Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise. The company said it has 30,000 employees. Circuit City said the liquidation sale would begin Saturday and run until March 31, pending court approval.
“We are extremely disappointed by this outcome,” James Marcum, acting CEO for Circuit City, said in a statement. “We were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited timeframe available, and so this is the only possible path for our company.”