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:: Saturday, November 21st, 2009Cape & Islands News
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A residential/light commercial contractor serving the Mid/Upper Cape, Plymouth and Bristol Counties. Specializing in replacements of gas or oil, warm air or hot water, air conditioning, heat pumps and hydronic radiant heating systems.
Circuit City files for Chapter 11 bankruptcy protection
UPDATE: Massive retailer seeks protection from creditors while reorganizing
Circuit City Stores Inc (CC.N: Quote, Profile, Research, Stock Buzz), the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday, falling victim to tighter credit terms from vendors and a loss of market share to Best Buy Co (BBY.N: Quote, Profile, Research, Stock Buzz), Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research, Stock Buzz) and other rivals.
The retailer and 17 affiliates filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Richmond, Virginia, where it is based.
Circuit City filed a week after saying it would close 155 stores, or more than one-fifth of its retail base, and eliminate 17 percent of its U.S. workforce. It also said it was considering all options to restructure... Reuters.
Circuit City reportedly had placed its plans to open a new store on Route 132 on hold. Read the previous coverage by Cape Cod Today and the Robbins Report:
Recession dooms new Hyannis Circuit City (Filed Friday, Nov. 7, 2008)
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A full-service educational consulting company with over 15 yrs experience successfully placing over 1,000 students at competitive boarding schools and colleges across the United States.
A fun music school in Hyannis offering private lessons for guitar, bass, drums, piano, voice, theory and audio engineering, as well as rock band class, where kids get to rehearse and play in a band which does public performances around the Cape. (Hyannis)
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File for bankruptcy when you 'lose market share'...
I've sure lost most of mine!
If you run with the big dogs...