CIRCUIT CITY STORES INC - FORM 8-K - EX-99.1 - NOVEMBER 2009 MONTHLY OPERATING REPORT

Attached files

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8-K - MONTHLY OPERATING REPORT - CIRCUIT CITY STORES INC	ccs012110_8k.htm

Exhibit 99.1

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.		ACCRUAL BASIS
CASE NUMBER: 08-35653
JUDGE: KEVIN R. HUENNEKENS


UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

RICHMOND DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: NOVEMBER 1, 2009 TO NOVEMBER 30, 2009



IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I
DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING
MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND
THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE
DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER
(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH
PREPARER HAS ANY KNOWLEDGE.



RESPONSIBLE PARTY:

/s/ MICHELLE O. MOSIER	VICE PRESIDENT AND CONTROLLER
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY	TITLE

MICHELLE O. MOSIER	JANUARY 15, 2010
PRINTED NAME OF RESPONSIBLE PARTY	DATE



PREPARER:

/s/ ANN P. PIETRANTONI	DIRECTOR, FINANCIAL REPORTING
ORIGINAL SIGNATURE OF PREPARER	TITLE

ANN P. PIETRANTONI	JANUARY 15, 2010
PRINTED NAME OF PREPARER	DATE

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-1
CASE NUMBER: 08-35653

BALANCE SHEET
(amounts in thousands)

	11/30/2009
ASSETS

CURRENT ASSETS
Cash and cash equivalents		330,403
Restricted cash		13,281
Short-term investments		1,048
Accounts receivable, net		354,896
Income tax receivable		74,762
Prepaid expenses and other current assets		6,376
Intercompany receivables and investments in subsidiaries		85,185

TOTAL CURRENT ASSETS		865,951

Property and equipment		6,871
Accumulated depreciation		(3,428	)
Net property and equipment		3,443
Other assets		12,589

TOTAL ASSETS		881,983


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Merchandise payable		176,735
Expenses payable		19,674
Accrued expenses and other current liabilities		32,745
Intercompany payables		607

TOTAL CURRENT LIABILITIES		229,761

Deferred income taxes		7,084

LIABILITIES NOT SUBJECT TO COMPROMISE		236,845

LIABILITIES SUBJECT TO COMPROMISE		1,388,807

TOTAL LIABILITIES		1,625,652

STOCKHOLDERS' EQUITY
Common stock		435,612
Additional paid-in capital		304,915
Retained deficit		(1,474,837	)
Accumulated other comprehensive loss		(9,359	)

TOTAL STOCKHOLDERS' EQUITY		(743,669	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		881,983

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-2
CASE NUMBER: 08-35653

INCOME STATEMENT
(Amounts in thousands)	11/1/2009 - 11/30/2009
Net sales		-
Cost of sales, buying and warehousing		-
Gross profit		-
Selling, general and administrative expenses		3,597
Operating loss		(3,597	)
Interest income		-
Interest expense		-
Loss before reorganization items, GAAP reversals and income taxes		(3,597	)
Net loss from reorganization items		(13,536	)
Net gain from GAAP reversals		-
Income tax expense (1)		-
Net loss		(17,133	)

(1) During November 2009, the company did not record a full tax provision.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-2
CASE NUMBER: 08-35653

INCOME STATEMENT
(Amounts in thousands)	11/10/2008 - 11/30/2009
Net sales		3,200,966
Cost of sales, buying and warehousing		2,825,511
Gross profit		375,455
Selling, general and administrative expenses		1,070,724
Asset impairment charges (1)		756,785
Operating loss		(1,452,054	)
Interest income		90
Interest expense		24,695
Loss before reorganization items, GAAP reversals and income taxes		(1,476,659	)
Net loss from reorganization items		(634,318	)
Net gain from GAAP reversals (2)		282,255
Income tax benefit		894
Net loss		(1,827,828	)

(1) The company recorded non-cash impairment charges of $756.8 million during the period between 11/10/2008 and 11/30/2009. The charges were primarily related to long-lived assets at the company's stores and the company's investment in its Canadian subsidiary.
(2) During the period between 1/1/09 and 11/30/09, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include accrued straight-line rent, certain liabilities subject to compromise and other reserves established under GAAP. The net impact of these GAAP reversals was a non-cash gain of $282.3 million.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-3
CASE NUMBER: 08-35653

