Circuit City Stores announced Friday that it will seek Bankruptcy Court approval to begin the preccess to liquidate the assets of the company.
Unfortunately for the 34,000 people employed by Circuit City, the consumer electronics retailer was unable to come to an agreement with its creditors and lenders, and was forced to begin the liquidation process, according to a statement from James A. marcum, vice chairman and acting president and CEO for Circuit City Stores.
Over the weekend, a friend of mine in the Chicago area decided to drive out to the nearest Circuit City and check out what kind of liquidation prices were being offered. According to her, most of the products are 10 to 20 percent discounted right now, but the selection is going quickly. However, she said that the discounts weren’t that impressive, and it probably wouldn’t have been worth the drive if she didn’t have a gift card.
On the Circuit City website, the company says that they anticipate the liquidation sale lasting through March. Gift cards will be honored through the end of liquidation, but all sales are final.
Do you think you’ll try to take advantage of the liquidation sale at Circuit City?
Jan. 19, 2009.