Circuit City is seeking court approval to liquidate its assets, after it failed to find a buyer or reach a favorable agreement with its creditors.

The second largest U.S. electronics retail chain filed for bankruptcy back in November last year, closed 155 stores and laid off 17 percent of its workforce. Still, the company had 567 stores the States and 765 retail stores and dealer outlets in Canada at the end of 2008. Around 30,000 employees are to expected to loose their jobs.

Circuit City doesn't expect any value will remain after is sells its assets and pays off its creditors, and equity holders are to end up empty handed at the end of the proceedings.

You can find the statement here.