Circuit City Going Out of Business

If you need to go buy electronics, now is the time to go do it at Circuit City:

Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business _ closing its 567 U.S. stores and cutting 30,000 jobs.

The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys, Mervyns LLC and Linens 'N Things into bankruptcy. Experts believe there will be more to come.

"This is the only possible path for our company," Circuit City's acting Chief Executive James A. Marcum said in a statement. "We are extremely disappointed by this outcome."

Jeez. How much worse can this economy get?