Circuit City, the nation's second largest electronics retailer announced on Friday, January 16, 2009 that it will be closing all of its 567 stores. Circuit City recently filed for bankruptcy and was looking to sell the company or try to refinance its debt. According to media reports, negotiations went south with a potential buyer, forcing the company to close its doors.Circuit City's web site wasn't available for shopping today, instead there was a full page explaining the company's current circumstances.
"Circuit City would like to thank all of the customers who have shopped with us over the past 60 years. Unfortunately, we announced on January 16, 2009, that we are going out of business."
It goes on to say:
"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 process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities."
"The process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities."
It's is very sad to hear that more than 30,000 people are about to lose their jobs. Times are hard, harder than they have ever been during my lifetime. Again, I fault the company's management for part of its downfall. Circuit City in my opinion did not make customer service and satisfaction a top priority. That may have been their biggest mistake, allowing stores like Best Buy and Wal-Mart to sneak up and steal not only their customers but the market itself.
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