Circuit City short circuits

Circuit City announced today that the chain will liquidate.

"We are extremely disappointed by this outcome. The company had been in continuous negotiations regarding a going concern transaction. Regrettably for the more than 30,000 employees of Circuit City and our loyal customers, 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," said Circuit City acting CEO James A. Marcum said in a statement.

In San Bernardino, Circuit City has a store on Hospitality Lane. News of Circuit City's fall follows Mervyn's departure from the business scene and the more recent development that Gottschalk's has petitioned for bankruptcy protection.