updated 09:00 am EST, Fri March 6, 2009
Circuit City closes stores
Electronics chain store Circuit City announced on Thursday it will permanently shut down all 567 of its stores across the country as of Sunday, March 8th, earlier than previously announced due to the record-high shopper turnouts for going-out-of-business sales. Some locations have already closed due to sold-out stock, as shoppers cleaned out store shelves since the sales began on January 17th in an attempt to liquidate $1.7 billion in inventory.
The closures were originally expected to take place on March 14th at the second-largest consumer electronics retail chain store in the US.
Back in November, Circuit City filed for bankruptcy as mounting pressure from suppliers, competition from Best Buy and the worsening US economy were too much for the chain to endure. Prior to this announcement, the company had closed 155 stores on its own terms in a bid to raise cash and avert its eventual bankruptcy.
The first Circuit City-branded store was built in New York in 1991, though the company dates back to 1948 as the Wards Company.