- Circuit City Remains Fully Operational and Open for Business
- Company Has Negotiated a Commitment for $1.1 Billion in Debtor-in-Possession Financing
- Company Intends to Build on Recent Efforts to Streamline the Company and Create a Stronger, More Competitive Business
Circuit City Stores, Inc. (NYSE: CC) today announced that it has filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia ("Bankruptcy Court") in Richmond, Va. The company plans to continue operating the business without interruption as management focuses on developing and executing a comprehensive corporate restructuring plan. Circuit City's Canadian operations also will be seeking protection under the Companies' Creditors Arrangement Act in Canada ("CCAA").
Full Press Release - http://newsroom.circuitcity.com/releasedetail.cfm?ReleaseID=346614
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