shutting down 155 retail stores and announcing plans to cut around 17% of its 43,000 employees, Circuit City couldn't avoid the dreaded bankruptcy court. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in Richmond as it attempts to survive under the crushing pressure from Best Buy / Walmart. Beyond that, details about the outfit's future are unclear, though Best Buy has reportedly stated that it "might take over stores that distressed rivals close." Please, no.
[Via Bloomberg, image courtesy of AFSmith; thanks Daniel]
Circuit City files for bankruptcy
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