Circuit City to Liquidate US operations, Canadian Stores Unaffected
Despite claiming to be in talks with two interested parties last week, Circuit City was unable to secure funding hence is liquidating all assets and closing remaining stores. James Marcum, vice chairman and acting president and chief executive officer for Circuit City had this to say,
“We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction. 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,”
The official list of store’s closing is available here. In a later press release, Circuit City announced the liquidation sale will commence tomorrow and that the Canadian branch of Circuit City will remain as is. Those employed at Circuit City headquarters are asked to come in on Monday and enquire about the future of their status with the company and if need be, collect their things.
Circuit City was first founded in 1949 as Wards Company by Samuel S. Wurtzel in Richmond, Virginia, the company eventually changed its name to Circuit City in the 70s (original logo seen above). The announcement of the stores closing comes on the eve of its 60th anniversary.