CASH RECEIPTS AND
DISBURSEMENTS
(amounts in thousands)
	11/1/2009 - 11/30/2009
Operating Activities:
Net loss	$	(17,133	)

Adjustments to reconcile net loss to net cash
provided by operating activities:
Net loss from reorganization items		13,536
Other		(150	)
Changes in operating assets and liabilities:
Restricted cash and cash held by BOA		335
Accounts receivable, net		4,891
Prepaid expenses & other current assets		2
Other assets		40
Merchandise payable		(1,339	)
Expenses payable		3,389
Accrued expenses, other current liabilities and
income taxes		(33,141	)
Net cash provided by operating activities before
reorganization items		(29,570	)
Cash effect of reorganization items (professional fees)		(2,865	)
Net cash provided by operating activities		(32,435	)

Financing Activities:
Change in overdraft balances		(52	)
Net cash used in financing activities		(52	)

Increase in cash and cash equivalents		(32,487	)
Cash and cash equivalents at beginning of period		362,890
Cash and cash equivalents at end of period	$	330,403

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-3
CASE NUMBER: 08-35653

CASH RECEIPTS AND
DISBURSEMENTS
(amounts in thousands)
	11/10/2008 - 11/30/2009
Operating Activities:
Net loss		(1,827,828	)

Adjustments to reconcile net loss to net cash provided by
operating activities:
Net loss from reorganization items		634,318
Net gain from GAAP reversals		(282,255	)
Depreciation expense		44,297
Amortization expense		4
Asset impairment charges		756,785
Stock-based compensation benefit		(8,447	)
Loss on dispositions of property & equipment		453,029
Provision for deferred income taxes		3,383
Other		(9,813	)
Changes in operating assets and liabilities:
Restricted cash and cash held by BOA		(13,281	)
Accounts receivable, net		(95,679	)
Merchandise inventory		1,605,958
Prepaid expenses & other current assets		87,099
Other assets		17,555
Merchandise payable		(3,836	)
Expenses payable		(50,821	)
Accrued expenses, other current liabilities and
income taxes		(131,336	)
Intercompany receivables		6,688
Other long-term liabilities		(231,876	)
Net cash provided by operating activities before
reorganization items		953,944
Cash effect of reorganization items (professional fees & settlement of receivables)		11,300
Net cash provided by operating activities		965,244

Investing Activities:
Purchases of property and equipment		(748	)
Dividend received from captive insurance subsidiary		8,952
Proceeds from sales of property & equipment		72,414
Net cash provided by investing activities		80,618

Financing Activities:
Proceeds from DIP borrowings		2,961,203
Principal payments on DIP borrowings		(3,691,794	)
Principal payments on other short-term borrowings		(198	)
Proceeds from long-term debt		401
Principal payments on long-term debt		(1,983	)
Change in overdraft balances		(4,420	)
Net cash used in financing activities before
reorganization items		(736,791	)
Cash effect of reorganization items (debt issuance costs)		(26,682	)
Net cash used in financing activities		(763,473	)

Increase in cash and cash equivalents		282,389
Cash and cash equivalents at beginning of period		48,014
Cash and cash equivalents at end of period	$	330,403

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									ACCRUAL BASIS-4
CASE NUMBER: 08-35653


							SCHEDULE		MONTH		MONTH			MONTH
ACCOUNTS RECEIVABLE AGING							AMOUNT		9/30/2009		10/31/2009			11/30/2009
	1.		0-30							462,464		-			-
	2.		31-60							-		-			-
	3.		61-90							5,945		-			-
	4.		91	+						452,022,580		421,284,037			356,011,405
	5.	TOTAL ACCOUNTS RECEIVABLE							$	452,490,989	$	421,284,037		$	356,011,405
	6.	AMOUNT CONSIDERED UNCOLLECTIBLE								1,115,696		1,115,696			1,115,696
	7.	ACCOUNTS RECEIVABLE (NET)							$	451,375,293	$	420,168,341		$	354,895,709



