Circuit City filed for Chapter 11
bankruptcy today just a week after
announcing that they were closing 155 stores nationwide. It's certainly looking grim for the retailer as the weakening economy is finishing the job started by online retail and Best Buy. This doesn't mean they will be turning off the lights any time soon but this isn't an encouraging sign for the company. Chapter 11 just means they are filing for protection from creditors (vs. Chapter 7 which is closing down operations) but in this economy and with their reputation I don't see good things ahead for the company.
