We’ve tried, but we just can’t take it anymore!

We all saw the writing on the wall.  Today Circuit City announced that it will close its remaining 567 remaining stores.  Circuit City had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable. Negotiations for an acquisition extended past midnight Thursday before finally falling through, Circuit City lawyer Gregg Galardi said.

Two potential buyers — Mexican billionaire Ricardo Salinas Pliego, who controls a chain of electronics stores in Latin America, and the Golden Gate Capital private equity firm — considered a shrunken form of the business, retaining as many 350 stores or as few as 180. But Circuit City couldn't secure the necessary financing or support from vendors.

It is sad to see a major chain that has been around for a long time close its doors.  However, if they would have kept up with current business practices, analyzed their competition a little better (took Best Buy seriously), and actually tried to reorganize their company during their Chapter 11 filing they wouldn't be in this mess.