Circuit City to Close All U.S. Stores - KCBD NewsChannel 11 Lubbock

1/16/09

Circuit City to Close All U.S. Stores

Circuit City announced Friday it would close its remaining 567 U.S. stores. More than 30,000 employees will lose their jobs, including those who work at the Lubbock location at Slide and South Loop 289. Circuit City says employees here found out Friday that they would lose their jobs in 60 days.

The shutdown comes after the electronics retailer failed to find a buyer or a refinancing deal. The announcement comes on the heels of the company closing 155 stores at the end of last year. Circuit City filed for Chapter 11 bankruptcy last November and was looking for a buyer or a debt refinancing deal.

According to the Associated Press, Circuit City's Acting Chief Executive James Marcum made a statement saying quote "This is the only possible path for our company. We are extremely disappointed with this outcome."

Late Friday afternoon NewsChannel 11 tried to log onto the Circuit City website, but we were unable to get onto the site. According to the company's media relations hotline it's down for maintenance.

At this time it's still unclear what will happen to Circuit City's 765 stores in Canada.

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