Log In   |  Register Free Newsletter Subscription
Skip navigation
Zibb
Subscribe to TWICE
RSS
Reprints/License
Print
Email

Circuit City Faces Final Decision Today

By Alan Wolf -- TWICE, 1/16/2009

Richmond, Va. — The fate of Circuit City could be determined today as the company’s financing runs out and a federal bankruptcy court considers bids to break up the business or buy it whole.

According to a report today in The Wall Street Journal, three parties have emerged as contenders to acquire the No. 2 CE specialty chain. As was widely speculated, they include Mexican billionaire Ricardo Salinas Pliego, a banking, broadcasting and retail tycoon who bought up 28 percent of Circuit City shares last fall.

Also entering the auction was Golden Gate Capital, a San Francisco-based private equity firm. The Journal cited “people familiar with the situation” who said the investment group has requested a 30-day extension to analyze the retailer’s books.

The third bid came from liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources, which together would sell off Circuit City’s inventory in a final fire sale. The paper’s sources said this scenario would be the likely outcome.

The bankruptcy court is scheduled to convene here this morning at 10 a.m.

Clickhereto read TWICE's complete coverage of Circuit City.

RSS
Reprints/License
Print
Email
Talkback
Related Content
Advertisement
More Content
  • Blogs
  • Photos

Steve Smith

Viewpoint

Steve Smith
November 13, 2009
CEA Podcast: The Future Of Retail
At last month’s CEA Fall Forum in Phoenix, yours truly had the pleasure of...
More

John Laposky

Reporters Notebook

Managing Editor
November 13, 2009
Color Wars
As I have said before in this forum, CE companies seem to save their best ads for...
More

VIEW ALL BLOGS RSS
CE Hall of Fame lineup

2009 Consumer Electronics Hall of Fame Induction

CEA Celebrates Class of ''09 CE Hall Of Famers
PC Richards Family

P.C. Richard & Son's 100th Anniversary Celebration

P.C. Richard & Son's 100th anniversary celebration and charity event, held this past Saturday night at the New York Marriott Marquis.
Executive director Richard Glikes

HTSA's Syncretic Synod In St. Louis

Photos from the HTSA event held earlier this week.
» VIEW ALL GALLERIES

marketing module graphic, twice
Advertisement
TWICE Resource Center
NEWSLETTERS
TWICE eNews Daily
TWICE Retail eWeekly



Please read our Privacy Policy

About Us   |   Advertising Info   |   Site Map   |   Contact Us   |   FREE Subscription   |   Affiliate Links
© 2009 Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Use of this Web site is subject to its Terms of Use | Privacy Policy
Please visit these other Reed Business sites