Circuit City Closing Shop, Going Out Of Business

[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

Circuit City, one of our favorite retailers for electronics goods, is going out of business. They are closing 567 of their remaining US stores and slashing 30,000 jobs. Circuit City had filed Chapter 11 of bankruptcy in Nov 2008, but had to take this drastic step since they could not work out a sale of the company.

The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys, Mervyns LLC and Linens 'N Things into bankruptcy. Experts believe there will be more to come.

"This is the only possible path for our company," Circuit City's acting Chief Executive James A. Marcum said in a statement. "We are extremely disappointed by this outcome."

If you have any Circuit City gift cards, probably it'd be a good idea to use them now. Certain stores would begin close out sales as early as Saturday. A sad adieu to Circuit City :(.

Related Posts