Circuit City Files For Bankruptcy (CC)

No surprise here: A week after announcing it would close 20% of its stores, electronics retailer Circuit City (CC) is filing for bankruptcy protection. WSJ:

Circuit City listed its amount of assets at $3.4 billion and its total debts at $2.3 billion, according to a bankruptcy document filed with the court. About 168 million shares of its common stock are held by about 4,463 shareholders, according to the filing.

The company said it expects to have money to distribute to unsecured creditors, who get paid last.

Circuit City said it had has more than 100,000 creditors. The largest single debt listed in the filing is $118.8 million owed to Hewlett-Packard Co.

Circuit City shares are down 56% to $0.11 in early trading — miles away from the $6 to $8 per share that Blockbuster foolishly waved at them earlier this year. Best Buy shares (BBY) are up 5.8% to $27.07.

See Also:
Circuit City Closing 20% Of U.S. Stores To Save Cash
Blockbuster CEO Explains Crazy Circuit City Bid: Desperate Cry For Attention
Blockbuster Gets Smart, Drops Crazy Circuit City Bid
Found! Someone Who Loves The Blockbuster-Circuit City Deal

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