What's New: Circuit City Bankrupt
This morning retail electronics giant Circuit City filed for Chapter 11 bankruptcy, a week after announcing it would close 155 stores. The company also laid off 700 people at its corporate headquarters. Circuit City noted, "Despite aggressive efforts to secure vendor support, vendor concerns about the company's liquidity and ability to pay for its purchases in this difficult economic climate have escalated considerably" since last week's announcement. In the meantime the chain still plans to have remaining stores open through the holiday season.
Video rental giant Blockbuster had offered to buy the chain in April but Circuit City declined the offer.
Monday, Nov 10, 2008 01:08 pm CST
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