In November 2008 the electronics retailer Circuit City filed for Chapter 11 bankruptcy protection after years of declining sales and competition from larger rivals. Unable to find a buyer or restructure successfully, the company converted to Chapter 7 liquidation in early 2009 and closed all of its remaining stores.
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The Circuit City 2008 bankruptcy filing and 2009 liquidation is a finance-practice case study in retail insolvency and asset liquidation.
Sources
1. Wikipedia, Circuit City
WikipediaBankruptcy and liquidation sectionQuote, Bankruptcy and liquidation section
On November 10, 2008, Circuit City filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia.
1. Wikipedia, Circuit City
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