Circuit City, R.I.P.
Fri Jan 16, 2009 12:13PM EST
The troubled 60-year-old electronics chain tried its best to survive bankruptcy, but to no avail; now, it will liquidate its merchandise and close all 567 remaining stores.
Bloomberg reports that Circuit City Stores Inc. has hired a quartet of liquidators to sell off its existing merchandise, pending a green light from the courts. If everything goes according to plan, the fire sale will start Saturday and continue through the end of March, according to CNNMoney.com. And unfortunately for Circuit City's 30,000+ employees, unemployment awaits.
The biggest consumer tech chain in the U.S. besides Best Buy, Circuit City filed for bankruptcy protection back in November. As Bloomberg notes, the struggling company had been looking for a buyer as late as Thursday, but failed to find any takers. Of course, news of the Circuit City liquidation sale will draw plenty of bargain hunters, but (as I've blogged before), buyer beware. Typically, closeout sales are final: no refunds or exchanges, so think twice before snapping up a big-ticket item like an HDTV.
Also, keep in mind that closeout prices often aren't as rock-bottom low as you'd think; make sure to comparison shop online, and don't be fooled by big "75% OFF!" signs on items that have been marked up.
Finally ... a deep bow to Circuit City in general, where I've spent countless hours of browsing (and drooling)—and if nothing else, when it comes to tech retailers, less competition is never a good thing. Circuit City, R.I.P. : Ben Patterson : Yahoo! Tech