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Circuit City Stores Inc. (NYSE: CC) is going away for good. The nation's former second-largest consumer electronics retailer told the investing world this morning that it had not been able to reach any kind of deal with creditors or potential bidders of the company. As such, it will ask the bankruptcy judge presiding over its case to begin liquidating all of its assets as soon as possible.

This all started when former Circuit City CEO Phil Schoonover fired over 3,500 sales staffers and tried to replace them with lower-paid workers. The first time you take away your greatest asset -- those who touch customers every day -- due to cost concerns, you're ultimately doomed.

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Circuit City to go out of business and close down permanently originally appeared on BloggingStocks on Fri, 16 Jan 2009 13:00:00 EST. Please see our terms for use of feeds.

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