Posted 01/18/09 at 07:07:24 PM by Pulkit Chandna

Circuit City announced on Friday that it will close all of its remaining 567 US stores. As a direct result of the retail chain's closure 34,000 people have been rendered jobless.The company had been in talks with a few potential buyers for quite sometime. In fact, the parleys reportedly  went beyond midnight Thursday. However, as the discussions bore no fruits Circuit City was left with no other choice but to liquidate itself. Circuit City is currently offering discounts of up to 30% - which might be revised later - as part of its liquidation sale. Cnet’s Brooke Crothers’ described the situation inside the Circuit City store he visited as chaotic.

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Posted 01/12/09 at 06:18:05 PM by Pulkit Chandna

Blighted electronic retail chain Circuit City is in discussions with several interested buyers, the company’s CEO Jim Marcum revealed to its employees in a letter. He also informed them about the likely course of action for Circuit City, which has filed a motion with the Bankruptcy Court seeking permission “for a process that formally puts the company up for sale.”

Marcum wrote that parleys with interested buyers have been focused on a “going concern” transaction, whereby the buyer will not dismantle Circuit City’s business, but just reorganize it. If the company fails to secure a sales agreement by the 16th, it will have to be liquidated. He asked employees to stay focused on the job at hand and work hard.

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