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About 30,000 employees face layoffs as the rest of its 567 stores are closed.The fates of outstanding warranties, its Firedog repair service, and Canadian stores are still to be determined, according to the company.The retailer buys TVs, stereos, laptops, and other gadgets on credit, usually at a good rate from vendors with the promise to pay them back once the company sells the goods in its stores.

The bankrupt Virginia-based electronics retailer is shutting down its 567 U. The bankrupt electronics retailer is shutting down its 567 U. Carlos Reyes, 24, and girlfriend Diana Anzora, 22, of Los Angeles, lined up to buy video games and DVDs.“I prefer Best Buy, and if it wasn’t for the liquidation I probably wouldn’t have come, especially this early on a Saturday,” Reyes said.The retailer had posted several huge losses late 2007 and early 2008, but the rash of bank failures in September and October proved disastrous for it.The resulting global credit crunch hit Circuit City hard.Finally, in November, 2008, the company filed for bankruptcy.You’d think that would be the end of the story…but Having once been brought in to run a smallish business through the byzantine process of Federal bankruptcy, I can vouch that it can be complicated, and tends to take longer than expected.

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