>Circuit City files chapter 11.

6:27 AM


Struggling electronics chain Circuit City announced Monday that it has filed for chapter 11 bankruptcy.

Chapter 11 allows a company to hold off creditors while it attempts to restructure its finances. Circuit City said Monday that it has has negotiated a commitment for a $1.1 billion debtor-in-possession revolving credit facility to supplement its working capital.


So we're not going to see the end of Circuit City quite yet. I do have a suggestion for them though to avoid these situations in the future - stop overpricing your electronics. If you haven't heard, our economy isn't too hot right now, and people can barely afford to pay regular priced items much less over priced ones.

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