Circuit City bankruptcy to kill 150 jobs in North San Diego County

Mon. January 19, 2009; Posted: 05:25 PM

Jan 16, 2009 (North County Times - McClatchy-Tribune Information Services via COMTEX) -- CC | Quote | Chart | News | PowerRating -- The bankruptcy of the nation's second-largest electronics store will probably eliminate 150 local jobs from a sector whose employment levels have fallen precipitously since last year.

Circuit City Stores Inc. said Friday morning that it is asking a bankruptcy court's permission to liquidate its U.S. assets to pay off about $2 billion in outstanding debt. The Richmond, Va.-based chain closed 155 stores late last year as part of a reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company had said one aim was to clean up its balance sheet in order to be acquired.

The company said the failure to find a buyer was forcing it to convert its bankruptcy filing to a Chapter 7 and close its remaining 567 U.S. stores, including stores in Encinitas, Temecula and Carmel Mountain, by the end of March. Stores in Murrieta and Escondido closed in December after liquidation sales.

The company said its bankruptcy filing would not affect its Canadian operations.

Circuit City locations employ an average of about 50 people each.

About 500 local retail jobs disappeared late last year when Mervyn's LLC filed for bankruptcy and closed its discount department stores in Carmel Mountain, Escondido, Mira Mesa, Oceanside and Temecula.

To see more of the North County Times, or to subscribe to the newspaper, go to http://www.nctimes.com. Copyright (c) 2009, North County Times, Escondido, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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