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Circuit City Files Chapter 11

11.10.2008 @ 11:59 AM in Lifestream

Even after closing 155 stores and laying off 17% of their workforce, Circuit City is going bankrupt. They had hoped to prevent this with the layoffs, but stocks have been under a dollar for over a month and right now hover at about a quarter. The good news is that filing Chapter 11 means that Circuit city can keep the rest of their stores open, honor gift cards and exhanges, and possibly have some sort of a normal holiday season. However, I can't blame anyone for not wanting to shell out for a plasma or washing machine; only time will tell how Circuit City makes out. Via Forbes