Van's Hardware Journal

American electronics retailer Circuit City will be closing its doors as another victim crumbles beneath the weight of the ongoing global economic collapse.

The bankrupt US retail giant Circuit City will be fully liquidated after the company failed to find a buyer in time.

The company will be presenting the results of an auction for its assets at a hearing in US Bankruptcy Court in Richmond, Virginia later today.

Circuit City said in a statement that it will seek approval to begin the process to liquidate its assets.

"We are extremely disappointed by this outcome," said Circuit City vice chairman and acting president and chief executive officer James A Marcum. "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."