Circuit City to liquidate remaining inventory

The Wall Street Journal is reporting that Circuit City has reached an agreement with liquidators to sell all the merchandise in its remaining 567 stores in the US. This is the beginning of the endgame for the nationwide electronics retailer, which already filed for Chapter 11 protection last November.

In a press statement minutes ago, the court-appointed CEO of the company, James Marcum, said, "We are extremely disappointed by this outcome. 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."