Circuit City to liquidate

Circuit City Stores will begin liquidating its assets. So far, the electronics retailer is the biggest retailer to fail and will be the first post-holiday season retail casualty. The company has closed 155 stores and now has about 567 US stores that will have to be shut down with going-out-of-business sales. The stores have about $2 billion worth of inventory and around 30,000 employees, according to a press release from the retailer. Circuit City was in talks with two potential buyers, but it was unable to reach an agreement with its creditors and lenders. Circuit City is following the footsteps of Tweeter Home Entertainment Group, KB Toys Inc., Boscov's, Sharper Image, Mervyn's, Linens 'n Things, Whitehall Jewelers and Steve & Barry's. Goody's Family Clothing and Gottschalks Inc. are the most recent retailers to file for bankruptcy.