Friday, January 16, 2009

Downtown Glendale Circuit City To Close

Circuit City is likely to shut down and liquidate all of its remaining stores by this March, which would of course include the location at Maryland and Broadway.

From CNN Money:
In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy (BBY, Fortune 500) - said it had reached an agreement with four companies to start the liquidation process.

The company said the sale would begin Saturday and run until March 31, pending court approval.

The retailer's Web site and call center will cease to operate after Jan. 18.

Circuit City said employees will receive 60 days notice of the termination.

Employees who are laid off earlier will get pay and benefits for the 60-day period beginning Friday, the retailer said.

Those who remain with the company to assist with the liquidation, will receive pay and benefits.

Circuit City also operates about 765 retail stores and dealer outlets in Canada. The company said its Canadian operations, which employ 3,000 workers, will continue to operate.

The company said it will redeem its gift cards through the liquidation sale, but the cards will have no value once the stores are closed.
Downtown Glendale has been exceptionally hard hit by retail chains going out of business: Tower Records, then CompUSA, Linens & Things, and Mervyn's.

4 comments:

Jeff Lowe said...

I wonder if there will be any killer deals on dslrs in stores on online.

anne. said...

In response to the comment before mine: I'm hoping cause I really want one! :]

DRB said...

And KayBee and Suncoast in the Galleria are gone. Come to think of it, isn't Penney's the only original anchor store in the Galleria that's still there? Broadway, Buffum's, Ohrbach's, Robinson's(?)/Robinsons-May, plus all of the big stores that came and went in the old Glendale Fashion Center and along downtown Brand (Newberry's, Webb's, Woolworth's, Kress, etc.). Chains have always come and gone, but it seems like it's more of a blow now because the Marketplace and Galleria have just had to replace major tenants and now they have to do it again, at the same time that they're dealing with competition from the Americana, and their other stores are barely staying afloat. It's distressing.

On the other hand, looks like it's time to finally get that DVD Recorder I've had my eyes on.

Mike said...

I'm predicting that Circuit City spot will remain empty for quite some time to come...