Circuit City seeks Chapter 11 protection

Circuit City filed for Chapter 11 bankruptcy protection from its more than 100,000 creditors today, but gave no indication as to the company's future other than that it expects to continue to operate during the proceedings. The second-largest CE retailer in the U.S. suffered from a tighter credit market, and a downturn in consumer spending on big-ticket items as well as losing market share to rival Best Buy and discounters such as Wal-Mart.

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