After struggling through reorganization and store closures, electronics retailer was unable to pull itself back into business over the lackluster 2008 holiday season, and announced in mid-January the whole chain would be liquidated. Now, the retailer has reached its end-game, announcing that its remaining store locations will close permanently on March 8, 2009.
Some stores have already shut down because they’re run through their inventory; otherwill keep up the going-out-of-business sale that began on January 17 up until the last minute. In addition, the company recently struck a deal with Bell Canada to take over Circuit City’s Canadian operations, which includes over 750 The Source stores, operated under Circuit City subsidiary InterTAN Canada.
"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," said Great American Group executive VP Scott Carpenter, in a statement. Great American Group is supervising the sales activity as part of a joint venture group with Circuit City creditors SB Capital, Tiger Capital, and Hudson Capital.
The closure Sunday will mark the end of what was once the second-largest consumer electronics retailer in the United States—and it’s just one of a number of once high-flying retailers to go under in the current economic downturn, including Mervyn’s, Linens ‘N Thing, Shoe Pavilion, and KB Toys.
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