In a last-ditch effort to keep operating, consumer-electronics giant Circuit City has filed for bankruptcy protection in both the United States and Canada.

Just days after the Richmond, Va.-based company announced it would close 155 of its 770 retail stores and cut 20 percent of it U.S. workforce, Circuit City on Monday said it has faced significant financial challenges and needs to file for Chapter 11 protection in the United States, while seeking protection under the Companies’ Creditors

“Despite our aggressive efforts to address [financial] issues, our company filed a voluntary petition for reorganization,” said James Marcum, Circuit City’s acting CEO. “This filing will give us the moment and resources to address our financial challenges while continuing to supply you, our guests, with consumer elect products and services you want for the holiday season.”

Circuit City has plus asked the U.S. bankruptcy court in Virginia to […]

Orginal post by dhiram