Short circuit: Don't expect great deals at Circuit City's liquidation sale

Circuit City, the struggling Big Box electronics retailer, announced earlier this week that it will be closing some 20% of its North American stores in an effort to regain profitability. It will shutter 155 of its 700 stores and lay off about 17% of its workforce.

But wait! If it's closing stores, doesn't that mean great bargain hunting? Not at all. The Consumerist lays out the ugly truth about liquidation sales -- that contrary to public perception, there are generally few real deals to be had at such events.

What typically happens when a store goes into liquidation is that a third-party is hired to organize the actual sale. Think of a liquidation company as a junkyard dog; mean, ugly, and not inclined to give *anyone* a deal.