End Of Circuit City

01.12.09 | FL News Team

A bankruptcy court has given Circuit City permission to sell off some or all of its assets but it could be too late to save the electronics outlet. The "Washington Post" quotes a company spokesman as saying the retailer could be out of business if a buyer isn't found by Friday. 

Circuit City claims it's talking with a couple of potential buyers but won't identify them only saying both are "highly motivated." Analysts are skeptical about a sale saying the current economy is placing high hurdles in front of any potential buyer

Spokesman Bill Cimino says if a buyer isn't locked in by Friday, "then we would move to sell the inventory down and the company would be going out of business."

Circuit City announced in November it would close 155 stores hoping a consolidation would help the remaining outlets survive through the holidays and the bankruptcy proceeding.  Cimino says liquidation sales at those shuttered stores "did not bring in everything we thought it would."