Post by Segaman on Jan 16, 2009 15:22:00 GMT -5
After filing for Chapter 11 bankruptcy in November, Circuit City, the second-largest electronics retailer in the U.S. announced Friday it would be liquidating the rest of its 567 stores and letting go of over 30K employees.
Company vice chair James Marcum said in a statement, "We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction.
"Regrettably for the more than 30Kemployees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company."
Circuit City sold a variety of electronics, from TV and computer products to videogame software and hardware.
Company vice chair James Marcum said in a statement, "We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction.
"Regrettably for the more than 30Kemployees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company."
Circuit City sold a variety of electronics, from TV and computer products to videogame software and hardware.