AGING OF POSTPETITION TAXES AND PAYABLES									MONTH:		11/1/2009 - 11/30/2009

						0-30		31-60		61-90		91+
TAXES PAYABLE					DAYS		DAYS		DAYS		DAYS			TOTAL
	1.	FEDERAL			$	26,619	$	-	$	-	$	-		$	26,619
	2.	STATE				-		-		-		240,763			240,763
	3.	LOCAL				7,331,582		93,452		47,159		2,787,888			10,260,081
	4.	OTHER (SEE APPENDIX A)				425,816		-		-		15,713,117			16,138,933
	5.	TOTAL TAXES PAYABLE			$	7,784,017	$	93,452	$	47,159	$	18,741,768		$	26,666,396

	6.	MERCHANDISE PAYABLE			$	-	$	-	$	-	$	176,735,432		$	176,735,432
		EXPENSES PAYABLE			$	508,472	$	258,596	$	126,661	$	18,779,772		$	19,673,501



STATUS OF POSTPETITION TAXES									MONTH:		11/1/2009 - 11/30/2009

							BEGINNING		AMOUNT					ENDING
							TAX		WITHHELD AND/		AMOUNT			TAX
FEDERAL							LIABILITY*		OR ACCRUED		PAID			LIABILITY
	1.	WITHHOLDING**					$	14,873	$	66,698	$	(62,138	)	$	19,433
	2.	FICA-EMPLOYEE**						2,973		12,552		(11,932	)		3,593
	3.	FICA-EMPLOYER**						2,973		12,552		(11,932	)		3,593
	4.	UNEMPLOYMENT						-		-		-			-
	5.	INCOME						-		-		-			-
	6.	OTHER (ATTACH LIST)						-		-		-			-
	7.	TOTAL FEDERAL TAXES					$	20,819	$	91,802	$	(86,002	)	$	26,619
STATE AND LOCAL & OTHER
	8.	WITHHOLDING					$	-	$	-	$	-		$	-
	9.	SALES						239,336		1,427		-			240,763
	10.	EXCISE						-		-		-			-
	11.	UNEMPLOYMENT						-		-		-			-
	12.	REAL PROPERTY						23,128		1,949		-			25,077
	13.	PERSONAL PROPERTY						10,235,004		-		-			10,235,004
	14.	OTHER (SEE APPENDIX A)						16,138,933		-		-			16,138,933
	15.	TOTAL STATE & LOCAL & OTHER					$	26,636,401	$	3,376	$	-		$	26,639,777
	16.	TOTAL TAXES					$	26,657,220	$	95,178	$	(86,002	)	$	26,666,396

	*	The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
	**	Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.					APPENDIX A
CASE NUMBER: 08-35653


OTHER TAXES PAYABLE
	0-30 days		31-60 days		61-90 days		91+ days		Total
State & Local Income Taxes	$	425,816	$	-	$	-	$	-		425,816
Business Licenses and Gross Receipts Taxes		-		-		-		870,272		870,272
Real Estate Taxes (passed through by landlord)		-		-		-		14,842,845		14,842,845

Other Taxes Payable	$	425,816	$	-	$	-	$	15,713,117	$	16,138,933






STATUS OF POSTPETITION TAXES - OTHER TAXES

	Beginning Tax Liability		Amount Withheld and/or Accrued				Ending Tax Liability
	Beginning Tax Liability		Amount Withheld and/or Accrued		Amount Paid		Ending Tax Liability

Other Taxes
State & Local Income Taxes (1) (2)	$	425,816	$	-	$	-	$	425,816
Business Licenses and Gross Receipts Taxes		870,272		-		-	$	870,272
Real Estate Taxes (passed through by landlord)		14,842,845		-		-	$	14,842,845

Total Other Taxes	$	16,138,933	$	-	$	-	$	16,138,933

(1) Income/Franchise taxes related to the fiscal year ending 2/28/09 are considered "postpetition" taxes because the ending date of the period on which the returns are based is postpetition.

