Circuit City to shut down (starting Jan. 18)

[JPaul]

NEW YORK (CNNMoney.com) -- Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise.

The company said it has 34,000 employees.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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."

In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy (BBY, Fortune 500) - said it had reached an agreement with four companies to start the liquidation process.

The company said the sale would begin Saturday and run until March 31, pending court approval.

The retailer's Web site and call center will cease to operate after Jan. 18.

More at: Circuit City seeking to liquidate - Jan. 16, 2009

[idahosmart]

Bummer. Looks like they lost out to Best Buy.

Tom

[2micro4u]

Hmmmmm......I wonder if I can get a CD/DVD/GPS double din unit for a good deal 4 the Smart......

[smart fortimo]

Hope C'mas shoppers heeded the warnings about buying from retailers that were on the slippery slope already...

No customer service in your future if you need it. As if there might have been any, anyway. "Customer no service" is how Clark Howard says it.

[HGB]

I was in CC several days ago and the sales personnel were busy yakking away while I was as if invisible. They must already have been psychic about their future endeavors.

[Smartdavis]

Never did understand how they lasted so long. Terrible customer service every time I have been in the store the past year or two.

[soareyes]

Originally Posted by Smartdavis

Never did understand how they lasted so long. Terrible customer service every time I have been in the store the past year or two.

I've had the same experience with our local Best Buy. Probably will be even worse now that their competition is gone.

[gstreetcomic]

That is true, however, i went to a Circuit City this past chrsitmas, and their prices at a reduction were nothing to write home about. It was only in due time when the rest of them were going under. Maybe i can get a good deal on something there now.

[cervixsmasher]

I had a horrible experience with CC when buying a new laptop about 3 months ago and ended up buying one from Best Buy instead. I was so bitter I waished that CC would go out of business. Its all my fault. Sorry 34,000 employees that didn't help customers, maybe best buy will hire you to ignore people.

[curtis]

i don't shop at circuit city or best buy, every time I have ever gone in looking for something they are clueless .. so I stick to Costco, Sams, or online