Lights Off: Circuit City 1949 – 2009 | homemediamagazine.com

Lights Off: Circuit City 1949 – 2009 | homemediamagazine.com: "Lights Off: Circuit City 1949 – 2009


By Erik Gruenwedel | Posted: 09 Mar 2009
egruenwedel@questex.com


Bankrupt Circuit City Stores March 9 officially closed the doors on 567 retail locations after 60 years of business.

The Richmond, Va.-based No. 2 consumer electronics retailer, which ceased operations Jan. 16, has been under the direction of liquidators seeking to sell $1.7 billion worth of product, including more than $50 million in DVDs.

In total Circuit City owes more than $650 million to its biggest unsecured creditors, which include CE manufacturers and Hollywood studios. Banks and lending organizations will be the first to recoup what will likely be pennies on their loan dollars, say experts.

The chain’s Canadian operations are reportedly being purchased by Bell Canada. Hilco Merchant Resources, one of the liquidators involved in the clearance sales, said it hoped to acquire the Circuit City brand name and Web properties."