Circuit City Closedown Begins

Circuit City has begun their shutdown with 155 stores receiving notice over the weekend. No new stock will be delivered to the affected stores which will immediately begin "selling off" remaining items. Product warranties will be honored at other locations (although nobody knows how long the presently unaffected units will remain open).

On Friday the New York Stock Exchange warned the company that it would be delisted at month's end if its share price doesn't rise above $1. The company was last trading at 23 cents. In a letter to employees at the closing units, Circuit City advised that health benefits will terminate at the end of the month and that a decision had not yet been made as to any severance package.

UPSIDE: The closing units have already been removed from Circuit City's store locator, so if you no longer find the store nearest you on their site, you might find some good deals there this week. The 11 NYC locations appear to have survived this first round, but many Long Island outlets are gone.

RELATED: Mervyns, Shoe Pavillion, and Linens-N-Things all began their final liquidation sales this weekend. Mervyns thinks they have enough inventory to stay open through the holidays.