Circuit City Seeks Chapter 11 Bankruptcy Protection

Circuit City Files for Bankruptcy

Circuit City Stores Inc has filed for bankruptcy protection even as it said they will stay open for the Christmas season. The move seeks to stave off pressure from vendors who threatened to withhold products during the holiday shopping period.

Chapter 11 of the bankruptcy code allows a company to hold off creditors and continue operations while it develops a reorganization plan. Circuit City’s Canadian operations also filed for similar protection.

“(It) should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively,” said James A. Marcum, vice chairman and acting president and chief executive.

[Via: Yahoo News]

Chris Malinao

About Chris Malinao

Chris teaches Lightroom as workflow software to photography students at the FPPF, Federation of Philippine Photographers Foundation. He also teaches smartphone photography.

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