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Bankrupt electronics retailer Circuit City Inc. said Friday it has asked for court approval to close its remaining 567 U.S. stores and sell all its merchandise...It was announced a few days ago that Virgin Megastore is also closing its Times Square location.
..."We are extremely disappointed by this outcome," James Marcum, acting CEO for Circuit City, said in a statement. "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 said the sale would begin Saturday and run until March 31, pending court approval. The retailer's Web site and call center will cease to operate after Jan. 18. Circuit City said employees will receive 60 days notice of the termination. [CNN]