Business

Circuit City closes store doors

Posted March 8, 2009 1:31 p.m. EDT
Updated March 8, 2009 3:42 p.m. EDT

— All of Circuit City's stores will close for good by Sunday, powering down what once was the nation's second-largest consumer electronics retailer.

In Raleigh, a Circuit City store, at 4601 Creedmoor Road, planned to shut its doors to the public at 4 p.m.

Four liquidators that have been working since January to sell off Circuit City's remaining $1.7 billion worth of inventory at reduced prices. Liquidators say they are running out of inventory a week early because customers have been buying the discounted items.

The Richmond-based company announced in January that it would liquidate its remaining 567 U.S. stores and lay off about 34,000 employees after it failed to find a buyer or secure refinancing under bankruptcy protection.

Almost all of the inventory has sold, and nothing will remain when the stores close. A small staff will remain at the corporate office after Sunday to finish winding down the company.