Circuit City declares bankruptcy
Bankruptcy, Meltdown, Spillover | (0)
From the Associated Press:
Circuit City Stores has filed for bankruptcy about a week after it said it would close 20 percent of its stores.
The Richmond, Virginia-based electronics retailer has been struggling as nervous consumers spend less and credit has become tighter. It filed for bankruptcy protection on Monday.
Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan.
Circuit City says it has more than $1 billion in assets and more than $1 billion in liabilities. Courts do not require companies to provide more specific figures in filings.
The company says ...
