Grab a Sunday newspaper and go for the latest Circuit City advertisement ad, for that ad could be the last you’ll ever see from Circuit City. You can call it a collector’s edition now, and who knows, that ad could be worth some money years from now. But if liquidators go after those sale ads, as well as everything else in the store as their planning to do, then you’ll be out of luck. But then again, who needs sales ads when merchandise will be offered with stiff discounts as the store is going out of business.
Circuit City had closed several stores a couple of months ago in attempts to emerge and regain profits, but the chain filed bankruptcy due to debts and desperately needed a buyer to keep from closing permanently before a January 16, 2009 deadline. But economic conditions being so poor, no buyer came forward, and the company was forced to liquidate and close all of their stores in the U.S.
Liquidators began to arrive in all of their over 500 stores nationwide this weekend, and Circuit City started with their going out of business sales as early as Saturday, January 17. As of now in many stores you can see items with anywhere from 10-30 percent off. Expect discounts to go even deeper over the next couple of months, as sales are expected to wrap up by the end of March.
It’s quite a sad sight to see what was such a great company fall to such a low. They have approximately 34,000 employees that are now out of a job. The company’s 60 year history has now been reduced to their website being a glorified press release.
Not for nothin’, this unfortunate news for Circuit City means business for it’s chief competitor Best Buy. Best Buy is now the only nationwide electronic retail store in the United States. That also means that they can pretty much sale their goods pretty much at whatever they want. The good news is that, stock for Best Buy could be going up on Monday.