IPhone 5 Release Date: Apple to Close Down Stores to Celebrate Jobs

Apple will hold a memorial for their former CEO and co-founder Steve Jobs on Wednesday.

Apple Stores will reportedly close for an hour to allow employees to watch a live webcast celebrating the life of Jobs.

Apple CEO Tim Cook announced the company would hold its own "celebration of Steve's extraordinary life for Apple Employees" shortly after Jobs' death.

The webcast and store closings are scheduled for 10 a.m. PT/1 p.m. ET, according to 9to5Mac.

On Sunday, a private service was held for Jobs at the Stanford Memorial Church.

Former President Bill Clinton, Microsoft Chairman Bill Gates and Google CEO Larry Page were just a few of the big names in attendance.

Jobs battled pancreatic cancer for years and died on October 5th. He is survived by his wife, Laurene, and four children.

He was the genius behind some of Apple's revolutionary products, including the iMac, the iPod and Apple's iTunes music store. Jobs brought the company from near bankruptcy in 1996 to being the world's highest valued technology company.

He was also a major contributor and financier and CEO of Pixar Animation Studios – later selling it to Walt Disney Co.

Meanwhile, Apple released its new iPhone 4S Friday, notching record breaking sales over the weekend.

The phone broke a record on first-day pre-orders and sold over 4 million units over the weekend.

The new iPhone 4S is aesthetically identical to its predecessor, but is loaded with new features.

One of those new features is Siri, a voice-command system built into the phone that responds to natural-language requests. The iPhone 4S also has the iCloud feature, which allows users to transfer iTunes music to all their devices.

Apple Senior Vice President of Worldwide Product Marketing Phil Schiller said the iPhone 4S should offer CPU performance twice as fast the iPhone4, and has seven times faster graphics performance.

The company has described the new phone as "the most amazing iPhone yet."