Which circuit city stores are liquidating
Shareholders are likely to receive nothing, as is typical in bankruptcy cases.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. Liquidating Trust Agreement (the “Agreement”) dated as of November 1, 2010 is by and between Circuit City Stores, Inc.and its affiliated debtors and debtors in possession, as identified on Exhibit A hereto (collectively, the “Debtors”), and Alfred H. 10, 2008 file photo, a brightly lit sign is seen at the entryway of Circuit City in S. Bankrupt Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, on Jan. (AP Photo/Pat Wellenbach, file) Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business - closing its 567 U. 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. "We are extremely disappointed by this outcome."The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable.16, 2009 said it failed to find a buyer and will liquidate its 567 U. Negotiations for an acquisition went past midnight on Thursday, a Circuit City lawyer said in court.Marcum, acting chief executive, said in a statement.
The closures could send another 30,000 people into the ranks of the unemployed.
both filed for bankruptcy this week — Goody’s plans to liquidate, while Gottschalks hopes to reorganize.
Industry experts expect more bad news in the coming months as spending likely will deteriorate further.
But the company couldn't secure the necessary financing or support from vendors.
Employees were being notified Friday that they would lose their jobs and, if a judge gives final approval to the liquidation, stores would begin the closing process as early as Saturday."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," Marcum said.