Circuit City goes bankrupt
By: PAUL JACKSON
November 10, 2008
Troubled electronics retailer Circuit City Stores Inc. filed for Chapter 11 bankruptcy Monday in an effort to stay ahead of lenders owed $898 million.
With going-out-of-business sales already in full swing at about 20% of its outlets, the nation’s second-largest consumer electronics chain by revenue says it has an immediate need for financing.
The company cited erosion of vendor confidence and consumer retreat in the face of the global economic crisis for the bankruptcy filing.
The housing mess is now a full-blown blowup in consumer debt.
Print This Article
Get your HW Fix
Join more than 3,000 bold subscribers who already get HW's daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2009 Feb 08 -- 2009 Feb 11
ASF 2009
The largest U.S. conference by and for the securitization industry. This year's agenda takes on added importance given financial turmoil. For more information: http://www.americansecurization.org
2009 Feb 17 -- 2009 Feb 19
MBA Mortgage Servicing Conference & Expo
The MBA's annual event for residential mortgage loan servicers is likely to be pretty well-attended this year. For more information: http://www.mortgagebankers.org
2009 Feb 25 -- 2009 Feb 28
MidWinter Executive Housing Conference
FHFA's James Lockhart keynotes this long-running independent event, now in its 38th year. As famous for skiing as for its sessions. For more information: http://www.midwinterconference.com/
Got something to say?
Remarks by first-time commenters will not appear immediately, and must be approved before they will appear. All comments are subject to HousingWire's usage policy.