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Circuit City liquidation to start shortly

RICHMOND, Virginia
Fri Jan 16, 2009 1:17pm EST

RICHMOND, Virginia (Reuters) - Bankrupt retailer Circuit City Stores said it expects to begin closing its remaining stores on Jan. 17, pending court approval.

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Lawyer Gregg Galardi of Skadden Arps Slate Meagher & Flom LLP. which represents Circuit City in its Chapter 11 proceedings, said the company has about $1 billion to $1.3 billion in inventory to liquidate.

Galardi told a hearing at U.S. Bankruptcy Court in Richmond on Friday that a group of liquidators led by Great American Group won an auction for store chain Circuit City.

He added that Circuit City lacked trade vendor support to reach a deal to sell a smaller group of 180 stores.

He also said the specialty chain received indications of interest from Mexican retail and media tycoon Ricardo Salinas Pliego, who had built a stake of at least 28 percent in the retailer in recent months, and private equity firm Golden Gate Capital.

(Reporting by Emily Chasan in Richmond)
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