Circuit City

Taken From Circuit City - Wikipedia, the free encyclopedia

 

Circuit City Stores, Inc. (Pink Sheets: CCTYQ) is an American retailer in brand-name consumer electronics, personal computers, entertainment software, and (until 2000) large appliances. The company opened its first store in 1949 and liquidated its final American retail stores in 2009 following a bankruptcy filing and subsequent failure to find a buyer. As part of its bankruptcy, the company is selling its Canadian subsidiary, InterTAN (which operates as “The Source by Circuit City“), to Bell Canada.

The “Circuit City” brand is now owned by Systemax, which uses the brand to sell electronics as an online retailer. On May 11, 2009, Systemax bought the brand, trademark and e-commerce business at an auction from Circuit City Stores, Inc. Systemax had earlier acquired CompUSA and TigerDirect which now operate as online retailers. Systemax in April 2009 signed a stalking horse agreement for $6.5 million which is an initial offer for a bankrupt company’s assets.^[1]

At the time of liquidation, Circuit City was the second largest U.S. electronics retailer, after Best Buy. There were 567 Circuit City Superstores nationwide, ranging in size from 15,000 to 45,000 square feet (1400 to 4000 m²), when the company announced total liquidation. An additional 155 stores were closed when the company filed for Chapter 11 bankruptcy in November 2008 with the intent of continuing operations. However, attributing its ultimate demise to the lack of consumer spending and overall economic downturn during the late 2000s recession, Circuit City began liquidation of its remaining stores on January 16, 2009, and they were all closed on or before March 8, 2009. ^[2][3][4] A small staff remains on hand at corporate headquarters to complete the company’s business, including the termination of its many leases, and the sale of its company-owned real estate and Canadian subsidiary.