Circuit City to liquidate 567 U.S. stores

With many of their outlets containing Verizon Wireless kiosks, the news that Circuit City is going to liquidate 567 stores in the U.S. is not good news for Big Red. But when the self-imposed January 16th deadline to find a buyer passed, there was not much else that could be done. Three companies have been hired to wrap things up for the retailer. Had you gone into a Best Buy and a Circuit City store recently, you could see the difference in the number of shoppers and in the quantity and quality of inventory. While being number two and trying harder works for Avis, being number two in the highly competitive consumer electronics retailing business did not work for Circuit City. Because the Verizon kiosks are considered separate from the other electronics sold in the stores, there probably will not be any cellphones offered at fire-sale prices. More than 30,000 employees are affected by this news. In the summer, Blockbuster offered to buy the chain for $1 billion dollars, but later pulled the bid due to market conditions.

source:Yahoo