Circuit City, the No. 2 U.S. consumer electronics retailer, has filed for bankruptcy -- just weeks before the start of the holiday shopping season.(A sad day for the gadgets world ...)
CC is the largest retailer to file for Chapter 11 since Kmart in 2002. (Seems even longer ago than that!)
Circuit City fell victim to tighter credit terms from vendors, a dwindling cash position and decreased consumer spending amid a deepening economic crisis.
The filing comes one week after the 59-year-old retailer said it would close 155 U.S. stores, or more than one-fifth of its retail base, and cut 17% of its U.S. work force.
Analysts said there was now a possibility the company would close more U.S. stores as it negotiates to exit costly leases in Chapter 11.
We will miss you ...
More at Reuters.
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