Update: Circuit City liquidates assets, closing 567 stores

Update: Circuit City has posted a statement on their web site here mentioning that all the store chains liquidated and closed between now and March 2009.
Circuit City also posted the number of staff it expects to be let go:

"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."

Are you also shutting down your operations in Canada?

  • No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.

How many people are losing their jobs as a result of this action?
  • Circuit City employs approximately 34,000 associates in the U.S.

Will Circuit City offer PC services and repairs at liquidation stores during the closing sale?
  • Services already underway at the liquidation stores will be completed promptly, but no additional jobs will be accepted at these stores.

As of this morning Circuit City has begun liquidation of all merchandise in all of its 567 stores nationwide. The chain has already closed 155 stores across the U.S. in November and December alone, and continues to plan a closure of more stores in the months to come.

The company previous filed for bankruptcy protection back in November just before holiday season hit, noticing a short coming of customers due to the economic down fall.

After major movie chain Blockbuster placed a bid of $1 billion to takeover to create 9,300 stores to sell electronic gadgets and rent movies, but later withdrew their bid in July after the economic conditions went downhill, the company was authorized by U.S. Bankruptcy Judge Kevin Huennekens to liquidate all stores if a buyout was not achieved.

Circuit City currently has $3.4 billion in assets nationwide, and $2.32 billion in liabilities as of August 31.

Circuit City's web site currently displays "We're updating our site, with new products and special offers".

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41 Comments

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Just got back from this so called HUGE liquidation sale they are having... wow... what a joke ... even in bankruptcy and immenent failure they are still trying to screw everyone. SELECTED items 10% off FULL retail price.
Sales prices like acer 22" lcd monitor x223wbd ... ONSALE Now $299. ... linksys befsr41 ... ONSALE Now $56
Belkin gold series Cat5 network cable... 14' $29.99 ... 1g ddr2 667 pqi $29.99...

This is NO sale, this is a retail gimmick to get the unknowing stupid sheep in the door to screw them yet again as they have been doing for quite some time now.
I dont expect much of a sale even if they are going bankrupt... considering there are still stores in canada. The unsold items will just be trucked up north and sold there when all the dust settles. The suppliers of CC will get nothing in the end, the employees lose their jobs ( what little of jobs they had to begin with ) and the corporate boys will get a big fat bonus for saving millions of dollars by claiming chapter 11 and screwing everyone they owe money to.

Dont waste your time if you are looking for a deal... there are none to be had. Just go newegg or tigerdirect, stay at home and forget the crowded streets and incompetent sales guy...

Well, there are a BUNCH of stupid sheep......I drove past one and they are parked on the side of the road, the police are having to have them moved. Bumper to bumper, I can only imagine what the inside of the store looks like.

34 000 people who will face sleepless nights wondering how they and their families will survive...and its only mid January. 2009 is turning out to be quite the year...

34000 is a drop in the bucket compaired to whats about to come. Mark my words, 2009 will probably be worse than 2008

Edit: I was right. Just heard on the news that LA alone is expected to loose over 150,000 jobs, new york around 160,000 (mostly banks) this year...and some areas of the country will see double digit unemployment numbers. the end is near!

Another corrupt retail chain pwned by Newegg. Let's hope that Newegg doesn't become corrupt.

Too bad about all the lost jobs though. America is going to have no choice but to start discovering socialism. Otherwise, we're in for another Great Depression. What you're seeing right now is only the beginning of the economic problems America is about to face thanks to all the corporate, financial, and legal corruption promoted by the Clinton and Bush administrations and the lobbyists who have taken over the US government.

Wonder if Newegg has ever considered opening retail stores, that might actually be a good thing for them to try, though could also ruin the awesomeness the actual site is.

toadeater said,
Another corrupt retail chain pwned by Newegg.

You guys do realize that Best Buy has something like 30x more revenue than NewEgg, right? Even Circuit City had almost 5x the revenue of NewEgg. Revenue = Sales, not Revenue = Profit.

Best Buy makes more profit than New Egg has total sales.

