Circuit City has formally announced that it will be stopping all operations across the United States. In accordance to that move, they will have liquidation sales starting as early as today. Circuit City’s 567 stores will be closing, approximately 34,000 people will become unemployed. Here is some background information on the company.

Founded in 1949 as the Wards Company, Circuit City is headquartered in Richmond, Virginia.  At the time of the liquidation announcement (January 16, 2009), the company operated 567 stores in 153 media markets in the U.S. and approximately 765 retail stores and dealer outlets in Canada.

Source: Circuit City.com

While I generally did not like Circuit City’s store layout and product organization (I absolutely hated the way they organized their DVDs, you had to flip over every single one), it still is a sad day for electronics enthusiasts and bargain hunters out there. Its closing would mean the following:

1. One less store to be able to price match to.
2. Possibly lesser deals and choices for consumers.
3. Traveling farther to get something commonly available (Some may have a Circuit City more conveniently located than a Best Buy or Target).
4. No more Circuit City exclusive releases.

Circuit City will only be shutting down across the US. Operations in Canada will still continue, approximately 3,000 associates are employed there. Be sure to redeem your gift cards as they will be rendered useless once the stores are closed.

Sources: Circuit City.com (1, 2), San Jose Mercury News, CNN Money