2 former NH Circuit City properties sold
Two former Circuit City stores in southern New Hampshire have new owners. The New England branch of the commercial real estate broker CB Richard Ellis says each location was sold for $3.5 million. . . more
Showing newest posts with label Circuit City. Show older posts
Showing newest posts with label Circuit City. Show older posts
Wednesday, November 11, 2009
Monday, October 26, 2009
Commerical real estate struggles amid some signs of hope
Seacoast's commercial real estate market may be rebounding; brokers see positive signs
Earlier this month, the former Circuit City building on Woodbury Avenue in Portsmouth was sold in a deal that says a lot about the current commercial real estate market — falling prices and opportunities for a different set of economic players.
"This is prime real estate property and just two years ago the price would have been higher," said Kent White, a vice president with the commercial real estate firm CB Richard Ellis in Portsmouth. White helped facilitate the sale of the 35,000-square-foot property, which was initially listed at $6.4 million and finally sold for $3.5 million.. . . more
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"This is prime real estate property and just two years ago the price would have been higher," said Kent White, a vice president with the commercial real estate firm CB Richard Ellis in Portsmouth. White helped facilitate the sale of the 35,000-square-foot property, which was initially listed at $6.4 million and finally sold for $3.5 million.. . . more
Monday, June 15, 2009
No Circuit City Stores Yet, Says Systemax Exec
New York — Circuit City will remain an online-only business for the immediate future, according to Systemax, the IT supplier and retailer that acquired the bankrupt chain’s brand and Internet business last month.
“It’s too soon to say whether Circuit City stores will appear,” said Gilbert Fiorentino, chief executive of Systemax’s technology products group, which also operates the company’s CompUSA and TigerDirect businesses. “We’ve only owned it for two weeks, and we haven’t figured out what to do with it yet.”. . . more
Wednesday, May 13, 2009
Circuit City brand, Web site sold at auction
RICHMOND, Va. (AP) - An intellectual property consulting firm says bankrupt Circuit City's brand, trademarks and e-commerce business have been sold at auction to a New York-based retailer.
A spokeswoman for Streambank LLC, the consulting firm hired by Circuit City, declined to say how much the sale Monday to Systemax is worth.. . . more
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Tuesday, March 10, 2009
Circuit City’s demise vacates lots of retail space
When the last Circuit City store closed Sunday evening, retail centers across the country were left with gaping holes.
The Henrico County-based chain had more than 22 million square feet of retail space as of February 2008, when it operated nearly 700 stores. Circuit City, which filed for bankruptcy in November, began closing stores last fall.. . . more
Monday, March 9, 2009
Final bow: Circuit City switches off the lights
RICHMOND, Va. — What began 60 years ago as a humble television store in this sleepy Southern capital ended Sunday as Circuit City closed its doors for good — its 567 remaining U.S. stores to be left broom clean and vacant.
For the last month and a half, a group of four liquidators have conducted going-out-of-business sales for what was the nation’s second-largest consumer electronics retailer, selling its remaining $1.7 billion worth of inventory weeks sooner than expected.. . . more
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For the last month and a half, a group of four liquidators have conducted going-out-of-business sales for what was the nation’s second-largest consumer electronics retailer, selling its remaining $1.7 billion worth of inventory weeks sooner than expected.. . . more
Friday, March 6, 2009
Remaining Circuit City Stores to Close Sunday
Circuit City's liquidation sales are coming to an end about a week early because the liquidators say they were able to sell most of the inventory during the store's going-out-of-business sales.
"Consumers reacted to the top-quality product that they had, and the prices we were able to sell it at, and we're basically running out of inventory a week early," said Scott Carpenter, vice president for Great American Group LLC, which has been managing Circuit City Stores Inc.'s going-out-of-business sales. . . . more
Wednesday, March 4, 2009
Circuit City: The ripple effect
Circuit City's demise means fewer turkey and cheese sandwiches will be sold at the Boston Street Deli. The Dorchester shop is popular with employees of the giant electronics retailer, located less than a mile away. But this month, the chain will finish shuttering its remaining 567 US stores - including 19 in Massachusetts - after the Virginia-based company filed for bankruptcy in November.
