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Secured Creditors Fare Well in Retail Bankruptcy Petitions - Update
Filings by six major retailers in various stages of Chapter 11 bankruptcy show a general trend toward paying secured creditors most or all of their debt, whether in cash or equity.
In the past few months, Retailer Daily has covered Chapter 11-related activities of supermarket retailers Bashas’ Supermarkets Inc. and Bi-Lo, LLC, discount apparel retailer Filene’s Basement, mall owner/operator...
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‘The Daily Wrap:’ Radio Shack, Best Buy, Starbucks
Private Equity Firm Considers Buying Radio Shack
Private equity firm Apollo Management and at least one other unnamed private equity company are rumored to be considering a purchase of consumer electronics retailer Radio Shack. Neither Apollo or Radio Shack has commented. Source: Fort Worth Star-Telegram
Best Buy Readies On-Demand Video
Consumer electronics retailer Best Buy is preparing to...
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Systemax Relaunches Circuit City Web Biz
Consumer electronics retailer Systemax Inc., who closed an agreement to purchase the e-commerce site and other assets from bankrupt consumer electronics retailer Circuit City on May 19, has relaunched the Circuitcity.com web site.
The new Circuit City web site features the same basic design and layout as the previous site and maintains Circuit City branding. However, Systemax added advanced...
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Electronics Retailer Snaps Up Circuit City Stores
P.C. Richard & Son, a privately-owned electronics and appliance retailer with 52 locations in New York and New Jersey, will take over five store locations formerly operated by bankrupt consumer electronics retailer Circuit City.
According to Retail Traffic, P.C. Richard & Son will take over three former Circuit City locations in New Jersey, two in New York, and one in Connecticut. Circuit City...
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Best Buy Increases Revenues and Profits
Consumer electronics retailer Best Buy Co. reported increased revenues and gross profits, along with lower net earnings and operating income, in its Q4 and fiscal year 2008 financial statements. However, Best Buy is showing signs it has already started capitalizing on a domestic competitive landscape that has been cleared of chief rivals Circuit City and Tweeter. Highlights from the quarter and...
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Troubles Continue for Circuit City
Bankrupt consumer electronics retailer Circuit City, who recently closed all 567 U.S. stores about three weeks ahead of schedule, now faces a class-action lawsuit over payments to some laid-off employees.
According to the Richmond Times-Dispatch, the lawsuit claims Circuit City is violating federal law by not giving enough notice or pay to some of its laid-off workers. Under the federal WARN...
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Comcast and Sony Team Up for Store Launch
Cable operator Comcast Corp. and consumer electronics manufacturer Sony Corp. are launching a new store concept called Sony StyleComcast Labs on March 17, 2009 inside Comcast’s Philadelphia, PA corporate headquarters building.
According to USA Today, the store will feature more than 3,400 square feet of floor space and allow customers to sign up for Comcast cable and broadband services, as...
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Circuit City Ceases Sales March 8
Bankrupt consumer electronics retailer Circuit City Stores Inc. will close all 567 US stores and end its going-out-of-business sale March 8, 2009, earlier than the originally announced ending date of March 31, 2009.
As reported by Bloomberg, an executive from liquidation specialist Great American Group WF LLC stated all Circuit City stores are expected to run out of inventory by March 8. Great...
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Circuit City Might Live on as Dot-Com
Hilco Trading LLC, a liquidator that took part in closing some Circuit City stores, is in talks to buy the bankrupt retailer’s name with the intent to operate CircuitCity.com as an e-commerce site, writes the Chicago Tribune.
A bankruptcy court would have to approve any sale. Circuit City filed for bankruptcy protection in November and began liquidating its stores after it couldn’t find a...
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Circuit City Asks for OK to Pay $3.9 million in Bonuses to Execs
Circuit City Stores Inc. has asked a bankruptcy judge to allow it to pay bonuses to keep employees from fleeing the fold as the bankrupt company liquidates, the Richmond Times Dispatch reports.
Executives and middle managers, 153 in all, would divide up $3.9 million, and non-managers would share up to $750,000, according to the request filed with the court.
Top executives—16 of them—including...
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