Liquidation
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Circuit City liquidates gaming accessories by 30%
Circuit City's U.S. store liquidation of hit and miss deals is still trucking along and after starting off with a 10% off "clearance", we finally have reached the moderate deal level. Word on savings avenue is that all gaming accessories including Microsoft points cards and Live subscriptions are now 30% off retail prices. That is, if you can still find them in stock. Sadly, most video games are still only 10% off. Weak.Of course, your mileage may vary seeing that each Circuit City store is its own mini-liquidating ecosystem. [Thanks, Tyler R]
Circuit City closings begin, lines form, bargains await
If you were waiting to get some fliers in the mail announcing the beginning of clearances at your local Circuit City, we're sorry to report you've probably already missed the best deals. The liquidation was just made official last week, but, when Christen over at Gadget Review happened by the trendy Santa Monica branch of the doomed franchise yesterday, he found lines of people already waiting for their chance get in on the "everything must go" action. It looks like the crowds were somewhat contrived, as sales associates were making people wait outside before going in, but just the same you might want to bundle up before heading out for bargain hunting today.
Circuit City fails to be wanted, will now be liquidated
Even Circuit City's CEO admitted that liquidation was a very real possibility if a sale of the company didn't occur by January 16th, and needless to say, time's up. According to a breaking report from the AP, the once colossal electronics retailer will indeed be forced to liquidate, which should bring happy times for bargain hunters and sad times for employees. Now that details are starting to flow in, we're told that it will liquidate 567 of its US stores after failing to secure a buyer or refinancing deal. For those who care, Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC have been chosen as liquidators.[Thanks, Doug]
Sound Advice closing up shop, liquidating stores
Another one bites the proverbial dust. Hot on the heels of Tweeter zipping up its distribution centers comes word that the Florida-based Sound Advice will be throwing in the towel as well. Interestingly enough, we just heard hours ago that ripples from the Circuit City / Tweeter closings could affect upscale dealers, and here we are watching 22 boutique shops liquidate their current inventory and call it a done deal. About 50 employees stand to lose their jobs, but of course, those with an outlet around can take advantage of some killer deals right about now. Granted, this probably has quite a bit to do with the fact that Tweeter actually acquired Sound Advice in 2001 for $61 million, and generally speaking, children don't fare too well when their parents hit the skids.
Perpetual disbanding, STO in jeopardy [Updated]
South Korean company Gravity was forced in a mandatory SEC report to spill the beans that Perpetual Entertainment is seeking liquidation of all its assets and will soon cease to exist as a company. Gravity had to disclose this information in compliance with US law to inform its shareholders that it stands to lose $9 million in investments in Perpetual Entertainment due to the company's failure. Perpetual Entertainment filed for liquidation on the 10th of October, just a day after it announced the cancellation of its Gods & Heroes project. While appearances are that Star Trek Online has remained in some kind of development (however limited) in the short term, Perpetual will soon be forced to sell all its assets to pay off its debts.That means that either Star Trek Online is due for cancellation, or the project will be sold to a new development studio. Perpetual's continued work on STO is evidence that it at least hopes to keep the project alive by handing it off to another company. We don't know if Perpetual already has a buyer lined up or which company that buyer would be.[EDIT: WarCry's Razor has suggested that the SEC report is misleading and that this was just a part of the process of ending development of Gods & Heroes. His suggestion might be worthy of consideration, but there is not yet enough evidence behind it for us to call this a false alarm. We've sent an e-mail to our press contacts at Perpetual Entertainment for clarification and when/if we get a statement, we'll let you know.]
End of the line for Gizmondo Europe
We've followed the Gizmondo from the beginning, so it only seems right to see it through to its end. After filing for bankruptcy, Gizmondo UK has been ordered to liquidate by the High Court. As part of this, the liquidators will probably have to sell off the company's assets -- watch out, discount Gizmondos may be coming to market stalls near you.The company is still continuing operations in the US, but this is hardly going to imbue buyers with confidence. Despite Gizmondo's failure so far, other portable gaming companies are still trying to make it big, but will they find the market too impermeable? Or was the Gizmondo simply aiming for the wrong niche, with the wrong timing? It's not impossible for new handheld devices to succeed, but it may require a stronger brand to create a third player in the portable market.[via Engadget]
