Circuit City to close all stores

Circuit City Stores Inc. said today it is seeking Bankruptcy Court approval to liquidate its remaining 567 U.S. stores.

The electronics retailer, which operates a store at 3600 S. Glenstone Ave. in Springfield, filed for Chapter 11 bankruptcy protection in November and announced it would close 155 stores at the time. The Richmond, Va.-based company has since been unable to reach an agreement with its creditors, according to a company news release.

"We are extremely disappointed by this outcome," Vice Chairman and acting President and CEO James A. Marcum said in the release. "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."

The company doesn't anticipate any value will remain from the bankruptcy estate for the holders of the company's common equity, according to the release.

Circuit City employs 30,000 nationwide.