The closing will cost the Boston Street Deli about 10 lunch regulars, including the woman who orders a turkey and cheese daily. "That's $50 I'm going to lose a day," owner Teddy Jurczuk said, at a time when even a glancing blow is a major hit. "It's bad."
And it is likely to get worse. By the time the last Circuit City store switches off its lights, about 34,000 employees will have lost jobs, including about 600 in Massachusetts. But the company's failure will resonate far beyond its payroll. Some of the damage is easy to measure - more than 200 creditors in Massachusetts alone say the company owes them a total of nearly $28 million - but other effects are less apparent.. . . more
Wednesday, February 4, 2009
Circuit City hires company to dispose of real estate
Circuit City Stores Inc. has hired DJM Realty to dispose of its stores, distribution centers and office space as it goes through liquidation.
The Melville, N.Y.-based company will market the chain's properties to potential suitors. DJM said there was interest for the properties among other retailers and supermarkets chains, according to a statement issued this morning.
The properties range in size from 16,844 square feet to 82,555 square feet.. . . more
Wednesday, January 21, 2009
Circuit City collapse could hit real estate investors
NEW YORK (Reuters) - The collapse of electronics retailer Circuit City (CCTYQ.PK) could drive down shopping and strip mall rents, and deal another blow to commercial mortgage-backed securities' (CMBS) investors who have already seen their bond prices slide.
After a dismal holiday shopping season and several failed attempts to sell itself, Circuit City -- having filed for Chapter 11 bankruptcy protection in November -- last week said it would close all its 567 U.S. stores and liquidate its assets.
The move left 30,000 employees of the Woodland Hills, California-based company without work, and creditors -- including landlords -- lining up to get whatever they can after the company sells its inventory.
"Now those landlords are in line like the rest of their creditors -- and probably in the back of the line to get paid," said Suzanne Mulvee, Property & Portfolio Research real estate strategist.. . . more
Friday, January 16, 2009
Circuit City to shut down
Court filing shows bankrupt electronics retailer seeks approval to sell merchandise in its remaining 567 stores.
NEW YORK (CNNMoney.com) -- Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 stores and sell all its merchandise.
The company said it has 30,000 employees.
In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy - said it had reached an agreement with four companies to start the liquidation process.. . . more
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The company said it has 30,000 employees.
In a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, Circuit City - the No. 2 electronics retailer after Best Buy - said it had reached an agreement with four companies to start the liquidation process.. . . more
Three Bidders Eye Retailer Circuit City
Private-equity firm Golden Gate Capital has emerged as one of three bidders in the auction for retailer Circuit City Stores Inc (CCTYQ.PK: Quote, Profile, Research, Stock Buzz), which filed for bankruptcy protection in November, the Wall Street Journal reported.
The San Francisco-based firm has made a bid for the entire company but has requested 30 days to analyze the business, the Journal said, citing people familiar with the situation.. . . more
Thursday, January 15, 2009
Potential bidders on Circuit City chain might close all stores
Circuit City Stores Inc.’s assets may be bought by companies that would sell off remaining merchandise and shut down the second-largest U.S. consumer electronics chain, according to two people familiar with the planned bids.
Hilco Merchant Resources LLC, Great American Group LLC and Hudson Capital Partners are part of two groups of liquidators that planned to submit offers for the retailer, said the people, who declined to be identified because the auction process isn’t public.
Source: The News Tribune
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Tuesday, January 13, 2009
Circuit City Still For Sale, in New Talks
RICHMOND, VA-Circuit City’s latest sale is itself. The question is, can it complete the sale in time to avoid liquidation? On Friday, Jan. 5, the troubled electronics chain, operating under Chapter 11 protection since Nov. 10, 2008, received approval from the U.S. bankruptcy Court to continue negotiations to put the company up for sale as a going business, separate business or individual assets. It also revealed it is in discussions with two unnamed parties regarding a deal that would allow it to remain in business.
