Circuit City to turn out the lights

It looks as though Mad Magazine won't have Circuit City to kick around any more, as the retail chain announced today that it will be selling off everything in advance of closing for good.

From CNNMoney:

Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise. The company said it has 30,000 employees.

"We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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."

The company had filed for bankruptcy in November.

A liquidation sale is set to begin Saturday and run through the end of March.

Might be time to get that new PC we need at home.

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