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Circuit City files for bankruptcy protection

(Agencies)
Updated: 2008-11-10 23:00

NEW YORK -- Circuit City Stores, the nation's second-biggest electronics retailer, filed for bankruptcy protection Monday but will stay open for business as the holidays approach.

A Circuit City store is seen in 2003 in North Miami, Florida. After weeks of high volatility, Wall Street may find next week's quiet macroeconomic calendar the perfect opportunity to regroup and plan for the final stretch of the dangerous year. [Agencies]

Related readings:  Lehman files for bankruptcy  One third of S. Korean manufacturers face bankruptcy  Iceland teeters on the brink of bankruptcy

It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a financial reorganization plan.

The Richmond, Va.-based retailer has been struggling as nervous consumers spend less and credit has become tighter. The announcement came a week after it said it would close 20 percent of its stores and lay off thousands of workers.

The company said it decided to file because it was facing pressure from vendors who threatened to withhold products during the busy holiday shopping season.

Circuit City said it had secured $1.1 billion in loans to provide working capital while it is in bankruptcy.

It had $3.4 billion in assets and $2.32 billion in liabilities, as of Aug. 31.

Circuit City Stores Inc. announced a week ago it planned to close 155 of its more than 700 US stores by Dec. 31. The stores are spread throughout 28 states, including multiple locations in areas like Phoenix and Atlanta. It is laying off about 17 percent of its domestic work force, which could affect up to 7,300 people.