Monday, November 10, 2008
Circuit City files for bankruptcy
Circuit City Stores Inc., the No. 2 electronics seller after Best Buy, filed for bankruptcy protection Monday, thus becoming the latest retailer hurt by a worsening economic downturn. According to the company's Chapter 11 filing with the U.S. bankruptcy court in Richmond, Va., Circuit City (CC, Fortune 500), which currently has 566 operating stores in the United States, will continue to do business and pay its workers while it restructures debt and its business operations.