Circuit City files for bankruptcy protection

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Electronic and videogame US retail giant Circuit City has filed for Chapter 11 bankruptcy protection, but the firm has said it will continue trading over the Christmas period with the assistance of a $1.1 billion debtor-in-possession revolving credit facility.

Circuit City, which has over 670 superstores and employs 46,000 staff, said it will continue to honour customer programmes such as returns, exchanges and gift cards.

Making the announced, vice chairman and acting president and chief executive of Circuit City, James Marcum said: "We recently have taken intensive measures to overcome our deteriorating liquidity position.
"The decision to restructure the business through a Chapter 11 filing should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively."

In : PC

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