Circuit City files for bankruptcy, 567 prepare for liquidation sales
…and over 35,000 folks prepare to start searching for a new job. So sad. This latest bit of bad news comes after Circuit City’s lengthy, and apparently fruitless, search for a buyer. The company has been trying to sell its assets for quite some time now. It seems, however, that faced with a ticking clock and an utter lack of interest from outside parties Circuit City has made an agreement with a liquidation firm to get rid of all of its material assets and close shop. The company filed for bankruptcy this morning in Richmond, Virginia. While there will certainly be a bit of a “all items must go” sale frenzy, this is ultimately very bad news for the economy, electronics industry, and the 10′s of thousands of employees that now find themselves without a job. Sadly, it also begs the following question: Who will be the next to fall?
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