{"id":1209,"date":"2009-01-17T12:48:36","date_gmt":"2009-01-17T16:48:36","guid":{"rendered":"http:\/\/www.theforcefield.net\/podcast\/circuit-city-short-circuits-all-stores-closing-1388\/"},"modified":"2009-01-17T12:48:36","modified_gmt":"2009-01-17T16:48:36","slug":"circuit-city-short-circuits-all-stores-closing-1388","status":"publish","type":"post","link":"https:\/\/www.theforcefield.net\/podcast\/circuit-city-short-circuits-all-stores-closing-1388\/","title":{"rendered":"Circuit City short circuits: all stores closing"},"content":{"rendered":"

(TheForceField.net<\/a>) January 9, 2009 –Circuit City announced yesterday that it will clear out inventory and close its stores beginning today.<\/p>\n

In an announcement posted on its web site January 16, the big box retail consumer electronics chain said the company was going out of business and would close all 567 stores across the country. The company said it would begin liquidations sales today and sell off remaining inventory until the end of March. Firedog tech services will complete existing repairs but no further jobs will be performed.<\/p>\n

The announcement came as no surprise to the industry as Circuit City has struggled for a number of years against competitors such as Best Buy and Wal-Mart. The company filed for Chapter 11 bankruptcy protection in November 2008 and already closed some of its stores. The company was also in talks with at least two potential buyers in an attempt to sell off the chain, however the deals fell through and left the company no other option but to shut down.<\/p>\n

"We are extremely disappointed by this outcome", vice chairman and acting CEO James Marcum said in a press release on the company's web site January 16. "The company had been in continuous negotiations regarding a going concern transaction. Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company," Marcum said.<\/p>\n

The closing comes at a difficult time for the nation's economy. It will add 34,000 employees to the number of jobless. It will also leave the market with fewer competitors in the retail consumer electronics market and will leave consumers with fewer choices. <\/p>\n

The official announcement is available at http:\/\/www.circuitcity.com\/closed.html <\/a>. <\/p>\n

 <\/p>\n

\"FREE<\/a> <\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

(TheForceField.net) January 9, 2009 –Circuit City announced yesterday that it will clear out inventory and close its stores beginning today. In an announcement posted on its web site January 16, the big box retail consumer electronics chain said the company was going out of business and would close all 567 stores across the country. 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