Circuit City closes its doors after 60 years in business.
Wired PR News.com – What once grew to be the second largest retailer of electronics in the country has now closed its doors. As reported by the Associated Press (AP), Circuit City closed shop for good on Sunday after 60 years. Liquidators for the company have reportedly over the course of the last month or so sold off their remaining inventory, which had an estimated worth of $1.7 billion, sooner than originally anticipated. Over 500 remaining stores in the U.S. will be left vacant, and an additional 34,000 employees of the company will be out of work as a result of the closing.
As noted by the AP, Circuit City Stores Inc. filed for bankruptcy protection last November. Stephen Baker, Vice President of NPD Group Inc., is quoted in the report as stating of the company’s issues, “I wish there was one kind of fatal blow that we could all pick out… Every time there was a crossroad…in hindsight they almost always did the wrong thing… When you make that many mistakes, eventually you end up at the edge of the cliff.”