Circuit City and Affiliates File for Bankruptcy in Wake of Store Closings

Last week, Circuit City closed down 155 retail locations. The bad news could have stopped there, but it didn’t. Bloomberg reports that the consumer electronics giant is filing for bankruptcy. Today, the Virginia-based company (along with 17 affiliates) petitioned for Chapter 11 protection in Richmond. Details about the company’s future remain unclear although rival Best Buy has expressed some interest in snatching up the remaining locations.