Circuit City Files for Chapter 11; Still Open for Holiday Sales
Electronics retailer Circuit City announced recently that they were going to close 155 stores nationally in efforts to curtail their financial woes. According to a November 3 press release, "the stores identified for closure are located in 55 U.S. media markets, of which Circuit City will exit 12 U.S. media markets." Although not exiting California, they are planning on closing 24 stores in the state, including ones locally in Industry, Compton, Foothill Ranch, Thousand Oaks, Riverside, North Fontana, Pomona, Santa Maria, and Santa Barbara.
However, today's news brings word that the Virginia-based company needs to take their fiscal troubles to the next level, and are filing Chapter 11 bankruptcy. According to the Pasadena Star-News, this "will allow it to hold off creditors and continue operations while it develops a reorganization plan."