Goodbye Circuit City

November of last year, one of the biggest consumer electronics chain in the US, Circuit City filed for bankruptcy protection and closed more than a hundred stores.

However, they failed to stay afloat and recently announced that it will close all 567 remaining stores in North America and liquidate its merchandise. There’s still hope though if Golden Gate Capital would buy the company and restructure it to be more of an online business with only a few physical stores. But they say that chances for a buyout are slim.

This is bad for the thousands of employees of Circuit City. For the consumers, it’s time to redeem those gift cards. There will be a fire sale going to happen in the nearby future as well but remember not to expect much in terms of warranties.

[CNN Money]