US retailer Circuit City files for bankruptcy protection
US electronics retailer Circuit City said Monday it had filed for bankruptcy protection and obtained a 1.1 billion dollar credit lifeline to battle a sharp decline in sales.
Richmond-based Circuit City, the nation's second largest electronics chain, filed for Chapter 11 bankruptcy protection this morning, one week after announcing it would close one-fifth of its stores in a nationwide effort to cut costs and conserve cash in an increasingly grim retail climate.