Circuit City Stores Inc., the Richmond-based electronics giant, filed for Chapter 11 bankruptcy this morning.
The company’s action comes after stiff competition from Best Buy Co. and losses of $320 million last year. Circuit City said it hopes to remain open during the holiday season, as it puts together a restructuring and reorganization plan. In its petition filed in Richmond bankruptcy court, the company lists assets of $3.4 billion and liabilities of $2.32 billion.
Posted by Paul Fletcher