RICHMOND, Va.–Circuit City is going out of business and will be liquidated to pay off creditors. The liquidation of the consumer electronics chain’s 567 stores will begin tomorrow, Jan. 17.
Circuit City filed for bankruptcy in November, after announcing earlier in the month that it would shutter 155 stores.
The retailer employs an estimated 34,000 people in the United States. However, Circuit City’s Canadian business will continue to operate.
The retailer blamed “challenges to our business and the continued bleak economic environment” as contributing to its demise. “We were left with no other choice but to liquidate,” according to a press statement.