of $3.4 billion and debt of $2.32 billion, including a $119 million debt to Hewlett-Packard and a $116 million debt to Samsung Electronics. Chief executive James A. Marcum promised that the stores would stay open and the chain would not be liquidated. On November 18, 2008, it was announced that Ricardo Salinas Pliego, current owner of Mexican television broadcaster TV Azteca and electronics store chain Elektra, had purchased 28 percent of Circuit City. On January 10, 2009, it was announced by a company spokesman that Circuit City needed a buyer by January 16, 2009, to keep from shutting its doors due to an approaching deadline set by the court and creditors. Although two unnamed parties were interested in buying out Circuit City, a bidder could not be found, so Circuit City, with bankruptcy court approval, converted its Chapter 11 bankruptcy to Chapter 7, and started airing "going out of business" commercials, as they started closing all of their stores. The Canadian operations, which were run under The Source by Circuit City banner, were not initially affected by the liquidation, but were later sold to Bell Canada. According to Circuit City's website, the company announced on January 16, 2009, that it intended to liquidate all of its stores. Reportedly, over 30,000 employees lost their jobs in the liquidation, as well as 45% of Verizon's Circuit City sales force being laid off with the remainder resigning or transferring to other Verizon locations. The final day of operations for all Circuit City stores was March 8, 2009. Besides retail auto dealerships, Circuit City closed more retail locations in the U.S. than any other retail chain in 2009. Circuit City selected Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC, and Tiger Capital Group LLC to handle the liquidation of all stores nationwide. Liquidation was completed on March 9, 2009. During the liquidation of all Circuit City stores across the nation, the company's online store was closed, and replaced it with a page that read as follows: Purchase by Systemax Systemax, Inc., in April 2009, signed a stalking horse agreement for $6.5 million, which was an initial offer for the bankrupt Circuit City's assets. On May 13, 2009, it was announced that Systemax had purchased the Circuit City brand name, trademarks, and e-commerce website for US$14 million at auction from Circuit City Stores, Inc. on May 11, with the deal set