In $2008,$ the United States began to witness one of the worst recessions since the $1930$s$.$ The collapse of the housing bubble in $2006$ led to a massive decline in real estate prices, affecting consumers and institutions, especially banking and financial entities. Severe liquidity shortfalls in the United States as well as other global markets led to a serious credit crisis.

During the credit crisis of $20082009,$ several banks and other businesses went through a reorganization process or were forced to liquidate. Consider the following statement:

In January $2009,$ American electronics retailer Circuit City Inc. closed all of its stores and sold all of its merchandise.

The above is an example of:

A$.$ liquidation.

B$.$ reorganization.