Clock Ticks Down On Circuit City
By Alan Wolf -- TWICE, 2/9/2009
RICHMOND, VA. — Circuit City's wind-down continues to proceed in an orderly fashion.
Last week the company hired DJM Realty, a division of Gordon Brothers Group, to manage the disposition of all its remaining real estate in the United States, including the leases for 578 stores and 17 office and distribution centers in 46 states. DJM will also market 13 Circuit City-owned properties including five stores, one service center and seven parcels of land.
The retailer also held a two-day job fair at company headquarters here last week for local workers, and said it would post nationwide job openings online at Linkedin.com.
“We are blessed to have some of the smartest and most dedicated employees in the American workforce,” said acting president/CEO James Marcum. “As we regrettably wind down our operations, we want to do everything we can to help members of the Circuit City family prepare for the next phase of their careers.”
Corporate employees, which had numbered about 1,500 before the liquidation, will continue to wind down operations over the next six weeks. Thereafter a skeleton crew will likely remain for the additional one to two years it could take to completely close the business.
Meanwhile, the company is also looking to sell its 765 Canadian stores, as well as its online operation, its Firedog services business and, ultimately, its brand, which will keep the company alive in name only.
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