Circuit City Stores Inc., Files for Bankruptcy Protection One Week After Announcing Store Closings and Layoffs

Circuit City Stores Inc., has announced it has filed for bankruptcy protection under Chapter 11 as a means of getting some breathing room from creditors so that they may continue their operations through the holiday season.

The nation’s second largest electronics retailer, Circuit City has struggled to compete with other outlets like Best Buy and Wal-Mart and just last week they announced they would close 155 of its 700-plus U.S. stores and layoff several thousand employees. Those layoffs hit the company’s headquarters in Richmond, Va. as 700 job cuts were announced on Monday.

Trading on Circuit City shares were halted on Monday after falling to 11 cents.

Chief Financial Officer Bruce H. Besanko blamed the failures that led to the bankruptcy filing on a loss of vendor confidence, a decrease in liquidity and the global economic crisis.

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