Circuit City to begin liquidation
- January 16, 2009
Circuit City will begin going-out-of business sales at its 587 stores on Saturday.
During a hearing Friday in Richmond, U.S. Bankruptcy Court Judge Kevin Huennekens approved a request to begin liquidation of the consumer-electronics company, according to the Richmond Times-Dispatch.
The Richmond-based company has an agreement with four companies that will run the going out of business sales, which are to end by March 31.
Circuit City filed for Chapter 11 bankruptcy court protection late last year. It had hoped to find a buyer who would maintain the company.
However, James A. Marcum, the company’s acting president and CEO, said Friday morning that Circuit City had been unable to structure such a deal with its creditors and lenders.
The company has 30,000 employees nationwide.