Liquidated: Circuit City

US electronics retailer Circuit City has confirmed that it is entering liquidation.

The liquidation will mean the closing of all 567 of the company's stores, resulting in approximately 34,000 job losses. Let's say that again, thirty-four thousand people out of work.

The company reports on its website, "We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation."

Going out of business sales have begun with discounts of 10%-30%. Circuit City says they will continue until all stock has been sold, but expects sales to be concluded by the end of March.

The Canadian arm of Circuit City has been unaffected by the liquidation and is in negotiations for a takeover. However, when America sneezes, the rest of the world catches flu.

^{Sources:
Circuit City
Calgary Sun}