NEW YORK (MarketWatch) — Circuit City Stores Inc. on Monday said it filed for protection from its creditors under Chapter 11 of the U.S. bankruptcy code.
The news sent shares of Circuit City (CC:
, , ) down about 55% in premarket trading.
The Richmond, Va.-based consumer-electronics retailer, which has seen its market cap shrink to below $50 million in the face of dwindling electronics sales, negotiated a commitment for $1.1 billion in debtor-in-possession financing.
