ATLANTA, Jan 16 (Reuters) – Bankrupt retailer Circuit City Stores said on Friday it will liquidate its assets after it failed to reach a deal with creditors and lenders regarding a potential sale of the company.
Circuit City, the second-largest U.S. specialty electronics retailer, was due to present the results of an auction for its assets at a hearing in U.S. Bankruptcy Court in Richmond, Virginia, on Friday.
It had conducted negotiations with potential bidders to sell the company, but had advised that liquidation was possible if no deal was reached.
“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 … and so this is the only possible path for our company,” Vice Chairman James Marcum said in a statement.
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source: guardian.co.uk
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