Circuit City goes bankrupt

By: PAUL JACKSON
November 10, 2008 9:28 AM CST

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 nearly 10,000 bold subscribers who already get our daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.

RESPA Webinar by Wolters Kluwer Financial Services
Advertisement
Distressed Asset Directory Banner

Events

2009 Dec 09 -- 2009 Dec 10

RMBS: Assessing Value and Risk

This two-day course in New York City will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.

2010 Jan 13 -- 2010 Jan 14

2010 Collection Technology Summit

The Collection Technology Summit is the first industry event to focus solely on collections and its associated technologies and continues to draw top executives from the nation's most prominent institutions. The Collection Technology Summit, where innovation happens. For more information, visit www.collectiontechnology.net