Circuit City closes for good
Circuit City stores in the US closed their shutters yesterday for the last time – although some closed earlier due to depleted stock, the liquidators have announced.
Going-out-of-business sales at all of the giant electronics retailer’s 567 stores nationwide began on 17 January and were initially expected to last up to eight weeks. The sales have continued daily since then in order to liquidate Circuit City’s $1.7bn in retail inventory.
“Thanks to record shopper turnout at many of the store locations and the attractive discounts offered on all merchandise, the sales actually went quicker than we expected,” noted Scott Carpenter, executive vice president, director of operations, for Great American Group, which has been overseeing all the sales activity as part of a joint venture group.
The other three companies partnering with Great American Group to handle the liquidation are SB Capital Group, Tiger Capital Group, and Hudson Capital Partners.
Circuit City grew to become the second-largest consumer electronics retail chain in the US.