"We are extremely disappointed by this outcome. They were insolent and so we had to have them liquidated," said Sid Horowitz, who represented Circuit City's main creditors.
James Marcum, acting CEO for Circuit City said "We were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available."
"See," said Horowitz. "What the f*** does that mean?"
Circuit City wasn't a viable business in its business model in which surly customer service was paired with mediocre pricing. "You need to have a service model that differentiates you from the competition and keeps pace with the changing needs of the consumer," said Chip Watts of the Electronics Consumer Federation, and industry advocacy group. "Unfortunately, Circuit City chose to differentiate themselves by being insolent and driving their remaining customers to low price leaders like Wal-Mart or service leaders like Best Buy."
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