Circuit City stores puts up the shutters for good!
The six-decade long eventful business journey of Circuit City Stores Inc has sadly come to an end - with the renowned consumer electronics retailer putting up the shutters on its business for good on Sunday, March 8!
After the Richmond, Virginia-based Circuit City became the most prominent retailer to file for bankruptcy in November, amid recession, it had announced its intention of liquidating as it failed to find a buyer.
The proposed eight-week long going-out-of-business sales, announced by four liquidators, at the company's over
500 stores - a process that began January 17 - were completed early; and the doors of the stark clean and empty stores were closed for the final time!
Circuit City, which at its peak boasted of nearly 700 stores, will spend the remaining days of its wind-down process in adding up money from the sale of its assets, breaking or transferring its leases and settling the payments of its exhaustive list of creditors.
The 30 largest unsecured creditors - mostly vendors who supplied the flat-screen TVs, DVDs, and headphones - to whom the company owes $625 million, would be paid after the secured creditors like bank lenders are contented.
Circuit City's closure will further add to the ever-increasing number of the unemployed - with the 34,000 employees, some of them who worked through the January-initiated liquidation, being left high and dry!