Circuit City Stores Shut Doors

WOODLAND HILLS, CA.: The once second largest consumer electronics retailer in the nation will no longer exist next week. The liquidators selling off Circuit City’s assets announced today that all stores would close permanently on Sunday, March 8. Some have already been shut down because the shelves are empty.

The electronic chain filed for Chapter 11 last November, having already closed 155 of its 721 U.S. stores. At the time, CC had $3.4 billion in assets, $2.32 billion in liabilities, owing HP $119 million and Samsung $116 million.

Great American Group launched the going-out-of-business sales at the remaining 567 stores in January, liquidating around $1.7 billion in retail inventory. The sales are winding up earlier than expected after shoppers descended on the stores like flies. A reporter at a SoCal branch described the first day of the liquidation at that store as being “close to pandemonium.”

“Consumers swarming everywhere; every one of them with at least a few breathless questions and scant employees to provide answers,” wrote Brooke Crothers at cnet.com. “…and consumers seemingly snapping up anything that wasn’t nailed down.”

“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 Scott Carpenter, executive vice president and director of operations for the liquidator whose acronym is “GAG.”

That doesn’t necessarily mean everyone was happy with the attractive discounts. One shopper in El Paso, Texas was sent home with an empty box, and because it was a no-returned liquidation sale, she was arguably abused when she tried to get the situation rectified, according to this report at KFOXtv.com.

Great American Group is part of a joint venture consortium involved in the CC liquidation. Other participants include SB Capital Group, Tiger Capital Group and Hudson Capital Partners. 

CATEGORIES
Latest in Events
TV Tech Summit with moderator George Winslow (top left), Jason Wormser, senior vice president CW Sports (top right) Scott Warren, president and general manager, CBS Bay Area (KPIX/KPIX+) (bottom right) Tim Hinson, vice president, technology ABC13 KTRK, ABC Owned Television Stations (bottom left).
TV Tech Summit: Networks, Stations Explore the Future of News and Sports Production
TV Tech Summit Panel
TV Tech Summit: Industry Leaders Tackle Building Audiences With FAST, Streaming, NextGen TV
ISS
BEIT at NAB Show to Feature Live Chat with the International Space Station
Cine Gear Expo
Cine Gear Expo to be Held at Universal Studios Lot
Future
Summit: Scripps Sports Carves Out its Unique Niche in Sports TV
HPA
HPA Tech Retreat Examines AI's Impact on Content Creation
Latest in News
Youtube
DOGE Grills Public Broadcasters on Capitol Hill
Pixabay
DirecTV Joins IBCAP Anti-Piracy Group
LG
NBCU to Launch 40 FAST Channels on LG Channels
WNET Group logo
The WNET Group Names Dana Roberson GM, Thirteen and Production Operations
VENICE Extension System Mini (CBK-3621XS), the latest addition to its CineAlta lineup.
Sony To Feature New VENICE Extension System Mini At 2025 NAB Show
ESPN data on viewing of women's basketball, second highest
ESPN Platforms Scores Strong Ratings for NCAA Women’s Tournament