Circuit City cancels auction for shuttered stores

LOS ANGELES Circuit City Stores cancelled an auction set for Dec. 18, after it failed to receive enough bids on leases for the stores it plans to close, according to reports.

The company, which filed for bankruptcy last month, is in the process of liquidating merchandise at 155 stores in 55 markets.

According to a notice of the auction cancellation posted on the Web site of Circuit City's bankruptcy administrators, the chain "did not receive any bids on leases the substance of which required them to post information on this Web site or otherwise transmit information to any landlords."