Circuit City Files for Bankruptcy Chapter 11

[admin]

Despite efforts to keep the system afloat, including shutting down more than 20 percent of its stores last week, Circuit City Stores has filed for bankruptcy. This year's economic downturn seems to have been too much for the Richmond, Virginia-based electronics giant, who has been struggling non-stop since last year to match sales with rival Best Buy and other big box stores.


Discuss "Circuit City Files for Bankruptcy Chapter 11" here. Read the article.

[jamie2112]

I am sorry to hear people are losing jobs before the holidays. I had a feeling this was coming after reading they were closing stores.I guess there will be some deals to be had in the near future....

[GlocksRock]

that's sad to hear, I hope they can pull through it and stay afloat.

[jfalk]

It depends on what sort of bankruptcy it is. CC already had to pay for inventory in cash. What a bankruptcy can do is to actually enable manufacturers to begin offering credit again on new shipments, since the company can, at least in principle, get new credit sources not encumbered by old claims. Of course, the plans don't always work ... as Linens 'N Things recently demonstrated.

[fmw]

It depends on what sort of bankruptcy it is. .

The headline says chapter 11. That would be a court supervised reorganization.

[soundhound]

woohoo, panny plasma here we come.

[majorloser]

Who's gonna be next?

[AcuDefTechGuy]

Who's gonna be next?

Not Best Buy, Not Wal-Mart, and Not Sam's Club.

[newb]

GM, Ford, and Chrysler! The banks, corporations, and the states!

[mtrycrafts]

woohoo, panny plasma here we come.

Went by there today to see what is on fire sale. Certainly not the BluRay discs, nor the TVs.