What company is liquidating circuit city
But the company couldn’t secure the necessary financing or support from vendors.
Employees were being notified Friday that they would lose their jobs and, if a judge gives final approval to the liquidation, stores would begin the closing process as early as Saturday.
Circuit City Liquidating Trust is located in Henrico, VA.
Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business – closing its 567 U. Negotiations for an acquisition went past midnight on Thursday, a Circuit City lawyer said in court.
People have slashed their spending since the financial meltdown in September as they worry about their job security and declining retirement funds.
Before: WALKER, Chief Judge, and OAKES and MINER, Circuit Judges. Kravitz, Wiggin & Dana LLP, New Haven, CT (Victor A. One of City's wholly-owned subsidiaries was the Home Group, Inc., which changed its name to Am Base in 1989. At the same time, the Trust was formed to, “among other things, assume all of the claims, liabilities, and obligations” of City that were “not otherwise provided for.” The Trust was initially funded with assets having an aggregate estimated value of approximately 0 million.
Circuit City Liquidating Trust is classified under radio, television, & consumer electronics retail stores and has been in business for up to 2 years.
Circuit City Liquidating Trust is a public business.
Circuit City said in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.
They provide for 70.5 percent return on merchandise.Department store chains Goody’s Family Clothing and Gottschalks Inc.