping.

Its one thing to not match online but to not even beat the store next door is pretty shameful. Although I guess the shame is on the guy that falls for the 10% scam. I also saw a WD 1 TB harddrive for 265 which I am pretty sure was the same one at newegg for 104 for OEM. I didn't check models on that one though.


"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA

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