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28-Nov-2019 13:50

Circuit City filed one week after saying it would close 155 stores, or more than one-fifth of its retail base, and eliminate 17 percent of its U. In a court filing Monday, Chief Financial Officer Bruce Besanko said the retailer filed for Chapter 11 in order to continue its turnaround efforts.

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Systemax, the owner of Tiger Direct, acquired the brand’s website and customer list, and kept it going until 2012.Now the opening of those stores has been pushed back again.[More] Back in 2009, electronics shoppers turning to Amazon was one of the factors blamed for the demise of the retailer Circuit City.The company said that no value will remain for shareholders.Circuit City's job losses will bolster the growing unemployment rate, which has risen from 5 percent in December 2007 to 7.2 percent last month and has been predicted to climb to as much as 9 percent this year.

Systemax, the owner of Tiger Direct, acquired the brand’s website and customer list, and kept it going until 2012.

Now the opening of those stores has been pushed back again.

[More] Back in 2009, electronics shoppers turning to Amazon was one of the factors blamed for the demise of the retailer Circuit City.

The company said that no value will remain for shareholders.

Circuit City's job losses will bolster the growing unemployment rate, which has risen from 5 percent in December 2007 to 7.2 percent last month and has been predicted to climb to as much as 9 percent this year.

The firm represents the creditors’ committee in chapter 11 cases of Circuit City Stores, a consumer electronics retailer with more than 600 locations in the United States.