(2) During March - November 2009, the company did not record a full tax provision. Therefore, the ending tax liability does not include an additional accrual for that period of time.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.					ACCRUAL BASIS-5
CASE NUMBER: 08-35653


The debtor in possession must complete the reconciliation below for each bank account,
including all general, payroll and tax accounts, as well as all savings and investment
accounts, money market accounts, certificates of deposit, government obligations, etc.
Accounts with restricted funds should be identified by placing an asterisk next to the
account number. Attach additional sheets if necessary.


		MONTH:	11/1/2009 - 11/30/2009
BANK RECONCILIATIONS
		Account #1	Account #2	Account #3
A. BANK:		see APPENDIX B
B. ACCOUNT NUMBER:					TOTAL
C. PURPOSE (TYPE):
1.	BALANCE PER BANK STATEMENT
2.	ADD: TOTAL DEPOSITS NOT CREDITED
3.	SUBTRACT: OUTSTANDING CHECKS
4.	OTHER RECONCILING ITEMS
5.	MONTH END BALANCE PER BOOKS				$ 343,683,390
6.	NUMBER OF LAST CHECK WRITTEN


INVESTMENT ACCOUNTS

		DATE OF	TYPE OF	PURCHASE	CURRENT
BANK, ACCOUNT NAME & NUMBER		PURCHASE	INSTRUMENT	PRICE	VALUE
7.
8.
9.
10.
11.	TOTAL INVESTMENTS			$ -	$ -

CASH

12.	CURRENCY ON HAND				$ -

13.	TOTAL CASH - END OF MONTH				$ 343,683,390

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.						APPENDIX B
CASE NUMBER: 08-35653
G/L Acct #	Account Name	Bank Acct #	Debtor	Description	Bank Balance	G/L Balance	As of Date	Reconciled as of 11/30/09

101003	Wachovia Circuit City Master	2055275431509	Circuit City Stores, Inc.	Funding Account	2,316	20,716,404	11/30/2009	Y
101003	Wachovia Circuit City Main Disbursement	2000045277427	Circuit City Stores, Inc.	Funding Account	20,714,088	-	11/30/2009	Y
101004	BOA Main Account	4426954215	Circuit City Stores, Inc.	Funding Account	308,927,541	308,927,541	11/30/2009	Y
101063	Wachovia Sublease Lockbox	2055303192189	Circuit City Stores, Inc.	Depository Account	-	-	11/30/2009	Y
101678	Escrow Deposit	4426874887	Circuit City Stores, Inc.	Escrow Account	-	-	11/30/2009	Y
101679	Escrow Deposit	4426876681	Circuit City Stores, Inc.	Escrow Account	7,953,342	7,953,342	11/30/2009	Y
101092	BOA Data Mailer (Payroll)	7313200844	Circuit City West Coast	Payroll Account	-	34,322	11/30/2009	Y
101100	Suntrust Concentration	88001883706	Circuit City Stores, Inc.	Funding Account	4,932	-	11/30/2009	Y
101117	Chase Store Depository	744447244	Circuit City Stores, Inc.	Depository Account	-	1,116	11/30/2009	Y
101210	Wachovia Trading Circuit	2000022979133	Circuit City Stores, Inc.	Depository Account	-	-	11/30/2009	Y
101217	Wachovia Payroll	2079900613908	XS Stuff, LLC	Payroll Account	13,653	16,163	11/30/2009	Y
101219	Wachovia Corporate Depository	2055305959993	Circuit City Stores, Inc.	Depository Account	-	-	11/30/2009	Y
101249	Wachovia Empire Blue Cross	2079920015191	Circuit City Stores, Inc.	Depository Account	-	-	11/30/2009	Y
101255	Wachovia Service Payables	2079900056044	Circuit City Stores, Inc.	Disbursement Account	-	(1,062,476)	11/30/2009	Y
101307	Chase CC Empire Blue Cross	475600266	Circuit City Stores, Inc.	Depository Account	1,042,722	659,272	11/30/2009	Y
101332	Suntrust EP Disbursement	8800606660	Circuit City Stores, Inc.	Disbursement Account	-	-	11/30/2009	Y
101453	Solutran Citizens State Bank Parago Funding Acct	737934	Circuit City Stores, Inc.	Funding Account	50,513	50,513	11/30/2009	Y
101530	Wachovia Ventoux International	2000022979528	Ventoux International	Depository Account	1,050,000	1,050,000	11/30/2009	Y
101580	Wachovia Aviation	2000035264767	Circuit City Stores, Inc.	Depository Account	-	10,000	11/30/2009	Y
101677	BA Liquidation Acct	4426864923	Circuit City Stores, Inc.	Escrow Account	5,327,193	5,327,193	11/30/2009	Y

