Richmond (VA) – Circuit City’s liquidation appears to be going quite well, according to those managing the discount sales of the failed consumer electronics retailer. They are going so well, in fact, the liquidators said they will be offering even deeper discounts starting today.
According to the liquidators, since the clearance started on January 17, more than $450 million of Circuit City’s $1.7 billion of inventory has been sold. These sales should increase as they begin offering prices on all plasma televisions slashed 25% off of original prices, with other brand name flat screen and LCD models reduced to 20% off. Car audio components, such as speakers, radios and CD changers, will be discounted 40% off.
Other store merchandise, including those items which typically receive no kind of discount below list price, will reportedly also be “sold at substantial discounts.” Circuit City’s nine distribution centers across the country are reportedly almost “emptied out” and that the clearance sales are expected to last only another four to five weeks – rather than the eight originally anticipated.
“We are very pleased with the reception that these clearance sales has received, and we anticipate that more and more people will come out to take advantage of the great bargains being offered,” said Scott Carpenter, executive vice president, director of operations, for Great American Group, which has been overseeing all the sales activity along with other members of the joint venture group. “With the Super Bowl coming this Sunday, we expect many consumers to be purchasing HDTVs, especially in the 50″ and larger widescreen sizes.”