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From Circuit City to ghost town

10 Mar 2009

USA: What began 60 years ago as a humble television store in this sleepy southern capital of Richmond, Virginia, ended Sunday as Circuit City closed its doors for good - its 567 remaining US stores to be left broom clean and vacant.

Image courtesy of E-Commerce Times

For the last month and a half, a group of four liquidators have conducted going-out-of-business sales for what was the nation's second-largest consumer electronics retailer, selling its remaining US$1.7 billion worth of inventory weeks sooner than expected.

In its wake Richmond-based Circuit City Stores will leave more than 18 million square feet of vacant space in a faltering real estate market. And more than 34,000 employees, some who worked through the liquidation announced in January, will be jobless. Shareholders will likely get nothing and creditors may receive far less than what they are owed.

Read the full article here.