Circuit City Pulls The Plug

Law360, New York (November 10, 2008, 12:00 AM EST) -- A week after Circuit City Stores Inc. announced it was closing 155 stores and eliminating one-fifth of its work force, the nation's second-largest electronics retailer filed for bankruptcy protection on Monday.

In a statement, Circuit City said that despite the filing in the U.S. Bankruptcy Court for the Eastern District of Virginia, the chain would continue to operate during the holiday season, thanks in part to a $1.1 billion debtor-in-possession revolving credit facility with various lenders, including Bank of America NA.

The bankruptcy petition lists assets...
To view the full article, register now.