Circuit City Files for Bankruptcy

November 10, 2008 | Posted in Business & Economy | 83 views

Circuit City Stores Inc, the No. 2 U.S. consumer electronics retailer, filed for bankruptcy

protection on Monday just a few weeks before the start of the key holiday shopping season, becoming the largest retailer to file under Chapter 11 this year.

Circuit City fell victim to tighter credit terms from vendors and a loss of market share to Best Buy Co, Wal-Mart Stores Inc and other rivals.

The retailer and 17 affiliates filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Richmond, Virginia, where it is based.

Source [ Reuters ]

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