In a somewhat shocking and depressing press release from the Circuit City headquarters in Richmond, VA yesterday, it was announced that the electronics retailer was officially going out of business and liquidating all of its assets.
The Web site is already offline, displaying nothing but a message about the closing. I’m not sure if the Web site will come back to be part of the liquidation process, or if it is truly gone.
Circuit City recently filed for bankruptcy. The electronics retail giant announced the other day that they will be closing 155 stores across the country. The company appears to remain hopeful, issuing the following statement on their Web site:
“We are pleased to have obtained court approval for our first day motions, a critical first step in Circuit City’s reorganization process,” said James A. Marcum, vice chairman and acting president and chief executive officer of Circuit City Stores, Inc. “These approvals will help position us for a more successful holiday selling season and allow us to operate our business and serve our valued guests without interruption as we work to emerge from Chapter 11 as quickly as possible.”
I guess the true test will be this holiday season. If Circuit City cannot keep up with BestBuy or online retailers like Amazon or Buy.com, they may be gone for good. It will be interesting to see what happens.