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Just a week after announcing that it would be closing around 155 stores in USA to cut costs, Circuit City has now gone bust completely. Looks like they finally realized that closing stores wont just cut it. According to WSJ:

Circuit City listed its amount of assets at $3.4 billion and its total debts at $2.3 billion, according to a bankruptcy document filed with the court. About 168 million shares of its common stock are held by about 4,463 shareholders, according to the filing.

The company said it expects to have money to distribute to unsecured creditors, who get paid last.

Circuit City said it had has more than 100,000 creditors. The largest single debt listed in the filing is $118.8 million owed to Hewlett-Packard Co.