Additionally, the lackluster credit market reduced options for the company to refinance its debt and dig itself out of the financial hole they had dug for themselves.
Lower than average holiday sales results pulled down even top-performing stores and pretty much put the final nail in the coffin. Finance, 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.
We first reported in early November that Circuit City would be shutting down over one hundred of its stores due to financial trouble.
In the weeks to follow, the company announced that it had filed for Chapter 11 bankruptcy protection, and would be attempting to salvage the remainder of its retail outlets. Circuit City first began exploring financial alternatives in May of last year, when it opened its records to investors.
According to an announcement made this morning, Circuit City, the country's second-largest electronics retailer, will be liquidating the entirety of its retail outlets, putting nearly 35,000 employees out of work.
Marcum, acting chief executive, said in a statement.
The deal went sour, however, when Blockbuster withdrew their bid only a month later due to market conditions.
The announcement made this morning detailed that the corporation had roughly .4 billion in assets with .32 billion in liabilities.
In the Fry's stores I have noticed a significant reduction in inventory ... I went into the nearby store hear twice after the started the closeout and saw nothing so cheap as to compel me to buy it immediately.
"So called liquidation sale ahead." "Would you like a TV with that?