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Saturday, July 4, 
7:03 pm

Circuit City buckles and files for Chapter 11

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Circuit_City_storefront.jpgCircuit City Stores Inc. filed for Chapter 11 Monday nearly one week after it said it would close 155 of its stores while laying off 7,300.


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Also on Dealscape

The electronics retailer was a victim of a slowing economy hit by tighter credit terms from vendors. Meanwhile, stiff competition from Best Buy Co., Wal-Mart Stories Inc. and numerous Internet vendors also hurt the No. 2 U.S. consumer retailer. The bankruptcy was the culmination of losses over the last five of six quarters. Rival Best Buy said it might acquire some of Circuit City's stores. - Gerald Magpily

Dealscape: Who pulled the plug on Circuit City and Tweeter?
Circuit City press release



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