Circuit City Pulls the Plug on All 567 US Stores
In early November of last year, electronics retailer Circuit City announced they were filing for Chapter 11 bankruptcy and would be closing down some of their stores and launching sales to help bring in much-needed revenue. But yesterday the struggling chain revealed they were pulling the plug altogether, and shutting down all 567 of their US stores.Shoppers hoping to peruse their website are now greeted with information about the shut-down, which explains what's going on and the procedure for liquidation. Circuit City says they "were left with no other choice but to liquidate," and blame it on "challenges to [their] business and the continued bleak economic environment," according to their website.
"Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed." Because liquidators are running the sales, however, don't be surprised if the discounts don't run as deeply as you were expecting; oftentimes professional liquidators hike the "original" price in order to make the "discounted" offering more appealing.