One of the US's biggest retail store franchises for PC games is officially shutting down. Circuity City has announced that it was unable to reach an agreement with its creditors and as a result the company will be liquidating its assets and closing down its remaining 567 stores.

That means over 30,000 of the company's employees will soon be looking for new jobs. The company tried to stave off extinction late in 2008 by closing down 155 stores and then filing for Chapter 11 bankruptcy protection but apparently wasn't enough. Details on Circuit City's liquidation will be revealed later. The Canadian version of Circuit City with over 700 stores, is not affected by this move.