Circuit City has filed for chapter 11 bankruptcy. According to their press release, this will allow them to undergo corporate restructuring, cut costs, get out of leases and figure out a way to still make a go of it. The stores will continue to operate, and they will seek to still allow for returns, exchanges, and gift cards.

Circuit City, Electronics Retailer, Seeks Bankruptcy [Bloomberg] (Thanks to Ken!)
Circuit City Stores, Inc. to Reorganize Under Chapter 11 [Press Release] (Photo: corsec67)

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