Circuit City files for bankruptcy

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Struggling electronics retailer Circuit City Stores Inc. filed for bankruptcy Monday morning, less than a week after it announced it would close a fifth of its stores and days after it laid off 700 people at its Henrico County headquarters.

The company has been struggling under the tight credit market, decrease in consumer confidence and competition from Best Buy and big-box retailers, such as Wal-Mart and Target.

Early last week, the company announced it would close 20 percent of its stores, which were all underperforming, cutting its work force by 17 percent. In another move, the company laid off 700 employees at its headquarters on Friday. (Richmond Times-Dispatch)

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