Circuit City today announced the immediate closure of all their stores, and a liquidation phase that starts Saturday, January 17th. Their website http://www.circuitcity.com reports that “Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company’s assets will be liquidated to pay off creditors.” Circuit City has been in business for over 60 years, and was hoping that the company would be able to emerged from the Chapter 11 bankruptcy protection as a more competitive and stronger company. However, due to the current economic conditions and dropping sales, their is no other choice than liquidation (maybe now’s the time to get that new LCD flat panel that you’ve been putting off).
{ 0 comments }
