Circuit City buckles and files for Chapter 11

Circuit 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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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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