Circuit City seeks to auction, break leases

Posted by Colby Rogers - email

RICHMOND, Va. (AP) - Circuit City is heading to U.S. Bankruptcy Court to seek approval to auction its remaining properties, including 567 U.S. stores, its corporate headquarters and various distribution centers.

The Richmond-based company is in the process of liquidating its stores after it failed to find a buyer for what was the nation's second-largest consumer electronics retailer. Going-out-of-business sales should last through March, after which the stores will be closed.

Circuit City is seeking approval on Friday to auction the leases for the properties and break leases at locations that are unable to be sold.

The judge also will hear a motion from Chase Bank USA requesting to break its credit card program agreement with Circuit City.

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