SlashGear

There’s only so long you can run a dwindling liquidation sale, and in the case of Circuit City time will officially be up come March 8th.  This Sunday the doors of any remaining Circuit City stores will close for the final time – some have already ceased trading due to stock levels being so low – having bust through $1.7bn in inventory.

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Rejection is a difficult thing, and for Circuit City it means liquidation.  The ailing retailer had until today, January 16th, to find a buyer, but with none forthcoming it’s expected to inform the Richmond, Virginia, Bankruptcy Court that it has no option but to close down.  That means 567 Circuit City stores will be liquidated, meaning plenty of new year bargains but also plenty of new year unemployment.

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Circuit City has filed for Chapter 11 bankruptcy protection, in a move to reduce pressure from suppliers and in what could be a final, last-ditch attempt to ride out the ongoing credit crisis.  The company, which is the number two electronics retailer in the US, announced last week that it would close 155 stores before the end of the year; however, increasingly strict terms from Circuit City’s suppliers – including demands for payment up front – were hampering what company CFO Bruce Besanko described as “turnaround goals”.

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Electronics shoppers in Milwaukee, Antioch and Lenexa (which sounds like a prescription tranquilizer) beware – your Circuit City stores are among the 155 the company has confirmed are closing.  While the company has not announced any specific reasons for the closures – which will also mean Circuit City pulling out of twelve markets – it’s not hard to see it as an attempt to push its ailing share price back above the $1 mark.

Full list of stores affected after the cut

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