Just last week, Circuit City announced plans to close a fifth of its stores. This morning, they just filed for Chapter 11 protection in the U.S. Bankruptcy Court.
The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 billion in liabilities. The company said it is entering court protection owing Hewlett-Packard Co. $119 million and Samsung Electronics Co. $116 million.
According to Bloomberg, Circuit City has lost over $5 billion in market value over the past two years. It’s a shame to see you go CC, remember all of those good times we’ve had together?
Read [Bloomberg]
Ah, the good times. Like finding out I could have gotten my computer hundreds of dollars cheaper from the internet.
The equivalent to a kid in a candy store….its sad to see CC go. When I was younger there were more CC's, as it would seem, in Atlanta than BestBuy….wow how things have changed
I remember when Circuit City became the first to institute the re-stocking fee. I thought their days were numbered then. I also remember the many times I went in and couldn't find any sales associates willing to stop chatting amongst themselves and actually help me find anything. It's not really surprising to me that they're having troubles.
Real sad to hear this!
bankruptcy is really a dangerous case!