Circuit City Stores, the second-largest US consumer electronics chain, is going to liquidate its assets. It said Friday that efforts to sell or refinance its operations and keep its doors open had failed. It will now close its 567 remaining US shops and turn another 30,000 people out of work.

The closings are expected to entrench Best Buy’s position as number one although it too is having a rough time.

Circuit City’s acting CEO James Marcum issued a statement saying, “This is the only possible path for our company. We are extremely disappointed by this outcome.”

Circuit City miscalculated when it sacked experienced salespeople in favor of low-paid amateurs thinking that sales wouldn’t suffer. They did. And when spooked consumers snapped their pocketbooks shut because of the recession and the credit crunch the 60-year-old company was finished.

It was forced into Chapter 11 bankruptcy protection in November after it lost $240 million in the quarter and suppliers started demanding cash upfront. It closed about 155 stores in November and December to preserve capital.

Friday was the court-set deadline to come in with a deal. There had reportedly been some interest on the part of private equity house Golden Gate Capital and hopes that Mexican billionaire Ricado Salinas Pliego, who owns 28% of the company, might step in but financing couldn’t be arranged and vendor support failed.

The liquidators will immediately attempt to sell the company’s $1.3 billion in inventory and its web site.

There is still some hope it may be able to sell its 765 stores in Canada.