One week after announcing 20% of its stores would close, electronic retailer Circuit City filed for Chapter 11 bankruptcy protection. CNBC reports it is "the largest retailer to file under Chapter 11 this year," after falling "victim to tighter credit terms from vendors and a loss of market share to Best Buy, Wal-Mart Stores, and other rivals." While the company is considering all options, it also owes $650 million to suppliers, like Sony, Zenith, Toshiba, Garmin and Nikon. A consultant told Bloomberg TV, "It's very incongruent for retailers to file bankruptcy before Christmas. You're gong to see a record number of retailer bankruptcies and closings." Dear Santa, Please go to the liquidation sales for my wish list...
Circuit City Files for Chapter 11
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