Circuit City Files for Chapter 11 Protection

Circuit City Stores (CC) has filed for bankruptcy about a week after it said it would close 20% of its stores.

The electronics retailer has been struggling as nervous consumers spend less and credit has become tighter. It filed for bankruptcy protection on Monday. Chapter 11 protection typically allows a company to hold off creditors and operate as normal while it develops a financial reorganization plan. Circuit City says it has more than $1 billion in assets and more than $1 billion in liabilities.

by Mark Anderson | 11/10/08 | Stocks: CC,

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Circuit City Files for Chapter 11 Protection

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