Circuit City files for Chapt. 11 bankruptcy
By Daniel at 10 November, 2008, 9:10 am
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NEW YORK (MarketWatch) — Circuit City Stores on Monday said it filed for protection from its creditors under Chapter 11 of the U.S. bankruptcy code. The Richmond, Va. company said it negotiated a commitment for $1.1 billion in debtor financing. “(The) company intends to build on recent efforts to streamline the company and create a stronger, more competitive business,” Circuit City said. The company disclosed $3.4 billion in assets and $2.32 in liabilities. The move comes a week after the electronics retailer set plans to close a fifth of its stores.
http://www.marketwatch.com/news/story/Circuit-City-files-Chapt-11/story.aspx?guid=%7B8B1248D1%2DEE95%2D43EF%2D9EF8%2D6FEC042907BE%7D
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