Circuit City Stores, Inc. announced today that it will seek Bankruptcy Court approval to begin the process to liquidate the assets of the company. Circuit City was not able to find a way to survive under the Bancruptcy protection the company filed in November.
The liquidation of Circuit City is affecting 30,000 employees across the United States. Circuit City will provide more details in the near term about the plans for the liquidation of the stores and other assets, the status of the company's Web site and firedogSM services operations, the status of its Canadian operations and plans for the company's bankruptcy proceedings.
The company does not anticipate any value will remain from the bankruptcy estate for the holders of the company's common equity, although this will be determined in the continuing bankruptcy proceedings.
Via this Circuit City announcement.