Circuit City announced on Friday that it will close down around 560 stores all across US and that means liquidation. You can spend your gift cards now to get all of the merchandise that you’ve wanting or else your gift cards will be ineffective after January 30, 2009. You can still use your Circuit City credit card elsewhere because another company probably will buy it. You can still get your warranty if it’s by a third party but it’s ineffective if it’s from Circuit City.
Your rebate can be done if it was submit awhile back but if it’s too late you may not get it. If you have electronics that was to be fixed you can still get it if you send it in awhile back and all of those fixing jobs will be completed. This Saturday is a good day to spend all of your gift cards and just buy because the best merchandise would probably be bought fast. The unfortunate liquidation of the stores will lead to all job loss for employees and they have been informed. There was not a buyer that could close the deal with Circuit City because of financial support issues.
Chief Executive James A. Marcum said that this is the only way that the company will resolve its problems. Kevin Huennekens who is U.S. Bankruptcy judge gave his approval for the liquidation plan. The stores have called employees to inform them about the closure and that they’ll be losing their jobs. The liquidation process will end around March said Circuit City. The company inventory is worth $1.8 billion dollars. The sales will be 30% off and will be changing as sales goes on. The deals will be great since the consumers love electronics and this is the time to get all those things that you’ve been wanting. The Canadian Circuit City chain will still be open for bidding. Best Buy is their fierce competitor since it has bigger stores in busy location. Best Buy share have increased by $2.20 or 8%.