Circuit City Bankruptcy  

Posted in

Many people loss job for the past months. And now Circuit City 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. Its Canadian operations also filed for similar protection.

They decided to file for bankruptcy protection because it was facing pressure from vendors who threatened to withhold products during the holiday shopping period. The company also said it cut 700 more jobs at its headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers. Read more.

Bookmark and Share

This entry was posted on Monday, November 10, 2008 and is filed under . You can leave a response and follow any responses to this entry through the Subscribe to: Post Comments (Atom) .

0 comments

Post a Comment

ss_blog_claim=b9909315d9fa587404336140d5f55533