The clock ticks for the closure of Circuit City

It’s shocking but true. The bankruptcy court has set a Friday deadline for Circuit City to reach a deal with a buyer -- though an extension is possible. An auction determining Circuit City's fate was going on into the night Thursday at the offices of the company's New York law firm.


This is what the company has to say:

* Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company’s assets will be liquidated to pay off creditors.
* The process was extremely difficult, and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years, and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.
* We had hoped to be able to emerge from Chapter 11 Bankruptcy protection as a stronger, more competitive company, and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation.
* Liquidation managers began arriving in our 567 stores across the U.S. over the weekend of January 17-18 and closing sales were started as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed.
* At the company’s corporate offices in Richmond, VA., a small staff will remain on duty during the completion of the liquidation process; most associates have been relieved of their duties.
* In some locations, a specific amount of notice regarding this change may be required by state or federal law. We informed all locations as soon as possible.
* In the meantime, you may contact the Associate Service Center at 800-288-6353.

For more information on Circuit city you can check out http://www.circuitcity.com/closed.html

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