Circuit City to close all stores by Sunday

Richmond, Va. Liquidators managing the going-out-of-business sales for Circuit City Stores said all locations will close for good on Sunday. Many stores already have closed their doors due to depleted merchandise.

Sales at all of the company’s 567 stores nationwide began Jan. 17, and were initially expected to last up to eight weeks. The sales have continued daily since then in order to liquidate Circuit City’s $1.7 billion in retail inventory.

Scott Carpenter, executive VP and director of operations for Great American Group, said many stores saw record turnout and sales went quicker than expected as a result.

The other companies partnering with Great American in the liquidation are New York-based SB Capital Group, and Tiger Capital Group and Hudson Capital Partners, both of Boston.

The company filed for Chapter 11 protection in November, shutting some operations and beginning a search for either a buyer or investor to keep the business going.

The company lost $321.4 million in fiscal 2008 and lost $10.2 million the year before on declining sales.

Login or Register to post a comment.