“Don’t rule anything out yet,” said Jefferies & Co analyst Dan Binder.“You could go away, you could restructure to something smaller, maybe somebody buys the brand and a couple hundred stores and maybe it ends up a regional player.” The company could face an uphill struggle to reorganize and emerge from bankruptcy since credit is tight and consumer spending has plummeted.
That day, the Richmond newspaper reported that hundreds of workers had been let go from company headquarters.
The largest shareholders include HBK Master Fund LP and First Pacific Advisors LLC, according to the filing.
Best Buy shares closed down 38 cents, or 1.5 percent, to .21 on the New York Stock Exchange on Monday, and hhgregg fell 18 cents, or 3.5 percent, to .93.
Circuit City agreed yesterday to close all its 567 stores and begin selling off its assets as early as today, throwing 34,000 employees out of work and becoming the first major post-holiday casualty of the retail slump. 2 electronics retailer, which had been restructuring under Chapter 11 bankruptcy protection, and its creditors agreed to the closing after negotiations with two potential buyers seeking to continue the company as a going concern broke down.
The company said that no value will remain for shareholders.