
We could call this day a sad day as Circuit City has filed for bankruptcy even if a week ago they said that 155 stores will be closed and 17% of the employees will be dismissed. However, they couldn’t manage to overcome this crisis, so the no.2 US consumer electronics retailer and 17 of their affiliates decided to file for bankruptcy under Chapter 11.
Although the Virginia-based retailer could have “escaped” from bankruptcy as the holiday shopping season will begin in a few weeks, Circuit City decided that it’s better to file for Chapter 11 protection from creditors.
“In large part, a Chapter 11 filing is due to three factors, all of…












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