Circuit City Talks Are Ongoing
As of late Wednesday night, Circuit City remained in negotiations in regards to the company's going-concern auction- and a published report claimed that two of the bidders plan to purchase the company and liquidate its assets.
According to the Richmond Times-Dispatch, the auction was scheduled for 3 p.m. but delayed multiple times throughout the day, and executives, bidders and their lawyers found themselves negotiating late into the night. Meanwhile, Bloomberg News reported that among the bitters are top liquidation firms.
The negotiations are taking place in the New York offices of Circuit City's lawyers. Circuit City will submit the best offer for approval to U.S. Bankruptcy Court on Friday morning.