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Circuit City Files For Bankruptcy

Earlier this month the chain announced it is closing 155 stores. Today the news came that Circuit City filed for bankruptcy protection. According to the press release the company has negotiated $1.1 billion in revolving credit to continue the operation and will honor returns, exchanges and gift cards as usual. This looks like a soft landing. We all know what happened when Sharper Image went under in February. :-(

I personally have little hope that Circuit City will survive the crisis. Holidays is usually when retailers see the bulk of their profits and the fact that Circuit City had to file for Chapter 11 at the start of the shopping season is troubling.

Source: Short Circuit City at Forbes.com


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1 Response to “Circuit City Files For Bankruptcy”


  1. 1 Matthew Nov 10th, 2008 at 9:05 pm

    To those folks that lost their jobs at Circuit City…Time to hit the employment sites!

    http://www.linkedin.com (professional networking)
    http://www.indeed.com (aggregated listings)
    http://www.realmatch.com (matches jobs based on your skills)

    Good luck!

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