Circuit City Trying to Sell, Liquidation Possible After January 16th

Ever since Circuit City filed for bankruptcy protection in November, everyone has been wondering how long they would hang on. Today they clarified their present situation, indicating that liquidation is possible after January 16th.

Currently, Circuit City is negotiating with "two interested parties" about selling off the company in a going concern transaction. The motion, filed with the Bankruptcy court indicates that an auction of the company and its assets would commence on January 13, and a sale hearing would occur on January 16, 2009. If a sale does not occur, the company can begin to liquidate. The full details are available in the press release, but the long-and-short of it is that the clock is ticking on Circuit City unless they can get a deal done really, really soon. [Circuit City via Yahoo]