Circuit City goes bankrupt

By: PAUL JACKSON
November 10, 2008

From the WSJ:

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.


Comments

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.

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/