Circuit City closes its doors

WOODLAND HILLS, Calif. Circuit City announced that it will close all 567 of its stores across the country. The retailer began holding going-out-of business sales on Jan. 17.

Ajoint venture group consisting of Great American Group, LLC, SB Capital Group, LLC, Tiger Capital Group, LLC, and Hudson Capital Partners, LLC, will be conducting the going-out-of-business sales. The sales are expected to last 6 to 8 weeks, with some stores closing sooner.

Circuit City reported that it was unable to work out a sale of the company to avoid the store closings.

“The Circuit City liquidation is one of the largest retail liquidations to take place in the U.S. to date, and the largest yet of any major national consumer electronics firm,” noted Daniel Kane, principal of Tiger Capital Group. Scott Bernstein, principal of SB Capital Group, added, “While the demise of Circuit City is certainly unfortunate, these going-out-of-business sales will provide consumers with great values on a wide variety of electronics and other items.”