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NEW YORK — Circuit City has filed for bankruptcy protection today, a week after announcing it would close 155 stores and eliminate 17 percent of its U.S. workforce.
The retailer and 17 affiliates filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Richmond, Va., where the company is based.
According to the filing, Circuit City had $3.4 billion of assets and $2.32 billion of debts as of August 31, and more than 100,000 creditors.
The company has lost money in five of the last six quarters.
Shares of Circuit City last traded Friday at 25 cents and fell to 13 cents in pre-market trading.