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“This is the only possible path for our company,” acting Chief Executive James A. “We are extremely disappointed by this outcome.” U. Bankruptcy Judge Kevin Huennekens gave final approval to the liquidation plan Friday afternoon.

Some employees were notified that they would lose their jobs and certain stores would begin close-out sales as early as Saturday.

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Circuit City became the largest retailer to fall victim to the expanding financial crisis Friday, announcing it will shut down its remaining 567 U. stores at the cost of 34,000 more jobs after failing to sell the business. Wurtzel and himself a former chief executive of Circuit City.

Calls to the Richmond, Va.-based company and the liquidators were not immediately returned.

Restructuring experts are expecting a wave of store closures and potential bankruptcies due to the recession. Bankruptcy Court, Eastern District of Virginia, No.

Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores.

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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.

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