Circuit City to liquidate, shutter stores

The company is not going belly up because of me, I spend more money in that store each year than any other-"hello Best Buy!"

I hope you did not buy that protection plan they try to sell you when you buy a TV or other electronic gadget. Gift cards will not be valid and are worthless. There will be many retail bankruptcies this year, be careful buying gift cards at any retailer.-Lou

Circuit City to liquidate, shutter stores

ATLANTA/RICHMOND, Virginia (Reuters) - Bankrupt electronics retailer Circuit City Stores said on Friday it will liquidate its assets and shutter hundreds of U.S. stores after failing to reach a deal to sell the company.

Circuit City is one of the largest retail bankruptcies seen in the current U.S. recession and its demise paves the way for larger rival Best Buy Inc to boost sales and gain clout with suppliers as the leading specialty electronics retailer.

Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction .

Read Article Here:

http://finance.yahoo.com/news/Circuit-City-to-liquidate-rb-14085642.html