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Circuit City files for bankruptcy
November 10, 2008 8:31 am FinanceNEW 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.
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….