					$ 345,086,300	$ 343,683,390

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									ACCRUAL BASIS-6
CASE NUMBER: 08-35653

									MONTH:		11/1/2009 - 11/30/2009

PAYMENTS TO INSIDERS AND PROFESSIONALS

OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID
TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)
AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF
COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,
TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSIDERS
				TYPE OF	AMOUNT		TOTAL PAID
			NAME	PAYMENT	PAID		TO DATE
	1.
	2.
	3.
	4.
	5.
	6.		TOTAL PAYMENTS
			TO INSIDERS (1)


PROFESSIONALS
				DATE OF COURT							TOTAL
				ORDER AUTHORIZING	AMOUNT		AMOUNT		TOTAL PAID		INCURRED
			NAME	PAYMENT	APPROVED		PAID		TO DATE		& UNPAID *
	1.		FTI Consulting, Inc.				$	475,775	$	7,247,867	$	742,557
	2.		Kirkland & Ellis LLP					-		283,281		7,737
	3.		KPMG LLP					-		926,558		-
	4.		Kurtzman Carson Consultants LLC					990,534		6,528,519		514,471
	5.		McGuire Woods, LLP					273,136		3,211,009		385,464
	6.		Skadden, Arps, Slate, Meagher & Flom, LLP					539,151		8,670,920		1,680,243
	7.		Ernst & Young LLP					-		1,777,554		17,668
	8.		Tavenner & Beran, PLC	11/5/2009	$	37,112		19,585		218,695		17,322
	9.		Jefferies & Company, Inc.					119,923		658,254		-
	10.		Pachulski, Stang, Ziehl & Jones	11/5/2009	$	366,614		82,948		2,422,597		148,881
	11.		Rothschild Inc.					-		3,017,829		-
	12.		Protiviti	11/5/2009	$	453,547		344,863		2,116,848		537,468
	13.		DJM Realty Services, LLC					-		741,139		-
	14.		Lucy Thomson				$	19,250		74,526		-
			TOTAL PAYMENTS
			TO PROFESSIONALS		$	857,273	$	2,865,165	$	37,895,596	$	4,051,811

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS

					SCHEDULED		AMOUNTS
					MONTHLY		PAID		TOTAL
					PAYMENTS		DURING		UNPAID
NAME OF CREDITOR					DUE		MONTH		POSTPETITION
	1.		Leases (2)		$	6,500	$	6,500	$	11,008,541
	2.
	3.
	4.
	5.
	6.		TOTAL		$	6,500	$	6,500	$	11,008,541

	(1	)	Other than salary, fees and benefit payments made in the ordinary course of business and reimbursements for business expenses, no payments have been made to insiders during the reporting period.
	(2	)	The leases line item is made up of several landlords. As such, only the total amount is reported in this schedule. The unpaid balance remaining at 11/30/2009 primarily includes some rent payments due for the period from 11/10/2008 - 11/30/2008.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.

ACCRUAL BASIS-7

CASE NUMBER: 08-35653

MONTH:

11/1/2009 - 11/30/2009

QUESTIONNAIRE

YES

HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE

THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?

HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT

OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?

ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR

LOANS) DUE FROM RELATED PARTIES?

HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES

THIS REPORTING PERIOD?

HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE

DEBTOR FROM ANY PARTY?

ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES

PAST DUE?

ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

ARE ANY OTHER POSTPETITION TAXES PAST DUE?

10.

ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS

DELINQUENT?

11.

HAVE ANY PREPETITION TAXES BEEN PAID DURING THE

REPORTING PERIOD?

12.

ARE ANY WAGE PAYMENTS PAST DUE?

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED

EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

Intercompany transactions in the ordinary course of business have given rise to postpetition receivables.

