Who is liquidating circuit city
Some employees were notified that they would lose their jobs and certain stores would begin close-out sales as early as Saturday.
The company said that no value will remain for shareholders.But Circuit City couldn’t secure the necessary financing or support from vendors.“This is the only possible path for our company,” acting Chief Executive James A. “We are extremely disappointed by this outcome.” U. Bankruptcy Judge Kevin Huennekens gave final approval to the liquidation plan Friday afternoon.Circuit City became the largest retailer to fall victim to the expanding financial crisis Friday, announcing it will shut down its remaining 567 U. stores at the cost of 34,000 more jobs after failing to sell the business. Wurtzel and himself a former chief executive of Circuit City.The closure of the nation’s second-biggest consumer electronics retailer spells more trouble for the nations malls, and is the latest casualty of an unprecedented pullback in consumer spending that has claimed KB Toys, Mervyns LLC and Linens ’N Things. “I feel particularly badly for the people who are employed or until recently were employed.” Richmond, Va.-based Circuit City had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable.