Time to buy a flat screen.
Bloomberg: Circuit City Stores Inc. filed for bankruptcy amid rising competition from Best Buy Co., Wal-Mart Stores Inc. and online electronics retailers.
The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 in liabilities. The Richmond, Virginia-based company, founded in 1949 when Samuel Wurtzel opened Richmond’s first retail television store, has lost more than $5 billion in stock market value in two years.
The chain, with 721 stores in the U.S. and about 770 in Canada, has said competition hurt sales, especially at its older locations in lower-income neighborhoods. Amazon.com Inc. and other Web-based retailers of computers, televisions and music also have lured customers away.
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