Full blown liquidation, no value remains for shareholders.
I was going to write “Wow,” but its a tough business, with brutal competition and razor thin margins. CC had too many missteps over the years — and too much debt — to reorg/recover from.
WSJ: Circuit City Stores said it has reached an agreement with liquidators to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.
Circuit City Stores Inc. (CCTYQ), which filed for Chapter 11 bankruptcy protection in November, said Friday it will seek Bankruptcy Court approval to liquidate the company. Circuit City does not expect any value to remain for shareholders at this time. The retail chain had employed more than 30,000 workers in the U.S. and Canada.