Circuit City Files Chapter 11

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Last week, Circuit City closed 155 of its stores, and this week Gizmodo reports the chain has taken another step closer to closure: "The electronics store chain—with 721 stores in the US and 770 in Canada—has filed for Chapter 11 protection in the U.S. Bankruptcy Court in Richmond, Virginia, pressured by the recession and competition from Best Buy and Wal-Mart. However, it may not be the end for the chain yet...Circuit City has said that their intention is to keep normal operations in their current stores. In theory, under a Chapter 11 reorganization, companies get a chance to avoid closing, reorganize debt and survive." [Gizmodo]