It's closing time at Circuit City. The company said Friday that it plans to liquidate the assets of its company.
Acting CEO James Marcum said:
The company had been in continuous negotiations regarding a going concern transaction. 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.
Circuit City said it will provide more details about the liquidation plan and properties such as its Web site and services operation. As is the norm in bankruptcy proceedings shareholders won't get anything.
With Circuit City out of the picture Best Buy has the brick-and-mortar electronics retailing field largely to itself.