Circuit City files for bankruptcy, 567 prepare for liquidation sales

By on Jan 16, 2009 at 12:12 PM
News January 16, 2009

…and over 35,000 folks prepare to start searching for a new job. So sad. This latest bit of bad news comes after Circuit City’s lengthy, and apparently fruitless, search for a buyer. The company has been trying to sell its assets for quite some time now. It seems, however, that faced with a ticking clock and an utter lack of interest from outside parties Circuit City has made an agreement with a liquidation firm to get rid of all of its material assets and close shop. The company filed for bankruptcy this morning in Richmond, Virginia. While there will certainly be a bit of a “all items must go” sale frenzy, this is ultimately very bad news for the economy, electronics industry, and the 10′s of thousands of employees that now find themselves without a job. Sadly, it also begs the following question: Who will be the next to fall?

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  • Steve

    Just got back from the CC in Cedar Hills, TX. Bought a Sony Bravia KDL-52XBR6 for $1865! Sweet!

  • Joe

    because wal mart won’t sell good products

  • Joe

    Thats not bad for an xbr 52 inch at all!!! I hope there are some left at the Circuit City closest to me (which is an hour away) and of course I’m stuck working all day today and tomorrow. I will be soooo mad if they are gone by the time I get up there.

  • REKIN

    I just got back from CC. What a joke! Their stuff was sooo expensive. You’re better off waiting until they see that people aren’t stupid and just because it says “Liquidation” doesn’t mean people will be flocking to buy their overly priced electronics. 10% off of the ORIGINAL PRICE is hardly a deal.

  • Tombo

    Not shocking but unfortunate….

    Posted from BGR Mobile (iPhone) at: Perkasie PA, 18944

  • Ron

    It’s sad all those people will be out if jobs.

    Posted from BGR Mobile (iPhone).

  • BBAddict133

    My store started liquidation today. The liquidators haven’t even begun to start sales yet — this is just, “let’s see how much money we can milk out of people.” We’ll see what happens within the next couple of weeks.

  • Ironman

    10% off in my area as well. Hardly a liquidation sale. You could get a better deal at their “competitors” who will actually be around in a few months.

  • RTon20s

    The sad thing is that these “Liquidators” are actually making money off of the ridiculous tactics. I hit the CC in Fresno, CA yesterday and it looked like locusts had hit it. I’d like to say it was filled with ignorant people buying up all of the stock, but I can’t. They were stupid. Just plain stupid. Who really doesn’t research a major purchase?! The same Panasonic TH-50PZ800U I had been looking at last week was now $50 more after the 10% liquidation discount than it had been just a few days prior.

    I will wait a few days/weeks until the sheep are done grazing then go back in to see what is left and if the liquidators are starting to offer any real deals. Stupid people piss me off. I wish I could at least be happy that money is going to be injected into our ever declining economy, but I know it isn’t. The people buying are probably the same people that have no business spending that kind of money in the first place. Go ahead and dig yourself further and further into the hole. Big government will be here soon enough to rescue you and put you in the soup line.

  • Rant

    ^^^ I totally agree^^^

    I went into a CC in NYC and I was so disappointed at the prices and the “so called” discounts. C’mon – is this a liquidation? Really? They crank-up the prices prior to the liquidation so now they are advertising “up to 30% off” but the so called deal is really the regular price some place else. This pisses me off because the fools are buying like it’s the best deal since black Friday. Gosh – stupid people piss me off!!!

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