Circuit City Bankruptcy : ALL YOU NEED TO KNOW

12/11/2008 05:12 am ET | Updated May 25, 2011
  • Andria Cheng MarketWatch

NEW YORK (MarketWatch) -- Struggling electronics retailer Circuit City Stores Inc. is considering a plan to shut at least 150 stores and cut thousands of jobs to avoid filing for bankruptcy protection, The Wall Street Journal reported Monday, citing unidentified people familiar with the situation.

Circuit City has hired Skadden, Arps, Slate, Meagher & Flom LLP, which oversaw Kmart's Chapter 11 reorganization, as its bankruptcy counsel. The company also has retained FTI Consulting Inc. to develop a turnaround plan and investment bank Rothschild Inc. to guide talks with banks and secure emergency financing, the Journal reported.

AROUND THE WEB

The Financial Times: Circuit City files for bankruptcy protection

AP: Best Buy cuts fiscal 2009 profit outlook

Bloomberg: Developers, Kimco Drop After Circuit City Bankruptcy

Marketwatch: Bankrupt Circuit City owes Hewlett-Packard $118 mln: report

Wired: Best Buy Warns After Circuit City Tanks

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