Circuit City files for bankruptcy protection (AP)

By
Viraj
on November 10, 2008 6:44 PM | | TrackBacks (0)
NEW YORK – Circuit City Stores Inc ., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches.

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It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan. The Richmond, Va.-based company has been struggling as nervous consumers spend less and credit has become tighter, and the retail industry overall is facing what's expected to be the weakest holiday season in decades.

Full Story: Circuit City files for bankruptcy protection (AP)

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