Circuit City files for bankruptcy
![](https://s.yimg.com/ny/api/res/1.2/586xR9Y.n9prYiBL8nt2mg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTcyMQ--/https://s.yimg.com/uu/api/res/1.2/PR0jfHaAfPfInLBaLYTIVw--~B/aD0zNjg7dz00OTA7YXBwaWQ9eXRhY2h5b24-/https://www.blogcdn.com/www.engadget.com/media/2008/11/11-10-08-empty-cc-store.jpg)
Even after 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]