NEW YORK (AP) – A bankruptcy judge says Circuit City Stores Inc. can liquidate its remaining 567 U.S. stores.
Circuit City needed approval from U.S. Bankruptcy Judge Kevin Huennekens to begin to put itself out of business. It sought a buyout deal, but one could not be reached.
The nation’s second-biggest consumer electronics retailer says it will lay off more than 30,000 workers and begin close-out sales on Saturday.
Richmond, Va.-based Circuit City filed for Chapter 11 protection in November.
Its Canadian unit is still negotiating for a possible takeover.
AP-ES-01-16-09 1448EST
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