…and hopefully some bargains to result…Tiger Capital Group? Do they represent Tiger Direct I wonder
Jan. 16 (Bloomberg) – Circuit City Stores Inc., the bankrupt consumer-electronics retailer, hired four liquidators to sell all the remaining merchandise in 567 stores before it goes out of business, the company said today.
Circuit City signed an agreement with retail liquidators[i] Great American Group WF LLC; Hudson Capital Partners LLC; SB Capital Group LLC; and Tiger Capital Group LLC,[/i] the company said.
The announcement comes a day after the company held an auction it billed in court papers as its last chance to survive bankruptcy as an intact, though smaller, chain.
â€œWe are extremely disappointed by this outcome,â€ said James A. Marcum, acting chief executive officer, in a statement. â€œThe company had been in continuous negotiations regarding a going-concern transaction. Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders.â€
Based in Richmond, Virginia, Circuit City was the biggest electronics retailer in the U.S. until the mid-1990s. The company lost market share to Best Buy Co. and Wal-Mart Stores Inc. while Amazon.com Inc. and other online retailers undercut it with lower prices. In November, the company filed for bankruptcy, saying it planned to reorganize and exit court protection as a going concern.
Founded in 1949 by Samuel Wurtzel, Circuit City opened Richmondâ€™s first retail television store.
The case is In Re Circuit City Stores Inc., 08-35653, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond).