NEW YORK Feb 18 The liquidators of Circuit
City Stores Inc CCTYQ.PK said on Wednesday they were ahead of
schedule in shedding the U.S. electronics retailer's $1.7
billion of inventory, and expect to complete the job in three
to four weeks.
In a statement, the liquidators said more than $1 billion
of inventory has been sold since going-out-of-business sales
began on Jan. 17, and they are closing some of the chain's 567
stores faster than expected.
They also said the stores still open contain all remaining
merchandise because the company's nine distribution centers
have been emptied.
Circuit City filed for Chapter 11 bankruptcy protection
last Nov. 10, citing tighter credit terms from vendors and a
loss of market share to Best Buy Co < BBY.N>, Wal-Mart Stores
Inc (WMT.N) and other rivals. It announced plans to liquidate
on Jan. 16, after failing to find a buyer. [ID:nN16280812]
The bankruptcy is one of the largest in the retail sector
in the current U.S. recession.
Great American Group, Hudson City Partners, SB Capital
Group LLC and Tiger Capital Group LLC are handling the
liquidation, according to the statement.
(Reporting by Jonathan Stempel; Editing by Anshuman Daga)