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TMCNet: Circuit City Store Closing Sales Now Underway at 154 U.S. Locations.

[November 05, 2008]

Circuit City Store Closing Sales Now Underway at 154 U.S. Locations.

NORTHBROOK, Ill. --(Business Wire)-- Circuit City store closing sales have begun, where permitting allows, at 154 locations in the U.S. Over $300 million of high quality, name brand consumer electronics and related products for the home and office are being sold at discounts up to 30%. Consumers can take advantage of outstanding savings on a tremendous selection of merchandise, from TV and home entertainment equipment, to computers and accessories, MP3 and other audio products, cameras and camcorders, video gaming, music and movie media, and more. In addition, store fixtures, furniture and equipment are also being sold.

The store closing sale is being conducted by a joint venture partnership comprised of Hilco Merchant Resources and Gordon Brothers Group.

Michael Keefe, President and CEO, Hilco Merchant Resources, said, "This sale comes at a perfect time for everyone to enjoy large savings on many of their holiday gift purchases. Consumers who arrive at the start of the sale will certainly have the best selection of products from which to choose and will find great values on everything in the store."

"Merchandise will be marked down to sell fast. Everything must go," said Stephen Miller, Principal and Managing Director, Gordon Brothers Group. "The timing couldn't be better for consumers. We don't expect this sale to last very long."

All sales at the 154 stores being closed are final on items purchased during the store closing event, but normal refund policies will apply to merchandise purchased prior to the sale commencement date. Circuit City gift cards purchased prior to the sale commencement date will be honored, but no gift cards will be sold at the 154 closing stores. Cash and all major credit cards will be accepted. No checks. A complete list of the 154 Circuit City stores being closed at available at: www.hilcomerchantresources.com/circuitcity.asp.

About Hilco Merchant Resources, LLC

Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, operational, asset monetization and capital investment services to help retailers define and execute strategic initiatives. HMR can acquire, co-invest in or facilitate the merger of retail operations; purchase or otherwise dispose of duplicative stores, underperforming divisions, unnecessary distribution centers, inventory, owned real estate, leases, and furniture, fixtures and equipment. HMR also provides retail restructuring services, interim store management, loss prevention services, marketing and advertising management, merchandising management, and strategic store opening programs.

About Gordon Brothers Group

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods.

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