Circuit City first filed for bankruptcy in November 2008 and began closing stores in early 2009. Prior to going out of business, the electronics retail store had been in business for 60 years.Continue Reading
Circuit City was once the second-largest consumer electronics store, just behind Best Buy. The company had inventory worth $1.7 billion prior to closing its doors. More than 500 stores and 34,000 employees were affected by the company going out of business.
Circuit City attempted to file for chapter 11 bankruptcy in 2008 to try and revamp the business, but the company was unable to secure financing in time.Learn more about Corporations