Circuit City negotiations continue
Times-Dispatch
Circuit City’s store in Short Pump
Circuit City Stores Inc. is continuing to negotiate with potential buyers that would keep the company operating, a spokesman for the company said today.
"Circuit City remains in negotiations over a going concern transaction," spokesman Bill Cimino said.
Earlier today, two sources said the going concern auction of the number two electronic retailer had not found a buyer.
One of the sources said this afternoon that it appears Circuit City has found a buyer.
"Your sources are wrong," Cimino said over the earlier report that no bidders had found for the entire company.
The Henrico County-based company, which declared bankruptcy in November, entered the auction process on Tuesday after saying it had two potential bidders interested in buying the retail chain as a going concern, which would keep it operating.
Last night, a company attorney said negotiations with bidders would continue.
Bloomberg News reported yesterday that sources said two bidders planned to bid for the chain's stores and liquidate its assets.
Circuit City will present the results of the New York auction to U.S. Bankruptcy Court in Richmond at 10 a.m. tomorrow.
Vendors who supply the chain have been rooting that its buyer continues to operate it after it emerges from bankruptcy.
The chain, which had been suffering from nearly two years of losses, was pushed into bankruptcy late last year as vendors began to pressure it for payment and demand new credit terms, according to court records.
The chain listed $2.3 billion in liabilities when it filed, the majority of which was owed to vendors.
Contact Louis Llovio at (804) 649-6348 or
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Reader Reactions
I’m not defending anything. I’m just clarifying the facts. Your posts seem to insinuate that they were found guilty of encouraging front line employees to discriminate against shoppers and that’s not correct. They were found guilty of failing to promote two more qualified African-Americans, choosing less qualified Caucasian workers. I still think that’s wrong, I just want the correct information out there. I don’t want to patronize a business that knowingly performs illegal activity of any kind. Regardless, I don’t go to Circuit City, with the exception of one purchase (which came down to price) I’ve always gone to Best Buy because I think they have an A game. I think you need to stop being bitter and just get on with your life. You keep posting the same comments in EVERY article that mentions Circuit City… we get it, you hate them, and you took your gold card over to Best Buy instead… Congratulations, now let it die. Or is it that you can’t handle it if anyone else has an opinion that’s different than yours?
That is sad to see MeToo defending discriminaty, that was only a back office employee, so it’s OK. The company was only found guilty on two counts so it’s ok? that’s sick. I’ve never worked at CC, I’m just a person who not only expects equality for myself but for the entire community as well. Saying “don’t let the door hit you on the way out” may sound snappy, it may be fun for you to say rude things to paying customers, but it leaves CC with NO customers, bankrupt, and dead. Meanwhile, I just bought a new laptop from BB, so I’m sitting happy. Who’s up and who’s down? Good, respectful customer service wins every time. And corporate bigotry loses. Loser.
By the way, the two women who “won” the lawsuit were actually employeed by a subsidary company contracted to provide customer service and account management services. They were NOT front line store employees.
Actually, on appeal, the 4th District Circuit Court determined that it was not a valid class action lawsuit (http://www.venable.com/publications.cfm?action=view&publication_id=640&publication_type_id=1) and noted that only 2 of the defendants built a case of discrimination so it was not viewed as a “corporate policy” of discrimination, but rather two individual instances of discrimination. By the way you’re complaining TangiBeth, I assume you’re one of the two, but are you Renee Lowery or Lisa Peterson? You got your money, so shut up already. Or maybe you’re one of the people included in the class-action piece that was overturned and now your bitter because you didn’t get the bank roll?
Just because you have a personal problem with the store, doesn’t mean the entire world is required to stop shopping there. If your attitude in person is anything like it is in your posts, that’s probably the reason you were ignored at the store. I wouldn’t want to help someone out who had an attitude, “flashed [their] gold card,“ and threatened to go to another store. Well, don’t let the door hit ya on the way out!
You obsessive CC supporters forget that in 1998 a (predominantly white) jury found Circuit City, a corporate giant, guilty of racial discrimination. That is the bottom line. No, they aren’t nice people to work with, they’re guilty lawbreaking bigots.
Disgusted, I hope you know, writing puff pieces in exchange for advertising is unethical. RTD’s job is not to do PR for companies, they report the news. If companies want puff, they hire marketing companies and buy ad space.
re: “Walmart sales person sucked”—at least she spoke to you! I stopped going to CC cuz the salesmen were taught to ignore single women and minorities. I got tired of being ignored while salesmean went up to men who entered the store after I. I asked for the manger, flashed my gold card and said I was headed for Best Products to buy my new stereo.
re: “In this day and age all we have left in our country is the “service” industry.“—THEN WE DERN WELL OUGHTA BE GOOD AT IT! no excuse for discriminatory customer service.
let the court records speak for themselves. Circuit City was found guilty of discrimination after a fair hearing, so don’t say the company treats it’s employees fairly, IT DID NOT. Don’t say it treats customers equally, it did not. Do NOT say I’m a bad citizen for not patronizing a LAWBREAKING DISCRIMINATORY company with poor customer service. CC is suffering it’s ‘karma’ reflecting how they treated people for decades. The folks got tired of being treated badly and took their business elsewhere. and now CC is suffering from thier choices.
cc WAS found guilty of discrimination by the courts after a fair hearing. There is NO way anyone can claim they treat people better than any other place on earth. Let the court records speak for themselves and stop apologizing for coporate racism. Do not ever imply I’m a bad citizen for failing to patronize a lawbreaking racist company that taught it’s salesmen to ignore minority and female customers.
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