Circuit City is not yet done with its announcements. Last week, the 59-year old store said that it is closing 155 of its stores in order to remain profitable. Today, the company said that it is also filing for Chapter 11 bankruptcy protection. Best Buy and Walmart is expected to benefit from this.

Originally posted on November 10, 2008 @ 1:48 pm

Circuit City Stores Inc. is closing 20 percent or 155 of its stores in the U.S. by December 31 to ensure profitability. The closure would leave 17 percent of its workforce without job by the end of the year. With the economy expected to remain dull, Circuit City said that the company will reduce store launches and will renegotiate leases and terminate agreements if needed.

Originally posted on November 3, 2008 @ 11:02 am