View random article

Circuit City Closing Remaining US Stores

Circuit City has announced that is closing the doors to its remaining 567 stores in the United States, a move that will put 34,000 people out of work. The consumer electronics chain did try to either find a buyer for its stores or to refinance its debt load, but was unsuccessful.

Company officials were negotiating with a potential buyer past midnight on Thursday but the deal fell through. Two potential buyers were prepared to take on as many as 350 stores, but the company was unable to arrange financing from vendors to complete the deal.

A U.S. bankruptcy judge has given approval for the company to liquidate its assets, and some stores will start holding close out sales starting as early as Saturday. The liquidation of the company's $1.8 billion in assets is expected to go on until March. Discounts of up to 30 percent will be offered starting immediately, with the potential for better deals to come for consumers.

Featured in Finance