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Mon, Jan 19, 2009 8:28 am

Circuit City Closing

If you visit Ciruit City's website today, you will find the homepage has been replaced by a notice that the company is closing its stores in the U.S. The homepage states that 34,000 employees will be losing their jobs as a result of this action. The webpage states "Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors."

The company provides a brief history for itself on the page stating "Founded in 1949 as the Wards Company, Circuit City is headquartered in Richmond, Virginia. At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the U.S. and approximately 765 retail stores and dealer outlets in Canada."

The webpage states that a liquidator will be selling off the remaining inventory in the U.S. stores and that liquidator will be setting prices for items in the stores.

Circuit City made the announcement that they are going out of business on January 16 and stated that closing sales will start as early as January 17, 2009 with the expectation that they will conclude by the end of March. The stores will be closed when the liquidation sales are completed.

The announcement also states that associates at the company's headquarters have been asked to return today, Monday, January 19 to find out more about their status and to retrieve their personal belongings.

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