“These interested parties are considering providing additional financing to allow the company to sustain operations and move forward with a subsequent restructuring through a stand-alone plan and/or purchasing the company or all or substantially all of the company's assets,” said a statement from Circuit City. “The parties have substantially completed due diligence and now are in negotiations with the company and the company's major stakeholders in order to finalize such a transaction. While the company is optimistic that a transaction can be successfully finalized, no assurance can be given that this will occur.” However, an auction of the company can begin on Jan. 13, and if a sale agreement is not completed by Jan. 16, a liquidation process can begin. . . . more
Friday, January 9, 2009
Circuit City in talks with 2 ‘interested parties’
Circuit City Stores Inc., the troubled Henrico County-based home electronics retailer, today said it could be close to finalizing a deal to sell all or parts of the company.
Circuit City, which filed in November for Chapter 11 bankruptcy protection, said it filed a motion with the federal bankruptcy court Monday seeking approval of procedures that would formally put the company up for sale. The request asks that Circuit City be approved for sale as separate business units or as individual assets -- including the sale of inventory.
In a statement this morning, Circuit City said it is "engaged in significant discussions, meetings and negotiations with two highly motivated and interested parties" about a purchase of all or parts of the company.. . . more
Tuesday, December 23, 2008
Judge OKs Circuit City financing
RICHMOND, Va. — Circuit City Stores Inc. on Monday received final approval for $1.1 billion in financing to keep operating while the nation's second-biggest electronics retailer is in Chapter 11 bankruptcy protection.
U.S. Bankruptcy Judge Kevin Huennekens approved the debtor-in-possession loans at a hearing in Richmond. The financing, which replaces a $1.3 billion asset-backed loan the company had been using, will be used to stock merchandise and pay employees.
Richmond, Va.-based Circuit City filed for bankruptcy protection last month as it faced pressure from vendors and consumers who aren't spending. Its Canadian operations filed for similar protection.
Gregg Galardi, an attorney for Circuit City, said that since filing for bankruptcy, the company's sales have been hurt by the weak consumer spending environment and are down between 40 percent and 50 percent. . . . more
Monday, December 22, 2008
Circuit City in court for bankruptcy hearing
RICHMOND, Va. (AP) - Circuit City is heading into U.S. Bankruptcy Court for a hearing to seek final approval of financing to be used while it is in Chapter 11 bankruptcy protection.
The nation's second-biggest electronics retailer filed for bankruptcy protection last month as it faced pressure from vendors and consumers who aren't spending.. . . more
Friday, December 19, 2008
Circuit City says not closing more stores
ATLANTA (Reuters) - Consumer electronics retailer Circuit City Stores Inc , which is operating under Chapter 11 bankruptcy protection, said on Thursday it has not announced plans to close more stores.
The company, which is currently closing 155 of its 722 stores, issued a statement responding to a Credit Suisse research note that said it planned to shutter more outlets.
"Circuit City has not announced any plans for additional store closures," the retailer said in its statement. . . . more
Thursday, December 18, 2008
Circuit City plans to break 154 additional leases
Circuit City Stores Inc., the nation's second-largest electronics retailer, said Wednesday it plans to break the leases for almost all the 155 stores it plans to close this month.
The Richmond, Va.-based company was scheduled to auction the leases on Thursday as part of its Chapter 11 bankruptcy protection proceedings. But too few bids came in to hold the auction, company spokesman Bill Cimino said.
"It's a tough retail real estate market now," Cimino said.
Circuit City filed for federal bankruptcy protection last month as it faced mounting debt, pressure from vendors, a drop in consumer spending and heightened competition from rival Best Buy Co. and others. Its Canadian operations filed for similar protection. . . . more
Friday, December 5, 2008
Circuit City De-Listing Confirmed
The New York Stock Exchange, in an expected move, on Thursday officially notified the Securities and Exchange Commission that Circuit City's stock will be de-listed, as of the opening of business Dec. 15.
The reason for the move, the NYSE said in a notification form, was the company's recent bankruptcy filing. The stock had been suspended from trading in mid-November.
Source: Dealerscope
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