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Blighted electronic retail chain Circuit City is in discussions with several interested buyers, the company’s CEO Jim Marcum revealed to its employees in a letter. He also informed them about the likely course of action for Circuit City, which has filed a motion with the Bankruptcy Court seeking permission “for a process that formally puts the company up for sale.”
Marcum wrote that parleys with interested buyers have been focused on a “going concern” transaction, whereby the buyer will not dismantle Circuit City’s business, but just reorganize it. If the company fails to secure a sales agreement by the 16th, it will have to be liquidated. He asked employees to stay focused on the job at hand and work hard.
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[3] http://www.maximumpc.com/article/news/circuit_city_closing_155_stores_not_just_what_i_needed
[4] http://www.maximumpc.com/article/news/circuit_city_might_slash_jobs_thousands_close_150_stores
[5] http://www.maximumpc.com/article/news/circuit_city_gets_11_billion_claw_its_way_back
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