Circuit City Calls It Quits, Plans To Liquidate Assets; 30,000 Employees Let Go

This story was written by David Kaplan.
Big box electronics retailer Circuit City is calling it a day after failing to reach an agreement with its creditors. The Richmond, VA., company is seeking Bankruptcy Court approval to start liquidating the assets of the company. The news comes after one of the worst Christmas season's for retail in recent memory. About 30,000 employees will lose their jobs and its 567 stores will close. Circuit City had tried to get acquired last year by Blockbuster (NYSE: BBI), but those talks led nowhere. Release

By David Kaplan