Circuit City's local stores are expected to stay open
Circuit City Stores Inc. said today in a press release that it is filing for bankruptcy protection, a week after saying it would close 155 of its stores, or about a fifth of its store base.
None of the stores scheduled for closing in that round is in Massachusetts, according to a list of store closings that the company made public last week.
The Associated Press reported today: "Circuit City Stores Inc., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches."
"It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan," said the AP, which added, "The Richmond, Va.-based company has been struggling as nervous consumers spend less and credit has become tighter, and the retail industry overall is facing what's expected to be the weakest holiday season in decades."
(By Chris Reidy, Globe staff. Circuit City file photo: Jessica Rinaldi/Reuters.)
