Layoffs mount at Hertz, AMD, Pfizer; Circuit City liquidates

— -- Circuit City said it reached an agreement with liquidators to sell the merchandise in its 567 U.S. stores after failing to find a buyer or refinancing. Read the press release.

The nation's second-biggest consumer electronics retailer says it will begin close-out sales Saturday. Its Canadian unit is still negotiating for a possible takeover.

Circuit City filed for Chapter 11 bankruptcy protection in November. It conducted negotiations with potential bidders to sell the company, but told the court last week it may need to liquidate if no deal was reached. U.S. Bankruptcy Judge Kevin Huennekens gave the company permission to liquidate in that case.

Circuit City, which said it had $3.4 billion in assets and $2.32 billion in liabilities as of Aug. 31, said in its initial filings that it planned to emerge from court protection in the first half this year.

Under court protection, Circuit City has broken 150 leases at locations where it no longer operates stores. The company already closed 155 stores in the U.S. in November and December.

Elsewhere Friday:

The company expects to save $150 million to $170 million this year and take a related fourth-quarter charge of $20 million to $25 million.

Hertz already has trimmed its work force by 22% in the last two years. The new reductions will bring staffing to 32% below August 2006 levels. According to CapitalIQ, the company currently has about 29,350 workers in total, who operate about 8,100 locations in 144 countries.