Monday, January 19, 2009

Woodland Hills Firm Leads Circuit City Closure Efforts

A Woodland Hills-based liquidation firm is behind the closure of Circuit City's 567 stores, and will lead a group of firms who are operating "goiong out of business" sales at the retailer. Woodland Hills-based Great American Group is part of a joint venture that also includes SB Capital Group, LLC, Tiger Capital Group, LLC, and Hudson Capital Partners, LLC to operate the going-out-of-business sales at Circuit City's stores. Circuit City said Friday that it would close all of its stores across the country, and started liquidation sales this weekend. Great American Group said that $1.8 billion in retail inventory will be liquidated over the next 6 to 8 weeks at the stores, after Circuit City decided to go ahead and close its stores, after failing to find a buyer. Circuit City had been in Chapter 11 since November.