Circuit City to liquidate remaining U.S. stores


Circuit City Stores Inc., the nation’s second-biggest consumer electronics retailer, reached an agreement with liquidators on today to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.

The company 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. The company’s move to liquidate, first reported by CNBC this morning, means the retailer’s 35,000 employees will likely lose their jobs, the financial news channel said.

Circuit City filed for Chapter 11 bankruptcy protection in November as vendors started to restrict the flow of merchandise ahead of the busy holiday shopping season.

(Via MSNBC)

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