hk wrote:
Circuit City to liquidate, shutter stores
Fri Jan 16, 2009 8:08pm EST

By Karen Jacobs and Emily Chasan

ATLANTA/RICHMOND, Virginia (Reuters) - Bankrupt electronics retailer
Circuit City Stores said on Friday it will liquidate its assets and
shutter hundreds of U.S. stores after failing to reach a deal to sell
the company.

Circuit City is one of the largest retail bankruptcies in the current
U.S. recession. Its demise paves the way for larger rival Best Buy Inc
to boost sales and gain clout with suppliers as the leading electronics
retailer.

U.S. Bankruptcy Judge Kevin Huennekens approved the plan to liquidate
Circuit City, and the No. 2 retail player in U.S. electronics said it
would begin closing stores on Saturday.

"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 to structure a going-concern transaction ... and so this is
the only possible path for our company," Vice Chairman James Marcum said.

This could have been avoided if it weren't for the arrogance and hubris
of the good old boys in Richmond. There were many offers, 4 or 5 years
ago, to purchase Circuit City from some investors up North a couple of
years ago but the Southern boys wouldn't sell to anybody up North.