Circuit City to liquidate remaining US stores

By By MICHAEL FELBERBAUM and VINNEE TONG, AP Business Writers

Story Created: Jan 16, 2009 at 11:54 AM EST

Story Updated: Jan 16, 2009 at 11:54 AM EST

(AP) - Circuit City Stores Inc. says it has reached an agreement with liquidators to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.

The second-biggest electronics retailer in the nation says in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.

Calls to the Richmond, Va.-based company and the liquidators were not immediately returned.

Circuit City filed for Chapter 11 bankruptcy protection in November. U.S. Bankruptcy Judge Kevin Huennekens gave the company permission to liquidate if a buyout was not achieved.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
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