Nationwide, about 34,000 people will lose their jobs as a result of the liquidation. "I feel particularly badly for the people who are employed or until recently were employed." "We are extremely disappointed by this outcome.
Thirty Circuit City stores in the state of New York will be closed: four in Manhattan, three in Brooklyn, one in Staten Island, one in Yonkers and one in Rego Park, according to company documents. The company had been in continuous negotiations regarding a going concern transaction.
Shopping carts, store displays and even check-out stands were for sale, although few customers streamed into the two-story space.
Store employees huddled together, sitting on a check-out counter, laughing and reminiscing.
will leave more than 18 million square feet of vacant space in a faltering real estate market.
And more than 34,000 employees, some who worked through the liquidation announced in January, will be jobless.
"When you make that many mistakes, eventually you end up at the edge of the cliff," he said.
Ultimately, the hobbled credit market and consumer worries proved insurmountable.
Circuit City also had hoped to make up for its diminished product margins with its service and installation business called Firedog, which opened in 2006 - four years after Best Buy purchased the similar Geek Squad service.
"I wish there was one kind of fatal blow that we could all pick out," said Stephen Baker, vice president of industry analysis at market researching firm, The NPD Group Inc. in hindsight they almost always did the wrong thing." Baker pointed to many other missteps in management, among them: not declaring bankruptcy sooner, not getting into the music and movie business earlier, takeover bids in the mid-2000s, and exiting the appliance business in 2000.
The dismal environment also has claimed retailers including KB Toys and Mervyns.
Circuit City, which posted losses in seven of its final eight quarters, had its brand value diminished in the 1990s as it lost significant traffic to rivals like Best Buy Co., which built bigger stores in better locations and achieved greater economies of scale. and others who have expanded their electronics offerings also wooed Circuit City customers.