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Things just went from bad to worse for Circuit City. The electronics retail chain announced today that it will begin liquidating its assets. The news follows a declaration of chapter 11 in November, and a subsequent failed attempt to sell itself off to pay creditors and lenders. Circuit City said recently that it was in talk with two companies about selling off its assets. Those have since fallen through.

“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 … and so this is the only possible path for our company,” wrote the company’s vice chairman, James Marcum, in a statement issued today.

Following the news, shares of the company fell 68-percent, down to five cents. Best Buy shares, meanwhile, rose 1.5-percent on the announcement.


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