Circuit city folds
Circuit City, the nation’s second-biggest consumer electronics retailer, announced Jan. 16 it failed to find a buyer and will liquidate its 567 U.S. stores. With 30,000 employees, the retailer’s closure may send them into the ranks of the unemployed.
The company had been seeking a buyer or a deal to refinance its debt, but the credit market and consumer worries proved insurmountable.
After filing for bankruptcy in 2008, Circuit City closed its Santa Barbara store and many others nationwide.
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