Circuit City Files Bankruptcy
November 10, 2008
Just a week after announcing that it would close 155 locations nationwide that it would seek protections from its creditors through a Chapter 11 bankruptcy filing.
The Richmond, Virginia based retailer said in court filings that it has over $1 billion in assets and over $1 billion in debt. The company will operate normally while it restructures its operations and debt in an effort to return to profitability.
The electronics firm boasted more than 700 stores before announcing that it would close 20 percent of them, including 9 in Texas, 2 of which are in Tarrant County, and thousands of jobs. Some 7,300 workers could be affected.
The decision to file bankruptcy came as vendors pressuring the company threatened to withhold products during the upcoming holiday season, according to the company.
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