Wednesday, January 28, 2009
Circuit City Liquidator Promises Deeper Cuts
One of the four liquidators of Circuit City, Great American Group, which is based in Woodland Hills, said today in a statement that the firm will be providing "deeper discounts" on items at the store, claiming that more than $450 million of Circuit City's $1.7 billion of inventory has been sold. The discounters--who came under widespread fire from consumers the weekend after Circuit City announced it would be closing its stores, for meager discounts and often increased prices--claimed that merchandise will be discounted up to 40%. Typically, liquidators will gradually increase their discounts, but only after they believe they've been able to recoup as much as possible from consumers. The firm said the 40% discounts would be on "select merchandise"--usually, liquidation sales have a variety of discounts depending on desirability of items. However, the firm said that flat screen and LCD televisions will only be 20% off. Other firms involved in the sale are SB Capital Group, LLC, Tiger Capital Group, LLC, and Hudson Capital Partners.