Though Borders had received a tentative “stalking horse” bid earlier this month for around $215 million, that deal has since fallen apart and no one else has stepped up to the bidder’s box. Thus, the company has decided to say “aw, screw this,” and liquidate. [More]
Savvy shoppers know that there aren’t any true deals to be found at the liquidation sales of closing retailers, but most people aren’t savvy shoppers. Employees of doomed Borders stores are sharing their experiences online, and report that their stores are doing record business now that the liquidators have arrived and the garish “store closing” signs are up. Thanks to consumer confusion, business is good at the stores that aren’t closing, either. Who knew bankruptcy was so good for business? [More]
With a week to go before the deadline runs out on Chrysler’s bailout — it’s looking less and less likely that the automaker will be saved from liquidation.
Sorry deal hunters, the liquidation sales starting today at over 300 Ritz Camera locations will be managed by the same cabal of corporate scavengers that oversaw Circuit City’s abysmal liquidation sales.
With two weeks to go before the government deadline to approve GM’s restructuring plan, the AP says that GM’s CEO Rick “The Station” Wagoner told the press that if GM is allowed to go into bankruptcy, it will simply be liquidated.
After seeing our photo evidence of the sorry state of the St. Peters, MO, Circuit City yesterday, Eric decided to check out the final days of the Circuit City in Poughkeepsie, NY. He writes, “On one clearance table, among the overpriced cables, I saw this. I’m not sure what this was doing there, but it’s probably something the Circuit City executives should have read a few years ago, huh?” Yes, but it’s never too late! Those executives are going to end up working somewhere after all. By the way, do CC execs get a liquidation discount?
WCVB TV in Boston has an interview with two Circuit City liquidation customers who are out $1,100 after they bought a Samsung LCD TV from Circuit City’s liquidation sale — only to find out that it was totally shattered. When they tried to return it — Circuit City’s liquidator told them the merchandise was sold “as is” and cannot be returned for any reason. WCVB TV says there’s a sign in one store telling customers not to open the merchandise, and another that allows customer to check their merchandise only after they’ve paid for it. Is this ethical?
Hey, we’re sorry if you’re getting sick of hearing about how Circuit City’s liquidation sale isn’t a good deal, but it’s our duty to inform you that yet another local news investigation has determined that CC’s sales are crappy. In this case, they found every single item they shopped for, from DVDs to big screen TVs, cheaper on-line — and took a look at a laptop that is now being sold at a sale price that is more than before the store was taken over by liquidators. Let’s listen in:
Sam, a reader who says he is a current Circuit City employee, writes in to offer his advice on navigating the liquidation.
More and more media outlets are catching on to the fact that Circuit City’s liquidation “deals” aren’t as hot as normal sale prices.
Returning something to Circuit City? All sales are final during the liquidation, but if you bought it between January 1st and the 16th, you have a 14-day return window. However, if you bought it before January 1st, the original 30-day policy still applies. Your cashier might not know this, though, and try to deny the return. That’s what happened to Jason today when he tried to return a hard drive.
You probably won’t be surprised by this, but it looks like Circuit City’s liquidation deals aren’t very good deals at all. [Gizmodo]
Liquidation is a time for reflection, we guess, so we put together a nice little time line of Circuit City’s precipitous decline over the past 2 years. We begin our journey in March of 2007, when Circuit City announced that it was firing everyone who knew what 1080p meant so that they could hire cheaper labor…
Although they are accepting offers from buyers who intend to keep the retail operation going — Bloomberg reports that Circuit City is taking bids from liquidators — including the notorious Gordon Brothers (of CompUSA fame.)
Circuit City announced today that it is close to finalizing a deal to sell all or part of its operation to one of two undisclosed potential buyers— but if the deal falls through— the store could be liquidated.
KB Toys has returned to Chapter 11 bankruptcy, says the Wall Street Journal, and will be liquidated by its parent company — Prentice Capital Management.