Chapter 11 bankruptcy protection. The company will close 155 stores and lay off 17% of its work force, which amounts to roughly 7300 jobs. GamePolitics notes that CC holds between 5-10% of the US video game market.
How CC's hard times will affect consumers still isn't very clear. It's probably worth keeping an eye on flyers for deals going into the holiday season or checking to see if a local store is shutting down. Although, the company might just shift inventory to locations staying open.