The announcement today of 567 Circuit City store closings should come as no surprise. Nonetheless, over 30,000 workers will be losing their jobs with this latest move.

In U.S. bankruptcy court, a judge ruled that all stores be liquidated and the assets paid to creditors. Four firms will be handling the liquidation over the coming weeks.

According to acting President and CEO James Marcum, “we were unable to reach an agreement with our creditors and lenders to structure a going-concern transaction in the limited time frame available.”

He went on to say, “We are extremely disappointed by this outcome.”

The four firms handling the sale will be paid a total of $7.5 million as a fee.

No doubt that the Circuit City going out of business sale will offer up some excellent bargains on many items. It’s just a shame that it has to be at the expense of 30,000 people being without a job.