Downcline

Circuit City announced today that it will be going out of business.

According to the Associated Press, America’s second-largest electronics retailer will be closing 567 stores and laying off over 30,000 employees.

The company was unable to reach a deal with a new buyer or secure debt refinancing.

Mexican billionaire Ricardo Salinas Pliego, had been named as a potential buyer of the troubled retailer, but an agreement was not reached.

“We were just looking to buy one company,” said Pliego in a statement, “We were sure it would just be an easy in-and-out. Five minutes, tops.”

However, during takeover negotiations, Pliego said he stood around Circuit City’s executive offices waiting for someone to show him “a balance sheet, an income statement, a cash flow statement, anything.”

After fifteen minutes of being ignored by Circuit City executives, Pliego decided to try to find the documents himself. Frustrated, Pliego ultimately tapped acting Chief Executive James A. Marcum on the shoulder and told him he couldn’t find the financial statements he was looking for.

Marcum said he would go in the back to check if they had any more. He reportedly did not return.

“I think he went on break,” said Pliego as he stormed out of the building, sarcastically muttering to himself, “Sorry to bother you.”

Hopes of making an 11th hour deal with the Golden Gate private equity firm broke down late last night after the organization became annoyed by a hard-sell on an extended warranty plan.