Circuit City Closing For Good

It's truly a sad day for consumer electronics. Today, Circuit City has asked the courts to approve the closing and liquidation of its remaining 567 stores in the US.  Unfortunately, the approximate 34,000 employees will also be losing their jobs, although they'll be paid for 60 days.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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 in the limited timeframe available, and so this is the only possible path for our company."

If there is a silver  lining, it's that the liquidation sale will start tomorrow and run until March 31.  The website will shut down on January 18.  All sales are final -- there will be no returns.

Please note: if you have Circuit City gift cards, they will be redeemable through the liquidation sale, but will be worthless after the stores closed.  Use them immediately. —Leslie Shapiro

The New York Times