Wrecked Magazine
Well-Known Member
Circuit City filed Chapter 11 a while back and closed some stores but have been continuing business since that time. This morning in court Circuit City filed with the courts seeking for approval to close it’s remaining 567 stores and liquidate the rest of it’s merchandise. The company has around 34,000 employee’s at current time.
Circuit City is the second largest electronics outlet behind Best Buy and has said that the website and call center will seize to operate January 18th (this Sunday). They are hoping the liquidation sale can start this Sunday and continue until March 31st, 2009.
However while things are looking very grim for Circuit City in the next few days it is still ver possible that someone buys the company out of bankruptcy and they can continue to operate. We have read reports that a few firms have been considering putting this into motion but time is running out quickly.
With all of this being said last time we spoke to Formula D who holds Circuit City as a title sponsor has said everything was moving forward fine with sponsorship since the Chapter 11 filing. We will be interested to see what is going to happen moving forward with 2009 if Circuit City is not bought out and all 567 stores end up closing. More information to come as this story unfolds.
Read more about the Circuit City situation: http://money.cnn.com/2009/01/16/news/companies/circuit_city/
More...
