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Circuit City files for Chapter 11 bankruptcy

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Computing | by C.K. Sample III | Mon Nov 10, 2008 9:54AM | 1 comment

Word comes this morning that after last week's news that Circuit City was closing over 150 stores, the electronics chain has filed for Chapter 11 bankruptcy due to over two billion dollars worth of debt owed to creditors including Sony, Samsung, and HP.

Best Buy has expressed interest in taking over abandoned Circuit City locations, so from a consumer standpoint, this doesn't necessarily mean that access to a local electronics store will be lost. And with all those store closings, there should be plenty of pre-holiday liquidation sales at Circuit City.

This story around the web:

Trusted sources:
external link Circuit City Files for Bankruptcy [Switched]
external link Circuit City Files For Bankruptcy [Slashdot]
external link Circuit City files for bankruptcy as… [SlashGear]
external link Circuit City files for Chapter 11 bankruptcy… [Techmeme]
external link Circuit City Files for Chapter 11 Protection [washingtonpost.com - Technology]
external link Circuit City Gets a New Lease on Life… [Gizmodo]
external link Circuit City Goes Bankrupt [Oh Noes] [Gizmodo]
external link Circuit City Goes Bankrupt, Files for Chapter… [Gizmodo]
external link Circuit City Goes Bust [Ubergizmo]
external link Good news and bad news for Circuit City [CrunchGear]
external link US retailer Circuit City files for bankruptcy… [PhysOrg]
external link Why Circuit City Busted, While Best Buy… [TIME.com Top Business Stories]
external link Yikes: Circuit City files for Chapter 11… [CrunchGear]

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Related company news:
Best Buy, Circuit City

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adam hartung external link (2:08 PM on Mon Nov 10, 2008)

Remember when Circuit City was a favorite in “Good to Great” by Jim Collins? Remember when we thought being big gave you clout with customers and vendors to produce long-term returns (Michael Porter’s 5 Forces Model)? It’s time we recognize that the old approach to management doesn’t work in a rapidly shifting competitive world. There are winners in today’s market, but they follow a different approach. Read more at http://www.ThePhoenixPrinciple.com

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Anonymous (10:57 AM on Tue Feb 9, 2010)

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