[JPL] Circuit City Stores, Inc. to Liquidate
Jazz Promo Services
jazzpromo at earthlink.net
Fri Jan 16 14:37:51 EST 2009
Circuit City Stores, Inc. to Liquidate
RICHMOND, Va., Jan 16, 2009 /PRNewswire-FirstCall via COMTEX News
Network/ -- Circuit City Stores, Inc. announced today that it will seek
Bankruptcy Court approval to begin the process to liquidate the assets
of the company.
"We are extremely disappointed by this outcome. The company had been in
continuous negotiations regarding a going concern transaction.
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 in the limited
timeframe available, and so this is the only possible path for our
company," said James A. Marcum, vice chairman and acting president and
chief executive officer for Circuit City Stores, Inc.
Circuit City will provide more details in the near term about the plans
for the liquidation of the stores and other assets, the status of the
company's Web site and firedogSM services operations, the status of its
Canadian operations and plans for the company's bankruptcy proceedings.
The company does not anticipate any value will remain from the
bankruptcy estate for the holders of the company's common equity,
although this will be determined in the continuing bankruptcy
The company filed for Chapter 11 bankruptcy protection in November 2008.
The case number for Circuit City's Chapter 11 filing is 08-35653.
Additional information can be found by visiting the company's investor
information home page at http://investor.circuitcity.com and clicking on
"Breaking News" and at the Claims Agent's Web site at
About Circuit City Stores, Inc.
Circuit City Stores, Inc. (OTC: CCTYQ) is a specialty retailer of
consumer electronics and related services. At December 31, 2008, the
domestic segment operated 567 stores in 153 U.S. media markets. At
December 31, 2008, the international segment operated through
approximately 765 retail stores and dealer outlets in Canada. Circuit
City operates Web sites at www.circuitcity.com, www.thesource.ca and
Statements made in this release may be considered forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and are subject to risks and uncertainties. These
forward-looking statements include, without limitation, statements
regarding the company's expectations concerning the bankruptcy process.
Actual results may differ materially from those included in the
forward-looking statements due to a number of factors, including,
without limitation, developments in the bankruptcy proceedings, the
results of the liquidation sales and other matters.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO )
SOURCE Circuit City Stores, Inc.
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