Circuit City files for bankruptcy
After closing 155 stores last week, Circuit City has finally bitten the dust. The electronics store chain—with 721 stores in the US and 770 in Canada—has filed for Chapter 11 protection in the U.S. Bankruptcy Court in Richmond, Virginia, pressured by the recession and competition from Best Buy and Wal-Mart.
"We appreciate the support we have received from our lenders in the midst of such a tight credit market," acting CEO and vice chairman James A. Marcum said. "With this support, we believe we have the opportunity to leverage our market position and the strength of our brand to restore Circuit City to solid financial footing."
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