The End Of An Era: Short Pump-Based Circuit City Shutters Doors Forever

March 8, 2009; 8:08 PM • by Trevor Dickerson

The end of a 60 year era has come. Short Pump-based electronics retailer Circuit City closed all 567 US retail stores Sunday night forever. Liquidators finished selling off $1.7 billion in inventory at the stores almost two weeks ahead of schedule, according to sources familiar with the company. The company started as a humble television shop in Richmond in 1949 as Ward’s Company. Circuit City declared bankruptcy last November before announcing liquidation plans on January 16 of this year.

Nationwide, the former number two electronics retailer will leave behind 18 million square feet of retail space, and around 34,000 people jobless. The company owes more than $625 million to 30 unsecured creditors, which include suppliers of items such as televisions and DVDs. Secured lenders such as banks will receive payment first, possibly slighting the smaller creditors in the process.

The two stores we visited Sunday afternoon were almost completely picked over. The store at West Broad & Gaskins, just across the way from the corporate offices, was a concept store called The City. The newly-remodeled facility had a sign out front indicating there was “no merchandise.” Only fixtures (brand new ones, at that) remained.

The store at Short Pump Town Center had a few TV accessories and computer components, but was almost completely as bare as the other store. Discounts of up to 90% off helped move remaining stock last week. We caught up with the store manager and all remaining employees at the Short Pump store, who posed out front for a bittersweet photo, as it was the last day on the job for all of them.

A skeleton staff will remain in place at the corporate offices in Short Pump for up to two years, but the operations may be reduced to nothing more than a notebook computer running accounting software, according to sources. The wind-down process may take up to two years to complete.