People seem to forget that NewEgg is popular among 18-35 computer hobbiest males and IT people. It isn't a big company. They've got 1500 employees whereas Best Buy has 150,000. That also gives you an idea of size... Best Buy employs 4 times more people than Circuit City, and 100 times more people than New Egg. Want to hear something even scarier? Wal-Mart employs 2.1 million people... Yep, Wal Mart is 1400 times larger than NewEgg by employee count and they have almost 200 times more revenue (which isn't bad considering the average item at New Egg has to be vastly more expensive).

Well I did buy my Onkyo Receiver and subwoofer and a Wii console from CC, that was about it, I did buy smaller things there there were always a lot less people at CC, compared to BestBuy but I hate to see CC close as it is less competiton for BB, but having stores empty most times of the day is not good.

So long CC, can't wait to see if I can pick up some deals during liguidation.

well i fell sprry in a way cause it must be really hard for a company to have this happend to them and more a big company as them =/... in the other hand im waking up early tomorrow and see what i can get at a low prize

As of this morning Circuit City has begun liquidation of all merchandise in all of its 567 stores nationwide

is incorrect. it should read:

Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17.

jme621 said,
is incorrect. it should read:

We'll the original story said they have begun liquidation as of friday january 16, 2009, they even had a news video of it (in source), until the announcement was made, and I applied the update.

lylesback2 said,
We'll the original story said they have begun liquidation as of friday january 16, 2009, they even had a news video of it (in source), until the announcement was made, and I applied the update.

Everything at the stores I went to this morning were already 10%, 20% and 30% off, all sales final.. etc etc

I've not liked CC much but the Clowns at geek squad sealed the deal with me never doing business at best buy again. Wish they would go away also.

DJ-Light said,
Is Puerto Rico included?

As of this morning Circuit City has begun liquidation of all merchandise in all of its 567 stores nationwide.

Last I checked, Puerto Rico was still part of the United States.....

Really strange that earlier today after that news, the site was still running and one could join their newsletter etc. With a FAQ saying no they are not going out of biz. But obviously thats absurd.

Reminds me when Home Image closed. it didn't exactly do very good. (it was part of montgomery ward) but when they did go out of biz, the Wausau WI store was the top performing store and came as a total shock. (I haven't been in that town since 2000, but it later on held Best Buy. ) Never truely went near a CC much, they are hard to find. Got my first printer there on a trip back from somewhere. And mom's got a vcr/dvd combo off their website. 34,000 jobs is alot of jobs. and I'm still looking. I see the Minneapolis Star Tribune filed for bankruptcy. The big problem with newspapers isn't competition with online sources.. It's that they ARE trying to compete with online sources. There's nothing good to read in them anymore. My grandpa died Dec 13th. Up until 2006 for over 50 years he wrote a weekly editorial called The Disturbed Philosopher. It was one of those things people bought The Observer (DeWitt IA )just for that column. Just can't seem to do that anymore.

Maybe I'll look at Blockbuster and blame them for messing CC up.

that was all me, i dumped a good majority of my paychecks there. they were the ONLY store to actually carry anything electronic for over 100 miles in any direction. bought my first s3 virge card there.

gonzo68 said,
In Quebec they were before called Radio Shacks or better known under Radio Scrap

Just like all across Canada. Circuit City purchased Radioshack and rebranded it The Source by Circuit City.

Those will face an imminent doom soon as well.

CC did it to themselves when they FIRED all of their GOOD sales people, replacing them with minimum wage goofs that were only good enough working a drive through saying "you want fries with that?"

Can't say that I'm sad that CC is going away. I almost never found something to buy there. As much as I hate Best Buy now, CC was a lot worse.

Will La Source close also!?
I know it's crap, but when I needed something, I knew it was the place I needed to go.

PsykX said,
Will La Source close also!?
I know it's crap, but when I needed something, I knew it was the place I needed to go.

No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.

Dale said,


No, our Canadian operations will continue. They are not affected by the liquidation of Circuit City's U.S. operations. The Canadian operations employ approximately 3,000 associates.


According to the bankruptcy filings, Jan 23 the court decides the fate of The Source in Canada.