Certain real estate taxes are passed through to the debtors from the landlords. A portion of these real estate taxes is past due.

Certain business license taxes that covered both prepetition and postpetition periods were due on or before 11/30/2009 but were not paid.

10.

The rent for some store leases owed for the period 11/10/2008 through 11/30/2008 is past due; these payments are being held pursuant to a Court order. In addition, due to the liquidation proceedings, the debtors are currently reconciling amounts due to post-petition creditors, which has slowed creditor payments.

11.

Pursuant to motions granted by the Bankruptcy Court, the debtors have paid prepetition taxes.

INSURANCE

YES

ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER

NECESSARY INSURANCE COVERAGES IN EFFECT?

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

PLEASE ITEMIZE POLICIES BELOW.

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN
CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION
BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.




		INSTALLMENT PAYMENTS
	TYPE OF			PAYMENT AMOUNT
	POLICY	CARRIER	PERIOD COVERED	& FREQUENCY
	Workers’ Compensation & Employer’s Liability	ACE American Insurance Company	4/1/09 - 4/1/10	$4,396 paid at inception, $4,089 paid on 7/29/09 and $203 paid on 9/29/09
	General Liability and Non-owned Auto Liability	First Specialty Insurance Company	4/1/09 - 4/1/10	$85,000 paid at inception
	Excess Liability	RSUI Indemnity Company	4/1/09 - 4/1/10	$55,000 paid at inception
	Foreign Liability Package	Insurance Company of the State of Pennsylvania	1/1/09 - 1/1/10	$6,156 paid at inception
	Fiduciary	Chubb Group	12/1/08 - 12/1/09	$145,000 paid at inception
	Fiduciary Excess	Arch Insurance Group	12/1/08 - 12/1/09	$121,800 paid at inception
	Crime	Chubb Group	12/1/08 - 12/1/09	$75,000 paid at inception
	Kidnap and Ransom	Chubb Group	12/1/08 - 12/1/09	$5,000 paid at inception
	D&O (Traditional) - Primary	AIG	12/1/08 - 12/1/09	$185,000 paid at inception
	D&O (Traditional) - Layer 1	ACE American Insurance Company	12/1/08 - 12/1/09	$166,500 paid at inception
	D&O (Traditional) - Layer 2	XL Insurance	12/1/08 - 12/1/09	$150,000 paid at inception
	D&O (Traditional) - Layer 3	Valiant Insurance Group	12/1/08 - 12/1/09	$135,000 paid at inception
	D&O (Traditional) - Layer 4	C.V. Starr & Co., Inc.	12/1/08 - 12/1/09	$115,000 paid at inception
	Runoff D&O - Primary	CNA	12/1/08 - 12/1/14	$1,177,500 paid at inception
	Runoff D&O - Layer 1	Chubb Group	12/1/08 - 12/1/14	$487,500 paid at inception
	Runoff D&O - Layer 2 (Year 1)	Great American Insurance Group	12/1/08 - 12/1/14	$240,000 paid at inception
	Runoff D&O - Layer 2 (Years 2 - 6)	Axis Insurance	12/1/08 - 12/1/14	$240,000 paid at inception
	Runoff D&O - Layer 3	Travelers	12/1/08 - 12/1/14	$822,000 paid at inception
	Runoff D&O - Layer 4	Axis Insurance	12/1/08 - 12/1/14	$698,700 paid at inception
	Runoff D&O - Layer 5	RSUI Group, Inc.	12/1/08 - 12/1/14	$589,050 paid at inception
	Runoff D&O - Layer 6	Arch Insurance Group	12/1/08 - 12/1/14	$540,000 paid at inception
	Runoff D&O - Layer 7 (Side A DIC)	XL Insurance	12/1/08 - 12/1/14	$1,275,000 paid at inception
	Runoff D&O - Layer 8	Chubb Group	12/1/08 - 12/1/14	$375,000 paid at inception
	Property - All Risk	Columbia Casualty Company	8/15/09 - 8/15/10	$77,290 paid at inception

CIRCUIT CITY STORES INC - FORM 8-K - EX-99.1 - NOVEMBER 2009 MONTHLY OPERATING REPORT - January 19, 2010

Attached files