Just in time for the holidays, Circuit City, that stalwart of the US consumer electronics landscape, has filed for Chapter 11 bankruptcy, Bloomberg reports.
The filing comes just a week after the retailer said it would close 155 stores and cut 17 percent of its workforce in a bid to contend with tightening credit conditions and slowing consumer demand.
“The current mix of terms and credit availability is becoming unmanageable for the company,” Circuit City said in that announcement last Monday.
The Chapter 11 petition listed $3.4 billion in assets and $2.32bn in liabilities, according to Bloomberg. The filing, which covers at least 17 affiliates, notes Circuit City has more than 100,000 creditors.
Expect liquidation sales…
Related links:
Circuit City pulls plug on 155 stores - FT
List of store closures - (PDF)
Circuit City chief resigns - FT (Sep 08)
