Circuit City Stores, America's second largest consumer electronics chain, on Friday announced that it was going out of business and shutting down of its remaining 567 stores in the US.

On November 3, 2008, Circuit City announced that it would close 155 stores and lay off 17% of its 46,000 workforce by 2008 end.

On November 10, 2008, Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.

On Friday Circuit City announced the closing of remaining 567 stores which will eventually lay off all the remaining 34,000 employees.

Circuit City was established in 1949.

"Due to challenges to our business and the continued bleak economic environment, Circuit City is going out of business and the company's assets will be liquidated to pay off creditors.

The process was extremely difficult and we were left with no other choice but to liquidate. Circuit City had a proud heritage of serving the public for 60 years and we deeply regret the impact this decision will have on our associates, our customers and the communities where we have operated stores and other facilities.

We had hoped to be able to emerge from Chapter 11 bankruptcy protection as a stronger, more competitive company and we made significant progress during the reorganization to improve our business. Unfortunately, the economic climate is so poor that we have no choice other than liquidation.

Liquidators will start arriving in our 567 stores across the U.S. over the weekend, and closing sales will start as early as Saturday, January 17. Closing sales will run as long as it takes to sell existing inventory, but are expected to wrap up by the end of March. When the liquidation sales are completed, the stores will be closed." company statement said.