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Darn Circuit City just announced they are closing all stores..so the new store that opened a year ago in Mount Pleasant will be gone. Bummer! I like it being in Mt P..I avoid going to North Charleston at all costs and I do not really like Best Buy.
The "NEWS" is reporting ALL Stores will close. That is new news. In December it was some stores.
*****FROM FOX NEWS ONLINE
Circuit City (CC) has reached a deal to be fully liquidated after failing to find a buyer or a refinancing deal.
The electronics retailer reached an agreement with liquidators to sell the merchandise in its 567 domestic stores.
"We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction,” said James Marcum, vice chairman and acting president and chief executive officer, in a statement.
“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."
People with Circuit City warranties might be out of options.
"If the warranty is from manufacturer, they should be fine," said Jack Gillis, director of public affairs for the Consumer Federation of America. "You will need a proof of purchase, like an original receipt, but if they have a service contract from the company then they may be out luck."
However, the company reported it wasn't changing it Circuit City Advantage Protection Plan. The plans have been backed
by third-party independent companies for more than 15 years and will not be impacted by Circuit City’s liquidation.
News of the liquidation sent shares falling 8% to 3.2 cents each in midday trading on the New York Stock Exchange.
Court papers showed the retailer appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.
Consumers looking to snag a good deal should proceed with caution.
"In some cases -- and shoppers found this with Linens-N-Things -- [the store] will actually raise prices with certain popular items, so the key is to make sure you know the general price of the item so you know it's a good deal," Gillis said.
Gift cards will continue to be accepted at stores and online.
In November, the Richmond, Va,-based company filed for Chapter 11 bankruptcy protection, falling victim to tight credit markets and slowdown in consumer spending. The judge set today as a deadline to reach a deal with a buyer.
The company received approval to proceed with an auction to sell itself last week. Circuit City told the court it was in talks with two undisclosed parties that could either buy the company or provide financing.
The store said liquidators will start arriving in stores this weekend and closing sales will start as early as Saturday, Jan. 17. Closing sales will run as long as it takes to clear existing inventory, but are expected be over by the end of March.
According to reports, private-equity firm Golden Gate Capital was a leading bidder for the 59-year-old retailer. It made an offer, but requested 30 days to analyze the business, according to reports.
The retailer has been struggling for some time. A week before filing for Chapter 11 bankruptcy protection, it announced it was closing 155 U.S. stores, which will result in the layoff of 17% of its work force.
Well in a way CC is back! Bought out and reinvented, online only! Looked @ the site yesterday and saw some pretty good deals. Probably left over from the close out. www.circuitcity.com
This is comical. A bankrupt company that wants to sell off items for normal cost. WOW! No wonder they went under. Sad because I worked at CC back in the day when they were a commisioned sales force and you had to know your product etc. Then the whole DIVX fiasco happened. I said that would be the begining of the end, and it was. Sad sad day!
Linens N Things - same thing. They have gone to internet sales only after shuttering all their stores.
I agree with Speed's comments about CC, but another misstep was when they got out of the appliance bizness.
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Circuit City just announced they are closing all stores..so the new store that opened a year ago in Mount Pleasant will be gone. Bummer! I like it being in Mt P..I avoid going to North Charleston at all costs and I do not really like Best Buy.
