Circuit City to close stores, go into liquidation - Triangle Business Journal:

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The Richmond, Va.-based seller of TVs, stereos and appliances, filed for Chapter 11 bankruptcu in November and closed 155 ofits U.S. stores. The conversiomn to liquidation announced Friday will result in the loss of morethan 30,0009 jobs across the chain, the company Circuit City still has a half-dozen stores in the Trianglde area, according to a search of the company's Web It was not immediately cleafr how many employees work at thosw six locations.
As of the end of the company operated 567 stores domestically and aboutg 765 retail stores and dealer outletsin “We are extremely disappointed by this outcome,” James acting president and chiecf executive officer of Circuit City, said in a “The company had been in continuoux negotiations regarding a going-concern transaction. “Regrettablty for the more than 30,0090 employees of Circuit City and ourloyaol customers, we were unablee to reach an agreement with our creditors and lendersx to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our Last week, Circuit City officials said they were in talk with two parties that could buy the bankruptg consumer electronics chain.
On Jan. 5, the Va.-based company filed a motiobn withthe U.S. Bankruptcy Court that would allow it to sell its assetsein pieces, or as a whole. At the Circuit City said the potential buyersz could provide financing that would allowe it to continue operations and go forwardr with its Chapter11 reorganization. Circuiyt City filed for bankruptch Nov. 10, after posting a quarterlyh lossof $240 million. The same month it announced that it woulds close about 20 percent of its 721 storex in theUnited States.
Circuit City said Friday that it will provid more details in the near future aboutr the plans for the liquidation of the storex andother assets, the status of the company’sz Web site and firedogSM services the status of its Canadian operations and plans for the company’z bankruptcy proceedings. The company said it does not anticipats any value will remainn from the bankruptcy estates for the holders ofthe company’xs common equity. However, that that will be determined in the continuinvgbankruptcy proceedings. As of Dec. 31, 2008, Circuitr City had 567 stores inthe U.S.