Which circuit city stores are liquidating

31 Mar

Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday that it will go out of business - closing its 567 U. The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys and Linens 'N Things into bankruptcy. "This is the only possible path for our company," Circuit City's acting Chief Executive James A. "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 closure includes the Savannah store at Abercorn Walk, which has 61 employees.It had been exploring its options since May, when it opened its books to Blockbuster Inc.The Dallas-based movie-rental chain made a takeover bid of more than

Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday that it will go out of business - closing its 567 U. The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys and Linens 'N Things into bankruptcy. "This is the only possible path for our company," Circuit City's acting Chief Executive James A. "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 closure includes the Savannah store at Abercorn Walk, which has 61 employees.It had been exploring its options since May, when it opened its books to Blockbuster Inc.The Dallas-based movie-rental chain made a takeover bid of more than $1 billion with plans to create a chain to sell electronic gadgets and rent movies and games. Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug."It will bring to market a glut of big box spaces across the country," said John Bemis, head of Jones Lang La Salle Inc.'s retail leasing team."It will have one of the largest impacts on big box real estate across the country." Circuit City filed for Chapter 11 in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season.

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Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday that it will go out of business - closing its 567 U. The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys and Linens 'N Things into bankruptcy. "This is the only possible path for our company," Circuit City's acting Chief Executive James A. "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.

billion with plans to create a chain to sell electronic gadgets and rent movies and games. Circuit City, which said it had .4 billion in assets and .32 billion in liabilities as of Aug."It will bring to market a glut of big box spaces across the country," said John Bemis, head of Jones Lang La Salle Inc.'s retail leasing team."It will have one of the largest impacts on big box real estate across the country." Circuit City filed for Chapter 11 in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season.

KB Toys filed for bankruptcy in December and is liquidating stores.

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Circuit City said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.

They will pay a 70.5 percent return on merchandise.