According to The New York Times, Circuit City, the second-largest consumer electronics retail store in the nation, is shutting its doors for good after failing to find a buyer. As a result of declining consumer spending and tight credit markets, the company filed for bankruptcy in November.
The report says that 567 stores will close; the company has around 30,000 employees.
James A. Marcum, vice chairman and acting president and chief executive of Circuit City Stores Inc., was quoted in the Times report as saying, “We are extremely disappointed by this outcome.” He added that it is “the only possible path for our company.”
The report adds that the company is still awaiting final approval of liquidation from federal bankruptcy court.