What company is liquidating circuit city herpes dating site houston

“We think they’ll get better pricing, more access to exclusive merchandise, better terms,” Chukumba added.Best Buy spokeswoman Sue Busch Nehring said in an email that her company would not project how any Circuit City store closings might affect its business. We’re sorry to see the stores close and employees move on,” Busch Nehring wrote.

what company is liquidating circuit city-20what company is liquidating circuit city-10

Earlier this week, regional department store chain Gottschalks Inc filed for bankruptcy reorganization, and Goody’s, a clothing retailer, said it plans to liquidate remaining stores in a return to Chapter 11.

The company - which had been the nation's second-biggest consumer electronics retailer, employing about 35,000 employees - appointed Great American Group, Hudson Capital Partners, SB Capital Group and Tiger Capital Group as liquidators.

Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug.

31, said in its initial filings that it planned to emerge from court protection in the first half of this year.

ATLANTA/RICHMOND, Virginia (Reuters) - Bankrupt electronics retailer Circuit City Stores said on Friday it will liquidate its assets and shutter hundreds of U. stores after failing to reach a deal to sell the company. Its demise paves the way for larger rival Best Buy Inc to boost sales and gain clout with suppliers as the leading electronics retailer. and so this is the only possible path for our company,” Vice Chairman James Marcum said.

Circuit City is one of the largest retail bankruptcies in the current U. Private equity firm Golden Gate Capital and Mexican retail and media tycoon Ricardo Salinas Pliego, who owns more than 28 percent of the company, had indicated an interest in bidding for the company, Gregg Galardi, a lawyer representing Circuit City, told the bankruptcy court in Richmond. Shares of Best Buy, which analysts have said stood to gain longer-term if Circuit City went out of business, closed up 8.1 percent.

It recently closed 155 stores, and now has about 567 U. During its auction this week, Circuit City sought a deal with Salinas to operate a smaller group of 180 stores, but that attempt failed as the retailer lacked necessary support from trade vendors and financing to continue operating.

Circuit City’s liquidators will continue to accept gift cards throughout the liquidations, Galardi told the court.

Anthony Chukumba, an analyst with FTN Midwest Securities, said although the demise of Circuit City could hurt Best Buy in the next few months, the Minneapolis retailer stands to gain a significant portion of sales in the long run.

Tags: , ,